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 1011: One of the purposes of maintaining the account of a branch at the head office is to? Options:
  A) record charges in shareholdings
  B) record charges in liabilities
  C) check the excesses of customers
  D) check the excesses of members of staff
  Show Answer
  The correct answer is D .
• Question 1012:

  Use the following information to answer this question.

  Provision for bad debt 1500

  Additional information

  1. Bad debt written off amount to 3000

  2. Debtors balance as at the end of the year is 28,000

  3. Provision for bad debts stand at 10%

  How much is to be charged to profit and loss account as provision for bad debt?

  Options:
  A) ₦2, 800
  B) ₦1, 000
  C) ₦2, 500
  D) ₦3, 000
  Show Answer
  The correct answer is B .
• Question 1013: In the not-for-profit-making organization, the excess of income over expenditure is? Options:
  A) deducted from the capital
  B) added to the accumulated fund
  C) added to the capital
  D) deducted from the the accumulated fund
  Show Answer
  The correct answer is B .
• Question 1014: Using LIFO method of stock valuation, analyze the issue quantities and their prices Options:
  A) 260 units at ₦1.50
  B) 700 units at ₦1.50
  C) 200 units at ₦1.50 and 500 units at ₦1.00
  D) 350 units at ₦1.50 and 350 units at ₦1.00
  Show Answer
  The correct answer is A .
• Question 1015:

  One of the limitations of accounting is that

  Options:
  A) it ascertain financial position
  B) it prevent fraud
  C) transactions are recorded in monetary terms
  D) it monitor the progress of the enterprise
  Show Answer
  The correct answer is C .
• Question 1016: Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches? Options:
  A) cost price
  B) fixed percentage on cost
  C) selling price
  D) invoice price
  Show Answer
  The correct answer is A .
• Question 1017: The loss made by a non profit making organization is called Options:
  A) deficit
  B) surplus
  C) discount
  D) shortage
  Show Answer
  The correct answer is A .
• Question 1018:

  

  Determine the closing stock.

  Options:
  A) ₦30,000
  B) ₦40,000
  C) ₦50,000
  D) ₦60,000
  Show Answer
  The correct answer is C .
• Question 1019: The receipt of cash from a customer who bought goods with ₦800 list price, 25% trade discount and 2/10, n/30 terms would, if paid within the discount period, amount to Options:
  A) ₦576
  B) ₦588
  C) ₦600
  D) ₦624
  Show Answer
  The correct answer is B .
• Question 1020:

  Use the information below to answer the question that follows:

  $\begin{array}{ccc}Creditors& 3,000& 4,000\\ Debtors& \mathrm{\_}\mathrm{\_}\mathrm{\_}& 6,000\\ \text{Cash received from debtors}& \mathrm{\_}\mathrm{\_}\mathrm{\_}& 35,000\\ \text{cash paid to suppliers}& \mathrm{\_}\mathrm{\_}\mathrm{\_}\mathrm{\_}& 25,000\\ \text{Discount allowed}& \mathrm{\_}\mathrm{\_}\mathrm{\_}\mathrm{\_}\mathrm{\_}& 4,000\\ \text{Discount received}& \mathrm{\_}\mathrm{\_}\mathrm{\_}\mathrm{\_}\mathrm{\_}& 4,200\end{array}$

  What is the total purchase for the period?

  Options:
  A) ₦30,200
  B) ₦30,000
  C) ₦25,000
  D) ₦31,200
  Show Answer
  The correct answer is C .