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 1221: If sales return is understated, it implies that ------------------------------ is overstated Options:
  A) return inward
  B) sales figure
  C) cost of sales
  D) return outward
  Show Answer
  The correct answer is B .
• Question 1222:

  Tanko Ltd had

  Earnings per share 47k

  Dividends per share 30k

  Per value of each share N1.20

  market price per share NM1.50

   

  What will be the price earnings ratio of the company?

  Options:
  A) N3.91
  B) N3.19
  C) N2.95
  D) N2.55
  Show Answer
  The correct answer is B .
• Question 1223: One of the benefits of book-keeping records is that they? Options:
  A) give prospective investors accurate and direct information for decisions-making
  B) provide the public and creditors with details of the operations of an entity
  C) give legal backing to all the transactions undertaken by a business entity
  D) provide information without which the task of management would be difficult
  Show Answer
  The correct answer is A .
• Question 1224:

  Three Column Cash Book (Extract)

  Date	Particulars	Cash (₦)	Bank (₦)	Particulars	Date	Cash (₦)	Bank (₦)
  1.	Bal b/d	3000	4000	Electricity	5	200	300
  2.	Cash Sales	1000		Purchases	6	3000
  3.	Fatima	2000		Ahmad	7		500
  4.	Baffa	200	300	Khadiga	8	200

  Calculate the cash balance after the discount.

  Options:
  A) ₦2760
  B) ₦4 300
  C) ₦6 200
  D) ₦2.400
  Show Answer
  The correct answer is A .
• Question 1225: when shares issued are paid for, accounting entry required is Options:
  A) debit bank or cash account and credit share capital and/or premium account
  B) credit bank or cash account and debit share capital and/or premium account
  C) debit shares account and credit capital account
  D) credit shares account and debit capital account
  Show Answer
  The correct answer is A .
• Question 1226: Which of the following is credited to the consolidated revenue fund? Options:
  A) Recurrent expenditure
  B) Capital expenditure
  C) Transfer to revenue fund
  D) International revenue
  Show Answer
  The correct answer is A .
• Question 1227:

  Use the information to answer questions 334 and 35.

  .........................Departments

  ...........................P..........Q...........R

  Sales value...............N?........₦23,400....N?

  Selling expenses..........₦1,100....₦1,400.....₦1,280

  Administrative expenses...₦1,400....₦1,000.....₦1,020

  Cost of sales.............₦6,900....₦6,700.....₦5,500

  Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to ₦1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

  Determine the total expenses of department P?

  Options:
  A) 9,760
  B) 9,400
  C) 2,860
  D) 2,500
  Show Answer
  The correct answer is D .
• Question 1228: Books of original entry are used for Options:
  A) recording business transactions
  B) the adjustment of accounts
  C) reminding the book keeping to post transactions in the ledger
  D) informing the bookkeeper about the state of affairs
  Show Answer
  The correct answer is A .
• Question 1229:

  Goods were purchased for resale on credit costing ₦150,000 on 30th September 20X8 from Tosanwumi International. The entry to record these transaction is debit

  Options:
  A) Tosanwumi International, credit purchase Account
  B) Purchase Account ₦150,000, credit Tosanwumi International Account ₦150,000
  C) Credit Account ₦150,000, Credit Tosanwumi International ₦150,000
  D) Tosanwumi International ₦150,000, credit credit Account ₦150,000
  Show Answer
  The correct answer is B .
• Question 1230: Goods returned to branch by customers is recorded in the head office books be debiting? Options:
  A) bank account and crediting branch stock account
  B) goods sent to branch account and crediting branch debtors''account
  C) branch stock account and crediting branch debtors account
  D) branch debtors' and credting cash acount
  Show Answer
  The correct answer is B .