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 11:

  Given:Sales: ₦180,000

  Stock 1/1: ₦25,000

  Purchases: ₦110,000

  Sales returns: ₦1000

  Purchases returns: ₦1,500

  Gross profit: ₦58,000

  Determine the value of stock as at 31st December

  Options:
  A) ₦8000
  B) ₦9,500
  C) ₦12,500
  D) ₦15,500
  Show Answer
  The correct answer is C .
• Question 12:

  The two legally recognized professional accounting bodies in Nigeria are the

  Options:
  A) Nigerian Accounting Association and the Executive Cost and Management Accountants of Nigeria
  B) Institute of Certified Public Accountants of Nigeria and the Institute of Cost and Management Accountants
  C) Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
  D) Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
  Show Answer
  The correct answer is C .
• Question 13:

  Use the information below to answer questions 11 and 12.

  The initial imprest as at July Ist was ₦500. Petty cash vouchers with the custodian by July 15th added up to ₦394. An IOU slip received from a co-worker was ₦65 and there was a shortage of ₦5 cash. The co-worker made refund on July 18th just before the imprest was replenished.What was the actual cash in the till as at 15th July?

  Options:
  A) ₦106
  B) ₦101
  C) ₦70
  D) ₦36
  Show Answer
  The correct answer is D .
• Question 14:

  Given:

  Cash book item:

  Paid to suppliers ₦10,800

  Expenses paid ₦6,900

  Drawings made ₦900

  Balances at start ₦15,750

  Balances at end ₦3,870

  Drawings from bank to shop ₦1,720Determine the receipt from debtors?

  Options:
  A) ₦22,470
  B) ₦17,470
  C) ₦8,440
  D) ₦5,000
  Show Answer
  The correct answer is D .
• Question 15:

  Balance sheet (extract)

  	N
  Creditors	7,940
  Prepaid expenses	290
  Accrual expenses	323
  Stock	4,500
  Cash balances	4,956
  Debtors	905

  Use the information in the above table to answer the question.

  Determine the current liabilities.

  Options:
  A) N8,553
  B) N8,263
  C) N7,940
  D) N1,228
  Show Answer
  The correct answer is B .
• Question 16: When goodwill is not retained in the business, the entries in the new partners' book will be to debit? Options:
  A) good account and credit partners' capital account
  B) partners' capital account and credit goodwill account
  C) cash account and credit goodwill account
  D) goodwill account and credit cash account
  Show Answer
  The correct answer is B .
• Question 17:

  The major source of document which enables employer to calculate  the employee wages  is the?

  Options:
  A) norminal roll of employees
  B) records of number of hours worked
  C) effort of the employee
  D) Record of independence per employee
  Show Answer
  The correct answer is B .
• Question 18:

  The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight line method, what is the amount of depreciation charged per annum?

  Options:
  A) 6000
  B) 1000
  C) 1500
  D) 2500
  Show Answer
  The correct answer is C .
• Question 19: The objective of departmental account is to Options:
  A) ascertain the amount of profits or losses for the enterprise
  B) ascertain the amount of profits or losses for each department
  C) ascertain the cost of running the organization
  D) offset the loss of each department
  Show Answer
  The correct answer is B .
• Question 20:

  Mrs. Okoro who lives in the riverine community of Rivers State makes her living through crabbing and fishing. This type of occupation is? 

  Options:
  A) commercial
  B) manufacturing
  C) service
  D) Extractive
  Show Answer
  The correct answer is A .