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 21: What is the ledger entry for sale of generator on credit to Patrick? Options:
  A) credit sales account and debit Patrick’s account
  B) credit generator account and debit cash account
  C) credit sales account and debit cash account
  D) credit generator account and debit Patrick’s account
  Show Answer
  The correct answer is D .
• Question 22: What is the net profit? Options:
  A) ₦46,000
  B) ₦45,000
  C) ₦28,000
  D) ₦27,000
  Show Answer
  The correct answer is C .
• Question 23:

  

  Given:

  Determine the balance

  Options:
  A) 415,000 debit
  B) 215,000 credit
  C) 215,000 debit
  D) 315,000 credit
  Show Answer
  The correct answer is C .
• Question 24: Goodwill can be created in the books of a partnership firm when Options:
  A) the partnership experiences super profit
  B) a new member is admitted
  C) the business is being expanded
  D) the business suffers high loss
  Show Answer
  The correct answer is A .
• Question 25:

  Use the information to answer questions 334 and 35.

  .........................Departments

  ...........................P..........Q...........R

  Sales value...............N?........₦23,400....N?

  Selling expenses..........₦1,100....₦1,400.....₦1,280

  Administrative expenses...₦1,400....₦1,000.....₦1,020

  Cost of sales.............₦6,900....₦6,700.....₦5,500

  Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to ₦1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

  Determine the total expenses of department P?

  Options:
  A) 9,760
  B) 9,400
  C) 2,860
  D) 2,500
  Show Answer
  The correct answer is D .
• Question 26:

  Transfers from the head office to branches are best carried out at__________

  Options:
  A) Cost price
  B) Cost plus mark up
  C) Selling price
  D) Market price
  Show Answer
  The correct answer is B .
• Question 27: The limitations of the receipts and payments account arise mainly because of the reliance on? Options:
  A) cash movement as evidence of transaction
  B) the acconuting officer to report
  C) the capital account of the organization
  D) the transaction papers as evidence of transaction
  Show Answer
  The correct answer is A .
• Question 28: In the trading and profit and loss account of a manufacturing organization, purchases are? Options:
  A) always the same amount as the total factory overhead cost
  B) given separately
  C) equivalent to the total cost of goods manufactured
  D) always the same as the prime cost
  Show Answer
  The correct answer is B .
• Question 29:

  Use the information below to answer the question that follows,

  A machine bought for ₦35,000 was estimated to have a life span of 5years with a scrap value of ₦9,000.

  If the scrap value is now ₦15,000. What will be the yearly depreciation using the straight line method.? Options:
  A) ₦11,000
  B) ₦7,000
  C) ₦4,000
  D) ₦24,000
  Show Answer
  The correct answer is C .
• Question 30: The not-for-profit-making organizations generate their income mainly from? Options:
  A) bar sales
  B) subcriptions
  C) rents
  D) pools
  Show Answer
  The correct answer is B .