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:

  

  Calculate the cost of goods sold.

  Options:
  A) ₦61 000
  B) ₦58 000
  C) ₦62000
  D) ₦57 000
  Show Answer
  The correct answer is C .
• Question 2:

  July 1 - Started business with #10,500

  July 31- Paid Agromachinex #6,000 owing

  themThe double entry for July 1 would be

  Options:
  A) debit capital and credit cash
  B) credit cash and debit bank
  C) debit cash and credit capital
  D) debit purchases and credit cash
  Show Answer
  The correct answer is C .
• Question 3: The profit of a branch is usually credited to the Options:
  A) adjustment account
  B) head office sales
  C) head office goods account
  D) head office current account
  Show Answer
  The correct answer is C .
• Question 4:

  A machine cost ₦12,500 it will be kept for 4 years and then sold at a scrap value of ₦5,120. Using the diminishing balance method, what is the amount of depreciation for second year?

  Options:
  A) ₦5,120
  B) ₦6,400
  C) ₦8,000
  D) ₦12,500
  Show Answer
  The correct answer is C .
• Question 5: The amount of each invoiced goods sent to the branch is debited to? Options:
  A) branch expense account and credited to branch debtors' accoount
  B) branch stock account account and credited to the goods sent to branch account
  C) branch debtors' account and credited to branch expense account
  D) goods sent to branch expense account
  Show Answer
  The correct answer is B .
• Question 6: When goods are sent to the branch at cost plus mark-up, it means that the branch should sell at Options:
  A) a price above or below the stipulated price
  B) any price but not below the transfer price
  C) cost price
  D) a price that is equal to the mark-up
  Show Answer
  The correct answer is A .
• Question 7: The Partnership Deed normally specifies? Options:
  A) how profit or losses are to be shared
  B) the capital to be contributed annually
  C) how salaries are paid to employees
  D) the profit that should be earned annually
  Show Answer
  The correct answer is A .
• Question 8:

  Receipts and Payments Account
  	₦		₦
  Balance b/d	?	Rent and rates	30 000
  Subscriptions received	?	General expenses	10 000
  Gate-fee collections	50 000	Electricity	20 000
  		Insurance	150 000
  	?	Balance c/d	?

  The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.

  The subscriptions received would be

  Options:
  A) ₦200 000
  B) ₦240 000
  C) ₦300 000
  D) ₦24 000
  Show Answer
  The correct answer is B .
• Question 9:

  If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of₦100,000?

  Options:
  A) ₦130,000
  B) ₦75,000
  C) ₦80,000
  D) ₦125,000
  Show Answer
  The correct answer is B .
• Question 10: The difference between the closure of the books of a branch and those of a separate company is that? Options:
  A) there is retained earnings account on the branch books
  B) the revenue and expenses account is closed to branch current account
  C) there is no retained earnings account on the branch
  D) the revenue and expenses account is not closed to the home office current account
  Show Answer
  The correct answer is A .