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:

  Khalifa's Cash Book
  Date	Particulars	Cash  ₦	Bank ₦	Discount ₦	Date	Particulars	Cash ₦	Bank ₦	Discount ₦
  1/1	Bal. b/d	4 000	5 000		1/11	A. Lisco	200
  1/3	Khadijah		3 000		1/15	NEPA bill		500
  1/10	Sales	1 000	1 500	400	1/28	Purchases	1 500		200
  1/29	Sales		800

  On Jan. 30 Khalifa withdraw ₦2500 from the bank for office use.

  The cash balance at end of the month was

  Options:
  A) ₦1 600
  B) ₦4 100
  C) ₦6 600
  D) ₦6 100
  Show Answer
  The correct answer is B .
• Question 12: The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is? Options:
  A) accruals
  B) materiality
  C) objectivity
  D) periodicity
  Show Answer
  The correct answer is A .
• Question 13:

  	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 14: The price paid by an acquiring company is the? Options:
  A) premium
  B) purchase consideration
  C) sales consideration
  D) conversion fee
  Show Answer
  The correct answer is B .
• Question 15:

  

  The owner wishes to maintain an amount equal to $\frac{1}{3}$ of capital as drawings. The cash book closing balance will be

  Options:
  A) ₦900
  B) ₦2,400
  C) ₦4,200
  D) ₦4,600
  Show Answer
  The correct answer is B .
• Question 16:

  Which of the followingis a debit item in the purchase ledger control account?

  Options:
  A) balance b/d
  B) cheque dishonoured
  C) balance c/d
  D) purchases
  Show Answer
  The correct answer is C .
• Question 17: From which of the following sources are creditors control account most likely to be posted? Options:
  A) supplier's invoices
  B) cash disbursements journal
  C) subsidiary debtors ledger
  D) purchases journal
  Show Answer
  The correct answer is D .
• Question 18: The salary of a partner is usually debited to the? Options:
  A) sundry debtors' account
  B) appropriation account
  C) profit and loss account
  D) suncry current account
  Show Answer
  The correct answer is B .
• Question 19: The factory cost of producing goods is made up of Options:
  A) prime cost and factory overhead
  B) prime cost and office overhead
  C) raw materials consumed and fixed cost
  D) Raw materials and administrative overhead
  Show Answer
  The correct answer is A .
• Question 20: The addition of prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of Options:
  A) goods available for sale
  B) goods sold
  C) goods manufactured
  D) materials put into production
  Show Answer
  The correct answer is C .