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 1031: When a customer's cheque is returned unpaid in a debtor's control accounting system, the treatment will be? Options:
  A) debit bank, credit custmer and credit conyrol account
  B) credit bank, debit customer, and credit control account
  C) debit customer, debit control accountand credit bank
  D) credit control account, debit bank and debit customer
  Show Answer
  The correct answer is B .
• Question 1032: Use the information below to answer this question.Dangote acquired Dantata’s business for ₦350,000. The total asset work were ₦820,000 and liabilities amounted to ₦640,000The double entry to record the goodwill in the books is debt Options:
  A) purchase of business account and credit cash account
  B) goodwill account and credit purchase of business account
  C) cash account and credit goodwill account
  D) goodwill account and credit cash account
  Show Answer
  The correct answer is B .
• Question 1033:

  

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

  Calculate the closing balance of the ledger account

  Options:
  A) ₦6 900
  B) ₦6400
  C) ₦5000
  D) ₦4000
  Show Answer
  The correct answer is C .
• Question 1034: Bariga, a stock broker bought stationery for ₦12000 by cash. To record this transaction, debit? Options:
  A) cash and credit stationery
  B) purchase and credit stationery
  C) stationery and credit cash
  D) stationery and credit purchases
  Show Answer
  The correct answer is C .
• Question 1035: Hussaina Enterprises sent goods worth ₦800,000 at cost plus mark-up of 20% to its branchWhat is the cost price of the goods sent to the branch Options:
  A) ₦600,000
  B) ₦620,000
  C) ₦640,000
  D) ₦700,000
  Show Answer
  The correct answer is B .
• Question 1036: In what way can goodwill be written off in a partnership business? Options:
  A) Using the partners' profit and loss sharing ratio
  B) By neglecting the ratio of partners capital contributions
  C) By sharing it unequally among the partners where no agreement exists
  D) By sharing it among the active partners only
  Show Answer
  The correct answer is A .
• Question 1037:

  Use the information below to answer questions

  The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.

  Creditors N50,000
  Debtors N46,000
  Loan N100,000
  Stock N20,000
  Motor vehicle N120,000
  Building N70,000
  Accrued wages 30,000
  Bank N25 ,000

  The value of capital invested by the owners is?

  Options:
  A) ₦110,000
  B) ₦105,000
  C) ₦101,000
  D) ₦100,000
  Show Answer
  The correct answer is C .
• Question 1038: Cash discount is often recorded on? Options:
  A) the debit side of the cash book
  B) the credit side of the cash book
  C) the folio column of the cash book
  D) both credit and debit side of the cash book
  Show Answer
  The correct answer is D .
• Question 1039: The trader is capital in a single entry system is ascertained by preparing Options:
  A) gross profit
  B) statement of affairs
  C) suspense account
  D) appropriation account
  Show Answer
  The correct answer is B .
• Question 1040:

  Use the following information to answer this question

  The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8

  	₦	₦
  Sales Less: cost of goods sold		233,000 170,000
  		63,000
  less: Overhead Expenses Admin expenses Selling expenses Other overhead expenses	16,800 15,000 6,200
  Net profit		25,000

  What is the Gross Profit on percentage of sale?

  Options:
  A) 2.7%
  B) 0.27%
  C) 27.0%
  D) 29.8%
  Show Answer
  The correct answer is C .