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 181:

  Purchasers - #44,880

  Sales - #85,850

  Trade creditors - #12,250

  Trade debtors - #24,000

  Accrued expenses - # 350

  Prepaid expenses - # 700

  Stock 1/1/2006 - #25,120

  Stock 31/12/2006 - #27,840Calculate the acid test ration

  Options:
  A) 1:94:1
  B) 1:96:1
  C) 1:1:94
  D) 1:1:96
  Show Answer
  The correct answer is B .
• Question 182:

  One of the options below is not the source of income for non - profit organization

  Options:
  A) ordinary shares
  B) donations
  C) subscription/dues
  D) entrance fees
  Show Answer
  The correct answer is C .
• Question 183:

  Adodo Enterprises and Loss Account (Extract)
  	₦		₦
  Opening stock	5,000	Sales	100,000
  Purchases	00?00
  	00?00
  Less closing stock	5,600
  Cost of goods sold	00?00
  Gross profit	00?00
  	100,000		100,000

  If the opening stock is 5% of sales. calculate the purchases

  Options:
  A) ₦95,600
  B) ₦95,000
  C) ₦9,600
  D) ₦85,000
  Show Answer
  The correct answer is C .
• Question 184:

  	₦		₦
  Bal. b/f	3,250	Bal. b/f.	215
  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
  	23,430		23430
  Bal b/d	4740	Bal b/d	230

  Dr. Sales Ledger Control Account . Cr

  The amount ₦16,378.50 described as "Bank" represents

  Options:
  A) receipts from trade debtors only
  B) cash sales for the month including discount
  C) receipts from all debtors of the business
  D) cash sales for the month excluding discount
  Show Answer
  The correct answer is C .
• Question 185:

  Use the information below to answer the question.

  Calculate the balance in the bank statement.

  	₦
  Balance as per cashbook	13560
  Unpresented cheques	5120
  Dividend received	2000
  Uncredited cheque	2300
  Bank charges	280
  Standing order	600
  Balance as per bank statement	?

  Options:
  A) ₦10,740
  B) ₦11,860
  C) ₦16,380
  D) ₦17,500
  Show Answer
  The correct answer is D .
• Question 186:

  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

  What is the gross profit for the period?

  Options:
  A) ₦535,650
  B) ₦628,300
  C) ₦647,600
  D) ₦106,400
  Show Answer
  The correct answer is C .
• Question 187: 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 188: Which accounting concept supports the assertion that economic reality takes precedence over legal issues? Options:
  A) Realization concept
  B) Substance over form
  C) Conservatism
  D) Measurement concept
  Show Answer
  The correct answer is B .
• Question 189: Goods returned to branch by customers is recorded in the head office books be debiting? Options:
  A) bank account and crediting branch stock account
  B) goods sent to branch account and crediting branch debtors''account
  C) branch stock account and crediting branch debtors account
  D) branch debtors' and credting cash acount
  Show Answer
  The correct answer is B .
• Question 190: In a partnership account, conversation of non-cash assets into cash is referred to as? Options:
  A) realization
  B) disposal
  C) dissolution
  D) revaluation
  Show Answer
  The correct answer is A .