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:

  Adodo Enterprises and Loss Account (Extract)
  	₦		₦
  Opening stock	5,000	Sales	100,000
  Purchases	00?00
  	00?00
  Less closing stock	5,600
  Cost of goods sold	00?00
  Gross profit	00?00
  	100,000		100,000

  If the opening stock is 5% of sales. calculate the purchases

  Options:
  A) ₦95,600
  B) ₦95,000
  C) ₦9,600
  D) ₦85,000
  Show Answer
  The correct answer is C .
• Question 2:

  Given;

  Purchases = ₦20,000
  Sales = ₦40,000
  Carriage inwards = ₦5,000
  Carriage outwards = ₦5,000
  Opening stock = ₦10,000
  Closing stock = ₦5,000

  What is the cost of goods sold?

  Options:
  A) ₦30,000
  B) ₦25,000
  C) ₦20,000
  D) ₦15,000
  Show Answer
  The correct answer is A .
• Question 3: Which of the following is an example of intangible assets? Options:
  A) trade debtors
  B) stock of goods
  C) trade creditors
  D) motor vehicles
  Show Answer
  The correct answer is A .
• Question 4:

  The importance of bank statement is all except

  Options:
  A) verifies the accuracy of balances of cash book and cheque book
  B) helps to detect and rectify any error
  C) helps to debit an account
  D) helps to update the cash book
  Show Answer
  The correct answer is C .
• Question 5:

  Use the information below to answer the question:

  Debtors.................................₦20

  Provision for bad debts..................10%

  Provision for discount on debtors........5%

  Determine the amount provided for discount allowed on debtors

  Options:
  A) ₦1000
  B) ₦3000
  C) ₦900
  D) ₦1500
  Show Answer
  The correct answer is A .
• Question 6:

  Trading, Profit and Loss Account (Extract)
  	Dept	X
  	₦	₦
  Net sales
  Less cost of goods sold		3,000
  Stock 1/1	200
  Purchases	1,000
  Cost of goods available for sale	1,200
  Less stock 31/12	400
  Cost of goods sold		800

  Given:

  From the above information, the gross profit fro department X is

  Options:
  A) ₦3,800
  B) ₦2,300
  C) ₦2,200
  D) ₦2,000
  Show Answer
  The correct answer is C .
• Question 7: Which of these is a content of a master file? Options:
  A) All records relevant to the organisation.
  B) Records of assets of the organisation
  C) A collection of data items
  D) All records relating to employees
  Show Answer
  The correct answer is A .
• Question 8:

  The following represent extracts from the trading account of a retail outlet for a given month:

  Opening stock ₦2,400
  Closing stock ₦6,400
  Other expenses ₦2,000
  Sales ₦11,000
  Profit ₦900

  What is the purchase figure for the month?

  Options:
  A) ₦13,000
  B) ₦12,100
  C) ₦12,000
  D) ₦11,200
  Show Answer
  The correct answer is B .
• Question 9:

  

  Goods worth ₦300 was transferred from department Q to P. Similarly, P's total expenses for the period was ₦200. Department P's net profit was

  Options:
  A) ₦5200
  B) ₦3000
  C) ₦2800
  D) ₦2500
  Show Answer
  The correct answer is D .
• Question 10:

  Use the information below to answer the question:

  Opening balance.............................₦10,640
  Purchases...................................₦26,912
  Returns inwards.............................₦492
  Returns outwards............................₦810
  Cash discount received......................₦1,348
  Cash discount allowed.......................₦1,560
  Cash paid to suppliers......................₦20,808

  At the year end, the purchases ledger showed a debit balance of ₦108.

  The total on the debit side of the purchases ledger control account will be?

  Options:
  A) ₦22,966
  B) ₦22,156
  C) ₦21,834
  D) ₦21054
  Show Answer
  The correct answer is A .