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: What type of stock valuation would a vegetable seller adopt in valuing it's product? Options:
  A) LIFO
  B) FIFO
  C) Simple average
  D) Weighted average
  Show Answer
  The correct answer is B .
• Question 2: A bookkeeping error occurs when there is? Options:
  A) a deliberate manipulation of records
  B) unintentional correct posting in the ledger
  C) intentional failure to record transactions completely
  D) incorrect records and oversights that are not intended
  Show Answer
  The correct answer is D .
• Question 3: Shares issued to a vendor in payment of business purchased would require a debit to? Options:
  A) cash account and credit to share capital account
  B) share capital account and credit to vendor's account
  C) vendor's account and credit to share capital account
  D) share capital account and credit to cash account
  Show Answer
  The correct answer is C .
• Question 4:

  $\begin{array}{cc}& \text{N}\\ \text{Balance as per cashbook}& 5467\\ \text{Uncredited cheques}& 4410\\ \text{Unpresented cheques}& 19404\\ \text{Cheques wrongly debited by bank}& 1404\end{array}$

  The balance as per bank statement is

  Options:
  A) ₦21,901
  B) ₦19,021
  C) ₦21,109
  D) ₦21,091
  Show Answer
  The correct answer is A .
• Question 5:

  

  Credit sales is given at 160% of cash received.

  What is the balance c/d?

  Options:
  A) ₦333 000
  B) ₦234 000
  C) ₦343 000
  D) ₦243 000
  Show Answer
  The correct answer is D .
• Question 6:

  Use the information below to answer questions Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch. 

  Stock at branch 1st January at cost............N400
  Goods sent to branch at cost...................N8000
  Returns to head ...............................N340
  Cash sales ....................................N9160
  Stock at branch 31st December at cost..........N720

  Calculate the cost of goods credited to the head office trading account?

  Options:
  A) ₦7660
  B) ₦7500
  C) ₦7460
  D) ₦7200
  Show Answer
  The correct answer is A .
• Question 7: Which of the following accounting records are source documents? Options:
  A) Journal and ledgers
  B) Sales invoice and cash book
  C) Cash book and debit note
  D) sales invoice and debit note
  Show Answer
  The correct answer is D .
• Question 8:

  $\begin{array}{cc}& \text{N}\\ \text{Debtors opening}& 4000\\ \text{Debtors closing}& 1500\\ \text{Cash received from debtors}& 8500\\ \text{Bad debts written off}& 350\\ \text{Discount allowed}& 500\\ \text{Discount received}& 1000\end{array}$

  If the gross profit is ₦5 000, what is the net profit?

  Options:
  A) ₦4,350
  B) ₦6,000
  C) ₦5,150
  D) ₦4,000
  Show Answer
  The correct answer is C .
• Question 9:

  Zakari started a business in January 2000. He bought a shop costing ₦54,000 and stock worth ₦7,600. Profit for the year amounted to 22,100. His closing capital was ₦73,800.

  Zakari's personal drawings amounted to?

  Options:
  A) ₦2,300
  B) ₦9,900
  C) ₦17,100
  D) ₦19,500
  Show Answer
  The correct answer is A .
• Question 10:

  A limited liability company has an authorized share capital of ₦50 million split into 100 million shares 80 million share was offered for subscription at 60k per share payable in full on application. These have been fully subscribed and issued

  What is the issued capital

  Options:
  A) ₦40
  B) ₦48
  C) ₦50
  D) ₦80
  Show Answer
  The correct answer is B .