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 1391: Umar and Ahemed share profit and losses equally and have capital balances of ₦40,000 and ₦60,000 respectively. If bdullahi purchases one-third interest with no bonus, how much will he have to contribute to the partnership? Options:
  A) ₦33,333
  B) ₦40,000
  C) ₦44,444
  D) ₦50,000
  Show Answer
  The correct answer is A .
• Question 1392:

  Given:

  Opening cash balance ₦20,000

  Sales of match tickets ₦15,000

  Clearing of pitch ₦1,200

  Refreshments ₦3,500

  Referees' allowance ₦1,000

  Cost of petrol ₦1,120

  Donation from local government ₦3,800

  The club's balance is

  Options:
  A) ₦39,180
  B) ₦34,830
  C) ₦34,380
  D) ₦31,980
  Show Answer
  The correct answer is D .
• Question 1393:

  Another name for control accounts is

  Options:
  A) total account
  B) purchases ledger
  C) creditors' account
  D) debtors' account
  Show Answer
  The correct answer is A .
• Question 1394:

  Use information below to answer this question.

  Capital: opening balance 307,000

  Closing balance 342,000

  Net profit for the period 121,600

  Opening stock 98,800

  Purchases 706,000

  Carriage inwards 17,500

  Cost of goods sold 740,700

  Total selling, general and

  Administration expenses 526,000

  Discount received 9, 650

  What is the closing stock for the period?

  Options:
  A) ₦69,300
  B) ₦81,300
  C) ₦81,600
  D) ₦106,400
  Show Answer
  The correct answer is C .
• Question 1395: Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results? Options:
  A) Conservatism
  B) Historical
  C) Monetary
  D) Cost
  Show Answer
  The correct answer is A .
• Question 1396: Which of the following is a source of revenue to the federation account? Options:
  A) Market fees
  B) Bicycle licences
  C) Tarrifs
  D) Property rates
  Show Answer
  The correct answer is C .
• Question 1397: In a departmental account, the expenses to be apportioned on the basis of turnover is Options:
  A) carriage inwards
  B) returns outwards
  C) discount recieved
  D) carriage outwards
  Show Answer
  The correct answer is A .
• Question 1398:

  The cost price method is applicable when_____

  Options:
  A) Goods are sold at specific prices
  B) goods are perishable
  C) goods attract different gross profit percentage
  D) to disclose gross profit or loss
  Show Answer
  The correct answer is B .
• Question 1399:

  The effect of transaction when cash is paid into the bank is?

  Options:
  A) bank balance decrease and cash balance increase
  B) cash balance decrease and bank balance increase
  C) bank balance decrease and cash balance decrease
  D) cash balance increase and bank balance increase
  Show Answer
  The correct answer is B .
• Question 1400: A discount that is allowed to encourage a debtor to pay off his debt within a period is the Options:
  A) annual discount
  B) trade discount
  C) periodic discount
  D) cash discount
  Show Answer
  The correct answer is D .