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 251: Use the information below to answer question.Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of ₦19000 from the business tray and banked it.The transaction would be recorded in the cash book as debit? Options:
  A) cash and credit bank
  B) bank and credit cash
  C) cash and credit cash
  D) bank and credit bank
  Show Answer
  The correct answer is B .
• Question 252: The basis of accounting for public sector is Options:
  A) accrual basis
  B) cost basis
  C) revenue basis
  D) cash basis
  Show Answer
  The correct answer is D .
• Question 253:

  Given:

  (i) Order of performance

  (ii) Order of liquidity

  (iii)Vertical order

  (iv) Horizontal order

  The order in which a balance assets is arranged are?

  Options:
  A) i and ii
  B) i and iv
  C) ii and iii
  D) iii and iv
  Show Answer
  The correct answer is C .
• Question 254: Transfers from the head office to branches are best carried out at? Options:
  A) cost price
  B) selling price
  C) cost plus mark-up
  D) market price
  Show Answer
  The correct answer is C .
• Question 255:

  Income and Expenditure (Extract)
  	₦		₦
  Bal. b/d	390	Expenses	300
  Sales of tickets	4,000	New tool	510
  Donations	3,000	Repairs	400
  Subscriptions	6,500	Electricity	350

  What is the balance carried down?

  Options:
  A) ₦11,680
  B) ₦11,930
  C) ₦12,330
  D) ₦13,430
  Show Answer
  The correct answer is C .
• Question 256:

  Use the information below to answer question 4 and 5.Sales ₦20,000

  Cost sales ₦10,000

  Operating expenses ₦2,500

  Expenses prepaid included

  In operating expenses ₦500Calculate the net profit?

  Options:
  A) ₦12,500
  B) ₦10,000
  C) ₦8,000
  D) ₦7,500
  Show Answer
  The correct answer is C .
• Question 257:

  Use the information below to answer questions

  Subscription received during the year ₦30,000

  Subscription owed last year ₦4,000

  Subscription received for next year ₦6,000

  The ₦6,000 subscription received is?

  Options:
  A) current asset
  B) current liability
  C) fixed asset
  D) capital
  Show Answer
  The correct answer is B .
• Question 258:

  For an incomplete record to provide necessary information, it must be converted to?

  Options:
  A) double entry
  B) single entry
  C) complete records
  D) statement of affairs
  Show Answer
  The correct answer is B .
• Question 259: Sai Baba made sales of ₦10,000 having computed his gross profit % to sales to be 20. His opening stock was ₦250 and ending stock is ₦200. Calculate his purchases. Options:
  A) ₦7950
  B) ₦8050
  C) ₦7050
  D) ₦8950
  Show Answer
  The correct answer is A .
• Question 260:

  Given:

  (i) the consolidation revenue fund balance b/d..₦650 000

  (ii) issue from contingency fund amount to......₦240 000

  (iii) amount transferred to contingency fund is.₦210 000

  What is the consolidation revenue fund balance?

  Options:
  A) ₦1, 100 000
  B) ₦680 000
  C) ₦440 000
  D) ₦410 000
  Show Answer
  The correct answer is B .