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 1271:

  In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________

  Options:
  A) Debit entry
  B) Contra entry
  C) Credit entry
  D) Reversal entry
  Show Answer
  The correct answer is C .
• Question 1272:

  Use the information below to answer the question:

  Turnover...........................₦120 000
  Net profit before tax..............₦40 000
  Net profit b/f.....................₦68 000

  Proposed dividends:

  Ordinary shares....................₦8 000
  Preference shares..................₦6 000
  Corporate tax is 30%...............₦10 000

  What is the tax charged to the profit and loss account?

  Options:
  A) ₦14 000
  B) ₦60 000
  C) ₦34 000
  D) ₦20 000
  Show Answer
  The correct answer is D .
• Question 1273:

  Use the information to answer the question

  Aminu and Sons credit purchases (Extract] as at February 1996.

  Feb 1Credit balances 40, 000

  Debit balances 1, 000

  Feb 28 Purchases journal totals 500,000

  Returns outwards journal totals 50,000

  Cheques paid to suppliers 400,000

  Promissory notes sent to suppliers 30,000

  Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000

  What is the balance c/d in the purchases ledger control account?

  Options:
  A) ₦2,000
  B) ₦8, 000
  C) ₦40, 000
  D) ₦49,000
  Show Answer
  The correct answer is D .
• Question 1274:

  Calls in advance are treated in the balance sheet as_______

  Options:
  A) Current asset
  B) Fixed asset
  C) Current liability
  D) Fixed liability
  Show Answer
  The correct answer is C .
• Question 1275:

  Receipts and Payments Account
  	₦		₦
  Balance b/d	?	Rent and rates	30 000
  Subscriptions received	?	General expenses	10 000
  Gate-fee collections	50 000	Electricity	20 000
  		Insurance	150 000
  	?	Balance c/d	?

  The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.

  The subscriptions received would be

  Options:
  A) ₦200 000
  B) ₦240 000
  C) ₦300 000
  D) ₦24 000
  Show Answer
  The correct answer is B .
• Question 1276: The account of government into which all monies are received and from which all expenditures are disbursed is the Options:
  A) Federation account
  B) Petroleum Technology Development Fund
  C) Central Bank Account
  D) Development fund
  Show Answer
  The correct answer is A .
• Question 1277:

  Date	Stock	Qty. (units)	Cost/Price (#)
  July	Bal. b/d	2 000	2.00
  Aug.	Purchases	10 000	2.50
  Sept.	Purchases	20 000	3.00
  Oct.	Sales	8 000	3.50
  Nov.	Sales	23 000	4.00

  Assuming the closing stock was valued at N19 000 at the end of November, what was the gross profit?

  Options:
  A) ₦30 000
  B) ₦50 000
  C) ₦70 000
  D) ₦100 000
  Show Answer
  The correct answer is B .
• Question 1278:

  Use the information below to answer the question

  Capital ...................₦2000

  Bank ......................₦1200

  Purchase ..................₦2500

  Sales .....................₦6700

  Stock .....................₦1300

  Creditors .................₦1000

  Fixed assets...............₦3700

  Drawings ..................N?

  Drawings are always estimated at 50% of capital.

  Compute the amount withdrawn

  Options:
  A) ₦2000
  B) ₦1500
  C) ₦1250
  D) ₦1000
  Show Answer
  The correct answer is D .
• Question 1279: The conventional sources of public revenue includes? Options:
  A) loans,taxation, foreign reserves and dividends
  B) interest, royalties, taxation and loans
  C) crude oil, interest, posted price and taxation
  D) taxtion, deficit budgeting, royalties and loans
  Show Answer
  The correct answer is B .
• Question 1280: The most appropriate basis for apportioning inventory holding cost among departments is to use the value of? Options:
  A) purchases
  B) opening stock
  C) closing stock
  D) average stock
  Show Answer
  The correct answer is B .