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 991: The branch expenses paid by the head office is recorded in the books by debiting branch? Options:
  A) bad debt account and crediting branch debtor's account
  B) expenses account and crediting bank account
  C) profit and loss account and crediting branch stock account
  D) discount allowed account and crediting branch debtors' account
  Show Answer
  The correct answer is B .
• Question 992: The total cash and cheques received from customers in a control account is derived from the Options:
  A) purchases day book
  B) cash book
  C) income and expenditure account
  D) sales journal
  Show Answer
  The correct answer is B .
• Question 993: The records of Superstores shows a loan of #14,000 from Bala,creditor #8,000 and assets #190,500. What is the firm's capital? Options:
  A) #184, 000
  B) #196,500
  C) #212,000
  D) #168,500
  Show Answer
  The correct answer is D .
• Question 994: Accounting information is used by investors and creditors of a company to predict Options:
  A) potential merger candidates for the company
  B) appropriate remunerations for the company’s staff
  C) future cash flows of the company
  D) future tax payments of the company
  Show Answer
  The correct answer is C .
• Question 995: Antics Electronic Company recently bought six generators. Which of the following is the correct method of recording this transaction? Options:
  A) Debit generator account and credit cash account
  B) Debit purchases account and credit cash account
  C) Debit cash accounts and credit purchases account
  D) Debit cash account and credit generator account
  Show Answer
  The correct answer is A .
• Question 996:

  2/3 Purchases 900 books at #1,000 each

  4/3 Purchases 590 books at ₦950 each

  15/3 Sales 300 books at #900 eachCalculate the cost of goods available for sale using LIFO

  Options:
  A) #801,000
  B) #1,100,500
  C) #1,160,500
  D) #1,175,500
  Show Answer
  The correct answer is D .
• Question 997:

  A sales for ₦2,570 was recorded in the sales day book as ₦2750. The error committed was

  Options:
  A) error of principle
  B) error of commission
  C) error of original entry
  D) compensating error
  Show Answer
  The correct answer is C .
• Question 998:

  Which fund is used to meet unforeseen or urgent expenditure

  Options:
  A) special fund
  B) contigencies fund
  C) general reserve fund
  D) consolidated reserve fund
  Show Answer
  The correct answer is B .
• Question 999: The total of the discounts received column in the cash book is posted to the? Options:
  A) credit of the discounts received account
  B) debit of the discounts allowed account
  C) credit of the discounts allowed accoun
  D) debit of the discounts received account
  Show Answer
  The correct answer is D .
• Question 1000:

  Use the information below to answer this question

  ..............Total......... Dept.P.............Dept.Q
  ...............N...............N.................N
  Sales.........10000............6000..............4000
  Purchases......4000............1000..............3000
  Discount received...1000..........?..................
  Discounts allowed....2000...........................?.

  Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.

  What is department Q's share of discount allowed?

  Options:
  A) ₦2000
  B) ₦1500
  C) ₦800
  D) ₦1200
  Show Answer
  The correct answer is C .