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 241:

  Given:

  Club ₦150

  Cash sales ₦4,850

  Club debtors at close ₦900

  Cash received from debtors ₦550What is the amount of club sales?

  Options:
  A) ₦6,150
  B) ₦4,850
  C) ₦4,650
  D) ₦1,300
  Show Answer
  The correct answer is A .
• Question 242:

  (i) Facilitating the preparation of final accounts

  (ii) Making the existence of error easy to detect

  (iii)Checking the accuracy of positions periodically.From the above, which of the following are among the uses of control accounts?

  Options:
  A) i, ii and iii
  B) i and iii
  C) ii and iii
  D) i and ii
  Show Answer
  The correct answer is C .
• Question 243: Cash discount is often recorded on? Options:
  A) the debit side of the cash book
  B) the credit side of the cash book
  C) the folio column of the cash book
  D) both credit and debit side of the cash book
  Show Answer
  The correct answer is D .
• Question 244: Which of the following items is a capital expenditure? Options:
  A) Maintenance of office machine
  B) Purchase of office stationery
  C) Carriage inwards
  D) Purchase of office machinery
  Show Answer
  The correct answer is D .
• Question 245:

  Use the information below to answer the question

  Entrance fees.........................₦1200

  Subscriptions (including ₦850 arrears)....₦4310

  Donations received....................₦1500

  Proceeds from sales...................₦2300

  Total payments........................₦8200

  Depreciation..........................₦2100

  Closing cash balance..................₦1110

  The club deposited 200% of the closing cash balance in the bank during the period.

  Determine the opening cash balance of the club.

  Options:
  A) ₦3070
  B) ₦2220
  C) ₦5710
  D) ₦4320
  Show Answer
  The correct answer is B .
• Question 246: Boro Limited apportion 1/6 of its rent for factory and 10% of the balance for warehouse. If rent paid is ₦48 600, how much is paid for warehouse? Options:
  A) ₦4000
  B) ₦6000
  C) ₦10000
  D) ₦8000
  Show Answer
  The correct answer is D .
• Question 247: The purchase of two generators by Hassan Electronics Enterprises should be recorded as? Options:
  A) an acquistion of fixed assets
  B) an expenses in its general office expenses account
  C) an acquistion of stock
  D) a part of capital in the capital account
  Show Answer
  The correct answer is A .
• Question 248: If the capital of the partnership is unfixed, what is K's current accounts? Options:
  A) ₦11,950
  B) ₦10,950
  C) ₦20
  D) ₦0
  E) NO OPTION
  Show Answer
  The correct answer is E .
• Question 249: Gross profit in the branch adjustment account is transferred to the branch? Options:
  A) trading account
  B) receipts and payments account
  C) profit and loss account
  D) income and expenditure account
  Show Answer
  The correct answer is C .
• Question 250:

  Use the question to answer this questionThe following information were extracted from the books of Miliki state

  Sinking of bore holes Purchase of Motor car Stationery Electricity Purchase of drugs Purchase of beds

  ₦ 2,900,000 920,000 300,000 45,000 76,000 425,000

  Recurrent expenditure is

  Options:
  A) ₦345,000
  B) ₦3,245,000
  C) ₦421,000
  D) ₦4,245,000
  Show Answer
  The correct answer is C .