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 11: In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the? Options:
  A) revenue and expenditure account
  B) receipts and payments account
  C) profit and loss apporpriation account
  D) profit and loss account
  Show Answer
  The correct answer is D .
• Question 12:

  Sobande Incorporation acquired a machine that involved the following expenditures and related factors. N

  Gross invoice price 15,000

  Sales tax 900

  Purchases discount taken 300

  Freight 750

  Assembly of machine 500

  Installation of machine 800

  Assorted spare parts for future use 1200

  Turing and adjusting machine 700What is the initial accounting cost of the machine?

  Options:
  A) ₦19,550
  B) ₦18,950
  C) ₦18,350
  D) ₦17,500
  Show Answer
  The correct answer is C .
• Question 13: The cost of goods available for sale is? Options:
  A) ₦4 600
  B) ₦5 000
  C) ₦6 400
  D) ₦4 400
  Show Answer
  The correct answer is D .
• Question 14: Discounts granted branch customers are treated as a debit to branch? Options:
  A) stock account and a credit to branch debtors'account
  B) discount account and a credit to branch bank account
  C) stock account and a credit to branch bank account
  D) discount account and a credit to branch debtors' account
  Show Answer
  The correct answer is D .
• Question 15:

  

  Determine the closing stock.

  Options:
  A) ₦30,000
  B) ₦40,000
  C) ₦50,000
  D) ₦60,000
  Show Answer
  The correct answer is C .
• Question 16:

  Discount allowed is enjoyed by

  Options:
  A) managers
  B) customers
  C) staff of the company
  D) suppliers
  Show Answer
  The correct answer is B .
• Question 17: The value of the sales ledger control account is derived from the summation of Options:
  A) the total debtors' account
  B) the total creditors' account
  C) all day books
  D) both the debtors'and creditors' accounts
  Show Answer
  The correct answer is A .
• Question 18: The major distinguishing element between the final accounts of a partnership and a sole trader is the Options:
  A) drawings account
  B) appropriation account
  C) capital account
  D) creditors account
  Show Answer
  The correct answer is B .
• Question 19:

  In preparing accounting records, the owners of a business and the business are treated as

  Options:
  A) separate legal entities
  B) partners
  C) the same person
  D) having business relationship
  Show Answer
  The correct answer is A .
• Question 20: The accounting method that reports incomes when earned and expenses when incurred is called? Options:
  A) cash accounting
  B) commitment accounting
  C) fund accounting
  D) accrual accounting
  Show Answer
  The correct answer is D .