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: Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 54,000; creditors at the beginning 4000; creditors at the end 2,000 Options:
  A) ₦52,000
  B) ₦51,000
  C) ₦55,000
  D) ₦50,000
  Show Answer
  The correct answer is C .
• Question 12:

  Use the information below to answer questions 23 and 24.

  ............................31/12/07.......31/12/08

  Stocks........................₦4 200.........₦3 900

  Rates in advance..............₦1 000.........₦1 500

  Accrued wages.................₦1 150.........₦1 350

  Cost of goods sold was valued at ₦6 000.

  Cash paid for rates and wages during the year was ₦1 300 and ₦2 200 respectively.

  What is the value of purchases for the year 2008?

  Options:
  A) ₦6 000
  B) ₦9 900
  C) ₦14 100
  D) ₦5 700
  Show Answer
  The correct answer is D .
• Question 13: 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 14:

  Use the information below to answer questions .Aug. 1 Received 20 units at ₦60 each

  Aug. 6 Received 20 units at ₦68 each

  Aug. 10 Issued 16 units

  Aug. 20 Received 40 units at ₦80 each

  Aug. 31 Issued 48 unitsUsing the FIFO method, what is the value of the closing stock?

  Options:
  A) ₦1280
  B) ₦1184
  C) ₦1024
  D) ₦960
  Show Answer
  The correct answer is A .
• Question 15:

  

  Determine the closing stock under LOFO method

  Options:
  A) ₦575
  B) ₦500
  C) ₦375
  D) ₦275
  Show Answer
  The correct answer is A .
• Question 16:

  Stock 1/1/2002..................................₦40 000

  Goods received from head office.................₦800 000

  Goods returned to head office...................₦34 000

  Sales...........................................₦916000

  Stock 31/12/2000................................₦72 000

  From the data above determine the cost of goods credited to the head office trading account.

  Options:
  A) ₦766 000
  B) ₦840 000
  C) ₦734 000
  D) ₦806 000
  Show Answer
  The correct answer is C .
• Question 17: Fatima withdraws goods from the business for personal use. the accounting treatment is to debit? Options:
  A) stock account and credit profit and loss account
  B) drawings account and credit stock account
  C) profit and loss account and credit drawing account
  D) stock account and credit drawings account
  Show Answer
  The correct answer is B .
• Question 18:

  	N
  Purchase ledger opening balance	4,000
  sales ledger opening balance	6,000
  credit purchase	25,000
  Discounts allowed	1,000
  Returns inwards	2,000
  Credit sales during the year	10,000
  Return outwards	6,000

  Use the information above to answer the following question;

  What is the purchase ledger balance?

  Options:
  A) N29,000
  B) N24,000
  C) N4,000
  D) N23,000
  Show Answer
  The correct answer is D .
• Question 19:

  ₦
  Bank account 59,410
  Capital account 50,000
  Purchases account 20,000
  Rent 2,500
  Stationery 90
  Typewriter 6,500
  Sales 38,500

  In preparing a trial balance from the list of balances given above, what is the total in debit and credit columns?

  Options:
  A) ₦I38,500
  B) ₦147,910
  C) ₦85,800
  D) ₦88,500
  Show Answer
  The correct answer is D .
• Question 20:

  Given:

  Opening capital................₦7 000

  Additional capital.............₦3 500

  Net............................₦2 500

  Closing........................₦10 250

  The drawings for the period stand at?

  Options:
  A) ₦2570
  B) ₦3750
  C) ₦2500
  D) ₦2570
  Show Answer
  The correct answer is A .