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 221: Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as --------------------- Options:
  A) financial accounting
  B) accounting policies
  C) cost accounting
  D) accounting conventions
  Show Answer
  The correct answer is B .
• Question 222:

  Sales Ledger Control Accuont (Extract)
  	₦		₦
  Bal. b/d	18,400	Bad debt written off	1,500
  Sales	?	Discount allowed	500
  		Cheque received from debtors	25,000
  		Cash received from debtors	10,000
  		Bal. c/d	?

  If the discount allowed is 2.5% of sales, calculate the closing balance in the sales ledger account

  Options:
  A) ₦1400
  B) ₦6 600
  C) ₦16 600
  D) ₦18 600
  Show Answer
  The correct answer is A .
• Question 223:

  In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________

  Options:
  A) Debit entry
  B) Contra entry
  C) Credit entry
  D) Reversal entry
  Show Answer
  The correct answer is C .
• Question 224: The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are Options:
  A) sales income
  B) receipt from debtors
  C) fixtures and fittings
  D) rent paid
  Show Answer
  The correct answer is C .
• Question 225: Cost classification in relation to charges is determined by the level of? Options:
  A) raw materials
  B) labour
  C) activity
  D) profitability
  Show Answer
  The correct answer is C .
• Question 226:

  The total credit sales for a period can be extracted from the?

  Options:
  A) Cash book
  B) Sales day book
  C) Petty cash book
  D) Returns inwards
  Show Answer
  The correct answer is B .
• Question 227: In a bank reconciliation statement, Dishonoured cheques is added to Options:
  A) unpresented cheques
  B) uncredited cheques
  C) statement of account
  D) aggregate balanace as per cash book
  Show Answer
  The correct answer is B .
• Question 228:

  Given:

  Rates paid during the year amounted to ₦2,250 at ₦125 per month and 1,035 was paid for electricity in the same period at ₦115 per month.

  Determine the amount of prepaid rates?

  Options:
  A) ₦345
  B) ₦750
  C) ₦1,380
  D) ₦1,500
  Show Answer
  The correct answer is B .
• Question 229:

  Given:

  Sales.....................₦4000

  Light expenses............₦2900

  Rent......................₦1500

  Purchases.................₦7500

  Debtors...................₦6000

  Creditors.................₦29000

  Drawings..................₦25

  Bank......................₦400

  General expenses..........₦1500

  Calculate the total of trial balance?

  Options:
  A) ₦64 300
  B) ₦46 825
  C) ₦41 850
  D) ₦33 325
  Show Answer
  The correct answer is D .
• Question 230: For the purpose of conversion of a partnership to a company, a total purchase consideration of ₦3.6m was paid. If 30% of the purchase consideration was in cash and the rest by 50k shares, how many shares issued? Options:
  A) ₦1080 000
  B) ₦2 160 000
  C) ₦3 600 000
  D) ₦5 040 000
  Show Answer
  The correct answer is D .