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 171: The purchase ledger control account of a company had an opening balance of ₦45,600 credit and closing balance of ₦72,600 credit. The company made payments of 437,000 to credit suppliers during the period: and had discount received of ₦18,600 on this account. What were the credit purchase for the period? Options:
  A) ₦509,600
  B) ₦482,600
  C) ₦428,600
  D) ₦418,400
  Show Answer
  The correct answer is B .
• Question 172:

  Given:

  Authorized Capital: N

  100,000 ordinary shares of ₦1 eash

  Issued and fully paid:

  50,000 ordinary shares of ₦1 each 50,000

  10, 000 8% perference shares

  Of ₦1 each

  Reserves 10,000

  Creditors 25,000

  Debtors 13 000

  Cash in hand 5000

  Calculate the shareholders fund

  Options:
  A) ₦60,000
  B) ₦75,000
  C) ₦85,000
  D) ₦185,000
  Show Answer
  The correct answer is C .
• Question 173: what is the gross profit margin? Options:
  A) ₦100%
  B) ₦50%
  C) ₦40%
  D) ₦30%
  Show Answer
  The correct answer is B .
• Question 174: When assets are realized during a partnership dissolution, the entries for the proceeds are to debit? Options:
  A) cash account and credit realization account
  B) rassets account and credit realization account
  C) realization account and credit realization account
  D) assets account and credit cash account
  Show Answer
  The correct answer is A .
• Question 175:

  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 176: Cost reports for the intention of management should reflect? Options:
  A) as much details as possible
  B) summary figures only
  C) details of non-controllable expenses
  D) cost and comparable data useful in decision-making
  Show Answer
  The correct answer is D .
• Question 177:

  To account for expenses paid by head office on behalf of the branch, the branch should___________

  Options:
  A) Debit profit and loss account and credit head office account
  B) Debit head office account and credit cash
  C) Credit cash and debit profit and loss account
  D) Credit profit and loss account and debit head office account
  Show Answer
  The correct answer is A .
• Question 178:

  The formularfor calculating depreciation using straight line method is

  Options:
  A) Cost-scrap value/useful life
  B) Scrap value+sales/useful life
  C) Sales-scrap value/useful life
  D) Purshases+sales/useful life
  Show Answer
  The correct answer is A .
• Question 179: In a petty cash book, the closing balance was ₦235, imprest ₦1,250, while the stationery expenses were ₦655. How much was paid for other general expenses? Options:
  A) ₦360
  B) ₦355
  C) ₦350
  D) ₦305
  Show Answer
  The correct answer is A .
• Question 180: Given:If Emeka Enterprises settles its suppliers for goods purchased within 7 days, it can earn a cash discount of 12 and half percent. Assuming #22,800 worth of goods were purchased and settled within 5 days, what will be the amount to be credited in the cash column of the company's cash book? Options:
  A) #25,650
  B) #22,800
  C) #19,950
  D) #18,240
  Show Answer
  The correct answer is C .