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 121: The total of the discounts received column in the cash book is posted to the? Options:
  A) credit of the discounts received account
  B) debit of the discounts allowed account
  C) credit of the discounts allowed accoun
  D) debit of the discounts received account
  Show Answer
  The correct answer is D .
• Question 122:

  Changes can occur in partnership when:

  I. partnership is dissolved

  Ii. There is amalgamation of partnership

  Iii.There is a change in the profit or loss sharing ratio

  Iv. Intangible asset increase

  Options:
  A) I,II and IV
  B) I & III
  C) I,II and III
  D) I, III and IV
  Show Answer
  The correct answer is C .
• Question 123:

  Given:

  Rent..............₦10,000
  Rates.............₦5,000
  Capital...........₦50,000
  Salaries..........₦14,000
  Cash..............₦26,000
  Creditors..........₦5,000

  The total trial balance is?

  Options:
  A) ₦110,000
  B) ₦65,000
  C) ₦55,000
  D) ₦45,000
  Show Answer
  The correct answer is C .
• Question 124:

  Which of the following is prepared to ascertain the trader's capital under incomplete records?

  Options:
  A) statement of affairs
  B) statement of capital and liabilites
  C) statement of complete records
  D) income statement
  Show Answer
  The correct answer is A .
• Question 125: In a period of declining price, which of the following methods would result in higher profit? Options:
  A) FIFO
  B) Simple average
  C) LIFO
  D) Weighted average
  Show Answer
  The correct answer is A .
• Question 126: Which of the following account is kept by local governments in Nigeria? Options:
  A) Balance sheet
  B) Advances account
  C) Debtors account
  D) Profit account
  Show Answer
  The correct answer is B .
• Question 127:

  The excess of sales over cost of goods sold is?

  Options:
  A) gross sales
  B) gross profit
  C) net profit
  D) net sales
  Show Answer
  The correct answer is B .
• Question 128:

  One of the options below have the same features as the profit and loss account in non-profit organization

  Options:
  A) non profit account
  B) profit and loss account
  C) income and expenditure account
  D) receipts and payment account
  Show Answer
  The correct answer is C .
• Question 129:

  Dr. Sales Ledger Control Account . Cr

  	₦		₦
  Bal b/f	3,250	Bal b/f	125
  Sales	19,075	Bank	16,387.50
  Dishonoured cheque	625	Discount	862.50
  Stopped cheque	250	Returns inwards	325
  Bal c/d	230	Set off	900
  		Bal c/d	4740
  	23430		23430
  Bal b/d	4740	Bal b/d	230

  The amount ₦19,075 represents

  Options:
  A) the double entry for the total sales account
  B) total sales for the month
  C) credit sales
  D) cash sales for the month
  Show Answer
  The correct answer is C .
• Question 130:

  The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is

  Options:
  A) FIFO
  B) LIFO
  C) SAP
  D) WAP
  Show Answer
  The correct answer is D .