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 111: If Aboki Holdings Limited issued 120, 000 ordinary share of ₦2.00 each at market value of 5.50k each, the share premium would? Options:
  A) ₦500 000
  B) ₦450 000
  C) ₦550 000
  D) ₦420 000
  Show Answer
  The correct answer is D .
• Question 112:

  The accounting entries for goods stolen in branch will be to debit

  Options:
  A) profit and loss account and credit branch stock account
  B) branch stock account and credit branch adjustment account
  C) branch adjustment account and credit profit and loss account
  D) branch adjustment account and credit branch stock account
  Show Answer
  The correct answer is A .
• Question 113:

  	₦
  Manufacturing wages	42,000
  Factory rent	880
  Raw materials: Stock 1/1/16	1,000
  Purchases	16,000
  Stock 31/12/16	1,400
  Depreciation of Plants and Machinery	800
  Royalties	300
  Indirect wages	18,000
  General indirect expenses	620

  Calculate the cost of raw materials consumed

  Options:
  A) ₦15,600
  B) ₦17,000
  C) ₦42,000
  D) ₦20,300
  Show Answer
  The correct answer is A .
• Question 114:

  In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be

  Options:
  A) profit
  B) capital
  C) loss
  D) cash
  Show Answer
  The correct answer is C .
• Question 115: The stock valuation data is important because it enables management to? Options:
  A) separate debtors from creditors
  B) determine the cost of stock at the end of business
  C) determine the cost of stock at the beginning of business
  D) determine the total cost of goods purchased
  Show Answer
  The correct answer is B .
• Question 116: Preliminary expenses is an example of Options:
  A) fictitious assets
  B) liquid assets
  C) wasting assets
  D) tangible assets
  Show Answer
  The correct answer is A .
• Question 117:

  Which of the following is not charged to manufacturing account?

  Options:
  A) raw materials
  B) factory wages
  C) direct expenses
  D) distribution expenses
  Show Answer
  The correct answer is D .
• Question 118:

  The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is

  Options:
  A) FIFO
  B) LIFO
  C) SAP
  D) WAP
  Show Answer
  The correct answer is D .
• Question 119: Receipts and payments accounts is the summary of? Options:
  A) income and expenditure
  B) cash book
  C) balance sheet
  D) profit and loss
  Show Answer
  The correct answer is B .
• Question 120: The documents that provide instant information to firms on their tranactions with banks are Options:
  A) bank statement and debit note
  B) cheque book and cashbook
  C) cheque stub and deposit slip
  D) payslip and credit invoice
  Show Answer
  The correct answer is A .