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 major feature of a journal is that it has

  Options:
  A) five columns, date, particulars, folio, debit and credit
  B) three columns, date, particulars, folio and amount
  C) Six columns, date. particulars, folio, amount debit and credit
  D) four columns, date, particulars, folio and amount
  Show Answer
  The correct answer is A .
• Question 172: When the sum of money appears on the credit side of the cash book, but not on the debit side of the bank statement, the sum is regarded as Options:
  A) uncredited cheques
  B) dishonoured cheques
  C) direct remittance to the bank
  D) unpresented cheques
  Show Answer
  The correct answer is D .
• Question 173:

  Use the information below to answer the question

  Goods from head office................₦13,400

  Returns to head office ...............₦118

  Rates and insurance paid .............₦188

  Wages paid ...........................₦913

  Cash remitted to head office..........₦16,625

  Stock at 1/1/2000.....................₦1,875

  Rents paid ...........................₦325

  Stock at 31/12/2000 ..................₦1,975

  Sundry expenses ......................₦200

  The profit realized from the trade is?

  Options:
  A) ₦4 069
  B) ₦1 817
  C) ₦1 440
  D) ₦1 328
  Show Answer
  The correct answer is A .
• Question 174:

  Turaki Youth Club Income and Expenditure for the year ended 31/12/04 # #

  Bal.b/d 390 Expenses on cleaning 300

  Sales of - New tool 510

  Trickets 4,000 Repairs 400

  Donations 3,000 Electricity 350

  Subscription 6,500

  What is the total income for the period?

  Options:
  A) #10,500
  B) #13,500
  C) #13,890
  D) #9,500
  Show Answer
  The correct answer is C .
• Question 175: Which of the following stock valuation methods is suitable under inflationary conditions? Options:
  A) FIFO
  B) LIFO
  C) Simple average
  D) Weighted average
  Show Answer
  The correct answer is A .
• Question 176:

  Use this information below to answer this question

  ₦
  Capital: Opening balance 307,000
  Closing balance 342,000
  Net profit for the period 121,600
  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
  Opening stock 98,800

  Calculate the closing stock for the period.

  Options:
  A) ₦69,300
  B) ₦81,600
  C) ₦81,300
  D) ₦106,400
  Show Answer
  The correct answer is B .
• Question 177: Depreciation on a particular piece of machinery was ₦2,700 during the fifth year of its service life and ₦4,050 during the sixth year. The logical explanation for this is that? Options:
  A) an addition was made to the asset during the sixth year
  B) the estimate of salvage value on this equipment was decreased
  C) a unit-of-output method of depreciation was used during the sixth year
  D) the estimate remaining service life of the assets was increased at the beginning of the sixth year
  Show Answer
  The correct answer is A .
• Question 178:

  Opening stock of raw materials - #75,000

  Purchase of raw materials - #330,000

  Closing stock of raw materials - #80,000

  Direct wages - #30,000

  Carriages of raw materials - #10,000

  Calculate the cost of raw materials used

  Options:
  A) #495,000
  B) #415,000
  C) #335,000
  D) #305,000
  Show Answer
  The correct answer is C .
• Question 179:

  Salaries in arrears is treated in the balance sheet as a

  Options:
  A) current asset
  B) current liability
  C) long term liability
  D) fixed asset
  Show Answer
  The correct answer is B .
• Question 180:

  A provision for bad debt account had N33,800 at the beginning of the year and N4,220 at the close of the year. If bad debts are calculated at the rate of 1/20% of annual credit sales, what was the credit sales for the period?

  Options:
  A) N210,000
  B) N844,400
  C) N840,000
  D) N500,000
  Show Answer
  The correct answer is B .