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 1041:

  Use the information below to answer questions .

  (i) Cash at bank (ii) Cash in hand (iii) Premises

  (iv) Land (v)Creditors (vi)loan from friends/bank.

  What are the current assets?

  Options:
  A) i and ii
  B) i and v
  C) ii and iv
  D) iii and v
  Show Answer
  The correct answer is A .
• Question 1042:

  Use the information below to answer question.Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of ₦19000 from the business tray and banked it.

  The credit sales for the period would be?

  Options:
  A) ₦5000
  B) ₦1900
  C) ₦1000
  D) ₦950
  Show Answer
  The correct answer is C .
• Question 1043:

  Use the information below to answer this question:

  $\begin{array}{cc}\text{Raw materials Jan.}& 5,000\\ \text{Raw materials Dec.}& 5,800\\ \text{Purchase of raw materials}& 45,000\\ \text{Salary}& 61,000\\ \text{Factory lubricant}& 2,050\\ \text{plant depreciation}& 1,300\\ \text{Factory insurance}& 1,250\end{array}$

  The prime cost for the company is

  Options:
  A) ₦169, 200
  B) ₦44, 200
  C) ₦55, 800
  D) ₦230, 200
  Show Answer
  The correct answer is A .
• Question 1044:

  Use the information below to answer the question

  Gross profit b/d Less: Salaries and wages Electricity Depreciation Net profit c/d

  Dept A ₦ 6,000 1,800 ? 600 ? 6,000

  Dept B ₦ 4,000 1,200 ? ? 1,600 4,000

  Total ₦ 10,000 3,000 2,000 1,000 4,000 10,000

  It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.

  The depreciation to be charged to department B is

  Options:
  A) ₦500
  B) ₦300
  C) ₦400
  D) ₦600
  Show Answer
  The correct answer is C .
• Question 1045:

  The accounting system in which only one aspect of transaction is recorded is

  Options:
  A) single entry
  B) single column cash book
  C) original entry
  D) double entry
  Show Answer
  The correct answer is A .
• Question 1046:

  Use the information below to answer the question that follows:

  Given:

  Fixed assets	₦85,600
  Sales	₦197,000
  Stock	₦34,300
  Salaries	₦37,000
  Purchases	₦127,700
  Share capital	₦120,000
  Creditors	₦16,050
  Motor expenses	₦10,500
  Debtors	₦25,000

  Determine the total of the trial balance.

  Options:
  A) ₦335,050
  B) ₦333,050
  C) ₦323,050
  D) ₦230,550
  Show Answer
  The correct answer is B .
• Question 1047:

  Ade, Tony, Rose share profit and losses in the ratio of 3 : 2 : 1 respectively. Ade retires and the remaining partners decide to take Ade’s share in the existing ratio. What is the new ratio?

  Options:
  A) 1 : 1
  B) 3 : 6
  C) 2 : 1
  D) 2 : 6
  Show Answer
  The correct answer is C .
• Question 1048:

  Use the information below to answer the question.

  Zazzau Company:

  Cash in hand................₦50
  Cash in bank................₦1 250
  Stock.......................₦4 880
  Furniture...................₦9 60
  Building....................₦5 500
  Debtor......................₦1 750
  Creditors...................₦2 150

  Drawings of ₦125 were made by the shareholders of the company.

  The company's net current assets amount to

  Options:
  A) ₦5 780
  B) ₦5 70
  C) ₦6 580
  D) ₦7 930
  Show Answer
  The correct answer is A .
• Question 1049: When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement? Options:
  A) Bank charges
  B) Uncleared cheques
  C) Returned cheques
  D) unpresented cheques
  Show Answer
  The correct answer is D .
• Question 1050: 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 .