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 131:

  When the goods are sold on credit to a buyer, the account receivable account will be

  Options:
  A) debit and credit
  B) contra entry
  C) debited
  D) credited
  Show Answer
  The correct answer is C .
• Question 132: Osei and Yabo were in partnership sharing profits and losses in the ratio of 2:3. On admitting Takwa, the profit and loss sharing ratio was charged to 1:1:1. Suppose Takwa paid ₦30 000 for goodwill , this amount would be? Options:
  A) credited to Takwa's current acount
  B) debited to goodwill account
  C) share to all the partners' capital account
  D) credited to the old partners' capital account
  Show Answer
  The correct answer is B .
• Question 133:

  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 134: Diamond Ringo business was started when Mr. Diamond brought in a cheque of ₦500,000, which was paid into the bank account. Which of the following entries properly records the transaction? Options:
  A) Cash account was credited with ₦500,000 and capital account was debited with ₦500,000
  B) Bank account was debited with ₦500,000 and capital account was credited with ₦500,000
  C) Bank account was accredited with ₦500,000
  D) Mr. diamond acount was debited with ₦500,000 and the cheque account was credited with ₦500,000
  Show Answer
  The correct answer is B .
• Question 135:

  Which of the followingis a debit item in the purchase ledger control account?

  Options:
  A) balance b/d
  B) cheque dishonoured
  C) balance c/d
  D) purchases
  Show Answer
  The correct answer is C .
• Question 136:

  Use the following information to answer this question

  The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8

  	₦	₦
  Sales Less: cost of goods sold		233,000 170,000
  		63,000
  less: Overhead Expenses Admin expenses Selling expenses Other overhead expenses	16,800 15,000 6,200
  Net profit		25,000

  Calculate the net profit on percentage of expenses.

  Options:
  A) 60%
  B) 25%
  C) 13%
  D) 65.7%
  Show Answer
  The correct answer is D .
• Question 137: Receipt and payment account discloses? Options:
  A) debtors
  B) creditors
  C) prepayment
  D) depreciation
  Show Answer
  The correct answer is C .
• Question 138:

  Given:

  Opening capital................₦7 000

  Additional capital.............₦3 500

  Net............................₦2 500

  Closing........................₦10 250

  The drawings for the period stand at?

  Options:
  A) ₦2570
  B) ₦3750
  C) ₦2500
  D) ₦2570
  Show Answer
  The correct answer is A .
• Question 139: 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 140: The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are Options:
  A) sales income
  B) receipt from debtors
  C) fixtures and fittings
  D) rent paid
  Show Answer
  The correct answer is C .