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 1241:

  $\begin{array}{cc}& N\\ \text{Stock Jan 1}& 2600\\ \text{Purchases}& 4000\\ \text{Carriage inwards}& 500\\ \text{Sales}& 9000\\ \text{Carriage outwards}& 500\end{array}$

  Determine the net profit.

  Options:
  A) ₦4,000
  B) ₦4,500
  C) ₦5,000
  D) ₦1,400
  Show Answer
  The correct answer is D .
• Question 1242:

  The basic role of accounting is to?

  Options:
  A) detect fraud
  B) attest to financial statements
  C) measure performance
  D) protect shareholders
  Show Answer
  The correct answer is C .
• Question 1243:

  Use the question to answer this question:

  Opening stock	₦
  Department A B	100 800
  Purchases: A B Wages of workers Salaries	1500 2000 50 100
  Sales A B	3000 5000

  Expenses are to be shared in the ratio of sales.

  The net profit for departmental A is

  Options:
  A) 1880
  B) 1600
  C) 880
  D) 425
  Show Answer
  The correct answer is D .
• Question 1244: Musa, a prepaid customer of XYZ and KLM, bought ₦1500 recharge card from XYZ, and ₦2000 recharge recharge card from KLM, for business calls. The entry to record these transaction is debit? Options:
  A) telephone ₦3,500 credit XYZ and KLM, ₦3,500
  B) telephone ₦3,500, credit cash ₦3,500
  C) sundries ₦3,500, credit KLM ₦3,500
  D) sundries ₦3,500, credit telephone ₦3,500
  Show Answer
  The correct answer is B .
• Question 1245: What is the main purpose of transaction file? Options:
  A) To record assets and liabilities
  B) To update income and expenses
  C) to update master files
  D) to make organization decision
  Show Answer
  The correct answer is C .
• Question 1246:

  N	N
  Capital                                         39,000	Land  20,000
  Long Term Loan      15, 000	Building 30,000
  Creditors                                       9,000	Stock  40,000
  	Debtors  6,000
  Accrued wages                             5,000	Cash  8, 000
  68,000	68,000

  Use the information above to answer the question:

  The acid test ratio in the company is ___________

  Options:
  A) 1:1
  B) 2:3
  C) 1:2
  D) 3:2
  Show Answer
  The correct answer is A .
• Question 1247: The account where the profit are distributed to the partner in their profit sharing ratio in partnership Options:
  A) trading account
  B) appropriation account
  C) balance sheet
  D) profit and loss account
  Show Answer
  The correct answer is B .
• Question 1248: Discount allowed is enjoyed by Options:
  A) Managers
  B) Customers
  C) Suppliers
  D) Staff of the company
  Show Answer
  The correct answer is B .
• Question 1249: The fixed amount of money given to a petty cashier at the beginning of a period is called? Options:
  A) imprest
  B) petty cash
  C) float
  D) cash advance
  Show Answer
  The correct answer is C .
• Question 1250:

  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 .