Accounts Exam Past Questions and Answers | JAMB, WAEC and NECO

Accounts, also called Principles of Accounts by some exam boards, focuses on the organized and thorough recording of a business's financial transactions.

• Question 1: The cost incurred by departments that support the production departments with such activities as maintenance, production control and storage are called? Options:
  A) autonomous costs
  B) service costs
  C) supporting cost
  D) subsidiary costs
  Show Answer
  The correct answer is B .
• Question 2:

  Which fund is used to meet unforeseen or urgent expenditure

  Options:
  A) special fund
  B) contigencies fund
  C) general reserve fund
  D) consolidated reserve fund
  Show Answer
  The correct answer is B .
• Question 3:

  Balance as per cashbook 2, 970

  Bank Charges 220

  Unpresented cheques 3, 950

  Uncredited cheques 4, 178

  Direct debit by bank 1, 0000Determine the balance as per bank statement.

  Options:
  A) ₦1,978
  B) ₦1962
  C) ₦1,522
  D) ₦2,522
  Show Answer
  The correct answer is D .
• Question 4:

  The difference between double entry and single entry is

  Options:
  A) double entry is based on the dual concept while single entry is not based on dual concept
  B) double entry is an account while single entry is not an account
  C) double entry keeps personal account while single does not
  D) double entry is useful for business enterprise while single entry is not
  Show Answer
  The correct answer is A .
• Question 5: In a bank reconciliation statement, Dishonoured cheques is added to Options:
  A) unpresented cheques
  B) uncredited cheques
  C) statement of account
  D) aggregate balanace as per cash book
  Show Answer
  The correct answer is B .
• Question 6:

  Use the information to answer the question.

  A piece of equipment costing ₦120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. It was sold on 30/6/1999 for ₦31,500.

  The net book value of the piece of equipment at the time of sale was

  Options:
  A) ₦96 000
  B) ₦48 000
  C) ₦36 000
  D) ₦24 000
  Show Answer
  The correct answer is C .
• Question 7: Partners' share of profit is credited to Options:
  A) a partner's current account
  B) a partner's capital account
  C) the profit and loss account
  D) the profit and loss appropriation account
  Show Answer
  The correct answer is A .
• Question 8:

  Majority of commercial transactions are termed credit transactions, which means

  Options:
  A) The buyers pay immediately for goods bought
  B) Settlement is deferred to a future date
  C) No account will be opened
  D) Item of expenditure increases
  Show Answer
  The correct answer is B .
• Question 9:

  Use the information below to answer the question:

  Trading account for the year ended 31st December 2009

  ₦	₦
  Opening Stock                                               32,000	Sales                48,000
  Purchases                           40,000	Less Return       2,000
  Carriage inwards                   1,000
  41,000
  Less Return                          2,000                 39,000
  Cost of goods available                                     ??
  Less closing stock                                            9,000
  Cost of goods sold                                            ??

  Calculate the cost of goods sold

  Options:
  A) ₦61,000
  B) ₦62,000
  C) ₦58,000
  D) ₦57,000
  Show Answer
  The correct answer is B .
• Question 10: In analyzing incomplete records, which of the following should be investigated? Options:
  A) the general ledger
  B) the purchases day book and sales day book
  C) the nature of trading activities and the basis on which goods are sold
  D) the asset register together with the depreciation schedule
  Show Answer
  The correct answer is C .