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:

  Use the information below to answer this question
  At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of
  ₦180,000 it is however discovered that revenue of
  ₦15,000 is recorded as expenses while expenses of
  ₦4,000 is recorded as revenue.

  Determine the adjusted net profit

  Options:
  A) ₦202,000
  B) ₦210,000
  C) ₦195,000
  D) ₦184,000
  Show Answer
  The correct answer is A .
• Question 2:

  Which of the following is used to service all operations of government?

  Options:
  A) general reserve fund
  B) consolidated revenue fund
  C) special operational fund
  D) consolidated reserve fund
  Show Answer
  The correct answer is B .
• Question 3:

  

  Credit purchases are always put at 150% of the total cash paid to suppliers

  Determine the credit purchases

  Options:
  A) ₦13 500
  B) ₦15 500
  C) ₦13 400
  D) ₦12 000
  Show Answer
  The correct answer is D .
• Question 4: Where closing stock is undervalued, the effect is? Options:
  A) an increase in gross profit
  B) a decrease in gross profit
  C) an increase in purchases
  D) a decrease in purchase
  Show Answer
  The correct answer is B .
• Question 5:

  Which of these is not method of stock valuation?

  Options:
  A) FIFO method
  B) Base method
  C) Standard method
  D) LIFO method
  Show Answer
  The correct answer is C .
• Question 6:

  Sales Ledger Control Accuont (Extract)
  	₦		₦
  Bal. b/d	18,400	Bad debt written off	1,500
  Sales	?	Discount allowed	500
  		Cheque received from debtors	25,000
  		Cash received from debtors	10,000
  		Bal. c/d	?

  If the discount allowed is 2.5% of sales, calculate the closing balance in the sales ledger account

  Options:
  A) ₦1 400
  B) ₦6 600
  C) ₦16 600
  D) ₦18 600
  Show Answer
  The correct answer is A .
• Question 7:

  Purchasers - #44,880

  Sales - #85,850

  Trade creditors - #12,250

  Trade debtors - #24,000

  Accrued expenses - # 350

  Prepaid expenses - # 700

  Stock 1/1/2006 - #25,120

  Stock 31/12/2006 - #27,840Determine the number of times stock was turned over during the period to the nearest figure

  Options:
  A) 1
  B) 2
  C) 3
  D) 4
  Show Answer
  The correct answer is B .
• Question 8:

  Given:
  Lankoh Company Ltd
  ₦
  Stock 3,600,000
  Cash at hand 800,000
  Cash in bank 2,400,000
  Debtors 580,000
  Trade creditors 920,000
  Bank overdraft 200,000
  Tax liabilities 600,000
  Salary owed to staff 180,000

  What is the working capital?

  Options:
  A) ₦5,480,000
  B) ₦6,480,000
  C) ₦8,480,000
  D) ₦7,380,000
  Show Answer
  The correct answer is A .
• Question 9:

  In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________

  Options:
  A) Debit entry
  B) Contra entry
  C) Credit entry
  D) Reversal entry
  Show Answer
  The correct answer is C .
• Question 10:

  Given:

  Total debtors b/d 31/12/99...............₦25 000

  Cheques received from debtors ...........₦255 000

  Total debtors c/d 31/12/00...............₦15 000

  Determine the sales figure?

  Options:
  A) ₦295 000
  B) ₦265 000
  C) ₦245 000
  D) ₦215 000
  Show Answer
  The correct answer is C .