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 181:

  Sales - #232,000

  Opening stock - ₦28,000

  Purchases - #128,000

  Carriage inwards - ₦4,000

  Carriage outwards - ₦6,000

  Closing stock - ₦10,000

  Discount received - ₦18,000

  Expenses - ₦20,000Calculate the expenses debited to the profit and loss account

  Options:
  A) #17,000
  B) #23,000
  C) #26,000
  D) #30,000
  Show Answer
  The correct answer is C .
• Question 182:

  Which of the following cannot depreciate?

  Options:
  A) plant and machinery
  B) motor van
  C) premises
  D) land
  Show Answer
  The correct answer is D .
• Question 183:

  Use the information below to answer question

  Net loss.......................₦2300

  Capital........................₦10500

  Liabilities....................₦7200

  Find the value of the total assets?

  Options:
  A) ₦17 700
  B) ₦10 500
  C) ₦20 000
  D) ₦15 400
  Show Answer
  The correct answer is D .
• Question 184: Which of the following categories of labour cost will be classified as direct? Options:
  A) accountant's salary
  B) factory workers' salary
  C) managing director's salary
  D) cashier's salary
  Show Answer
  The correct answer is B .
• Question 185: The concept which states that revenue should be recognized at the point when the sale is deemed to have been made is Options:
  A) matching
  B) consistency
  C) realization
  D) going concern
  Show Answer
  The correct answer is C .
• Question 186:

  Lawal and co makes blocks and sell to builders.

  In computing prime cost, which of the following costs would be considered appropriate?

  Options:
  A) Cement, sand and carriage outwards
  B) Water carriage inwards and cement
  C) Sales boys'wages, cement and sand
  D) Carriage outwards,carriage inwards and cement
  Show Answer
  The correct answer is A .
• Question 187:

  Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.

  	₦
  Net profit for the year	90,000
  Interim dividends paid:
  Ordinary shares	25,000
  Profit and loss appropriation b/f	10,000
  Goodwill written off	1,000

  The amount of preference shares dividends payable at the end of the year is

  Options:
  A) ₦10,000
  B) ₦25,000
  C) ₦7,500
  D) ₦20,000
  Show Answer
  The correct answer is C .
• Question 188:

  The major advantages of an imprest system is that it ?

  Options:
  A) ensures a proper accountability for every expenditure
  B) trains the young accountants in the preparation for greater responsibility
  C) relieves the chief cashier of the numerous petty cash payments
  D) serves as an analysis column for every expenses
  Show Answer
  The correct answer is A .
• Question 189: The accounting entries to record a cheque issued by a business is to Options:
  A) debit cash book and credit drawer
  B) credit cash book and debit drawer
  C) debit cash book and credit suspense account
  D) credit cash book and debit suspense account
  Show Answer
  The correct answer is B .
• Question 190:

  If the purchase price exceeds the net assets of a company, the excess amount is debited to________________

  Options:
  A) Cash account
  B) purchase account
  C) goodwill account
  D) sales account
  Show Answer
  The correct answer is C .