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 211:

  Use the information below to answer question 28 and 29.

  Raw materials inventory at the beginning of a period was ₦46,800 and at the close of the period there was a balance of ₦38,600. From the purchases made during the period, defective materials costing ₦9,200 were returned. Cost of materials consumed during the period was ₦448,500.

  What was the total purchases made during the period?

  Options:
  A) ₦497,100
  B) ₦457,700
  C) ₦449,500
  D) ₦440,300
  Show Answer
  The correct answer is C .
• Question 212:

  Bello withdraws cash from bank to office, this is called ---------- entry

  Options:
  A) credit
  B) contra
  C) double
  D) debit
  Show Answer
  The correct answer is B .
• Question 213: One of the options below have the same features as the profit and loss account in non-profit organization Options:
  A) Income and expenditure account
  B) profit and loss account
  C) receipts and payment account
  D) Non profit account
  Show Answer
  The correct answer is A .
• Question 214: One of the benefits of book-keeping records is that they? Options:
  A) give prospective investors accurate and direct information for decisions-making
  B) provide the public and creditors with details of the operations of an entity
  C) give legal backing to all the transactions undertaken by a business entity
  D) provide information without which the task of management would be difficult
  Show Answer
  The correct answer is A .
• Question 215: The main advantage of a departmental account is that its Options:
  A) expenses are shared
  B) gross profit is computed
  C) net profit is computed
  D) balance sheet is obtained
  Show Answer
  The correct answer is A .
• Question 216:

  In the head office ledger, the value of goods sent to the branch are____________

  Options:
  A) Debited to the branch current account
  B) Debited to the head office current account
  C) Credited to the head office current account
  D) Credited to the branch current account
  Show Answer
  The correct answer is B .
• Question 217: The chief accounting officer of a local government is the? Options:
  A) Chairman
  B) Treasurer
  C) Director of personnel
  D) Auditor
  Show Answer
  The correct answer is A .
• Question 218: Interest on a partner's drawings is debited to the Options:
  A) Partners current account and credited to the profit and loss appropriation account
  B) profit and loss appropriation account and credited to the partner's current account
  C) profit and loss account and credited to the partner's current account
  D) Partner's current account and credited to the profit and loss account
  Show Answer
  The correct answer is A .
• Question 219:

  	₦
  Debtors opening	4000
  Debtors closing	1500
  Cash received from debtors	8500
  Bad debts written off	350
  Discount allowed	500
  Discount received	1000

  What is the amount of sales for the year?

  Options:
  A) ₦6850
  B) ₦6650
  C) ₦3850
  D) ₦1550
  Show Answer
  The correct answer is A .
• Question 220:

  Which of the following is not a type of branch?

  Options:
  A) Dependent branch
  B) foreign branch
  C) independent branch
  D) single branch
  Show Answer
  The correct answer is D .