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 1131:

  Use the information below to answer question.

  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

  What is the cash balance?

  Options:
  A) ₦12,095
  B) ₦12,590
  C) ₦12,905
  D) ₦12,950
  Show Answer
  The correct answer is D .
• Question 1132: Which of these is the main source document for recording cash paid into bank? Options:
  A) invoice
  B) cheque book
  C) credit note
  D) pay-in-slip
  Show Answer
  The correct answer is D .
• Question 1133:

  Which of the following conditions best represents the net effect of discount allowed on credit sales on the accounts of the business?

  Options:
  A) decrease in the closing balance of sales ledger control accout
  B) increase in net profit
  C) increase in the value of sales
  D) decrease in the value of purchases in the trading account
  Show Answer
  The correct answer is A .
• Question 1134:

  

  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 1135:

  Use the information below to answer question

  Capital.................................₦60 000

  Bank....................................₦12 500

  General expenses........................₦5 250

  Creditors...............................₦17 000

  Stock...................................₦98 500

  Fixed assets............................₦42 000

  Insurance and rates.....................₦18 800

  Purchase................................₦63 850

  What is the cash balance on the debit side if it is the only item omitted?

  Options:
  A) ₦6745
  B) ₦6754
  C) ₦6475
  D) ₦6574
  Show Answer
  The correct answer is C .
• Question 1136:

  Purchasers - #44,880

  Sales - #85,850

  Trade creditors - #12,250

  Trade debtors - #24,000

  Accrued expenses - # 350

  Prepaid expenses - # 700

  Stock 1/1/2006 - #25,120

  Stock 31/12/2006 - #27,840Calculate the acid test ration

  Options:
  A) 1:94:1
  B) 1:96:1
  C) 1:1:94
  D) 1:1:96
  Show Answer
  The correct answer is B .
• Question 1137: When assets are realized during a partnership dissolution, the entries for the proceeds are to debit? Options:
  A) cash account and credit realization account
  B) rassets account and credit realization account
  C) realization account and credit realization account
  D) assets account and credit cash account
  Show Answer
  The correct answer is A .
• Question 1138:

  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 1139: The course of discrepancies between the bank statement and the cash book that overstates the cash book is the? Options:
  A) dividend received
  B) uncredited expenses
  C) uncredited cheques
  D) interest on lodgement
  Show Answer
  The correct answer is C .
• Question 1140:

  Use the information below to answer the question:

  Trading account for the year ended 31st December 2009

  ₦	₦
  Opening Stock                                               32,000	Sales                48,000
  Purchases                           40,000	Less Return       2,000
  Carriage inwards                   1,000
  41,000
  Less Return                          2,000                 39,000
  Cost of goods available                                     ??
  Less closing stock                                            9,000
  Cost of goods sold                                            ??

  Calculate the cost of goods sold

  Options:
  A) ₦61,000
  B) ₦62,000
  C) ₦58,000
  D) ₦57,000
  Show Answer
  The correct answer is B .