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:

  Given:Sales: ₦180,000

  Stock 1/1: ₦25,000

  Purchases: ₦110,000

  Sales returns: ₦1000

  Purchases returns: ₦1,500

  Gross profit: ₦58,000

  Determine the value of stock as at 31st December

  Options:
  A) ₦8000
  B) ₦9,500
  C) ₦12,500
  D) ₦15,500
  Show Answer
  The correct answer is C .
• Question 22:

  Use the information to answer this question...............ZEBRA PLC..............

  .............Balance sheet as at 31st March, 2002

  ...............N...............N............N......

  Capital......100,000...Fixed assets:

  Current................Land &..................

  Liabilities...........buildings..50,000......

  Creditors........30000..Furniture..10,000....60,000

  .......................Current..................

  .......................Assets: .......

  ..................Stock .........30,000...........

  ..................Debtors.......30,000.............

  ..................Cash..........10,000......70,000..

  .............130,000.........................130,000

  The business was acquired on 1st April, 2002 at a purchase consideration of ₦120,000 by SOZ. All assets and liabilities were taken over except the cash to open the new firm's bank account additional ₦20,000 was paid into the bank.Calculate the network of the business

  Options:
  A) ₦120,000
  B) ₦90,000
  C) ₦80,000
  D) ₦30,000
  Show Answer
  The correct answer is B .
• Question 23: The stock valuation data is important because it enables management to? Options:
  A) separate debtors from creditors
  B) determine the cost of stock at the end of business
  C) determine the cost of stock at the beginning of business
  D) determine the total cost of goods purchased
  Show Answer
  The correct answer is B .
• Question 24:

  $\begin{array}{cc}& \text{N}\\ \text{Balance as per cashbook}& 5467\\ \text{Uncredited cheques}& 4410\\ \text{Unpresented cheque}& 19404\\ \text{Cheques wrongly debited by bank}& 1440\end{array}$

  Options:
  A) ₦4207
  B) ₦9527
  C) ₦6907
  D) ₦9877
  Show Answer
  The correct answer is B .
• Question 25: Petty cash book records transactions on Options:
  A) the debit side only
  B) the credit side only
  C) both credit and debit sides
  D) reversed entry
  Show Answer
  The correct answer is C .
• Question 26: A pension granted to any past president or vice-president shall be charged to the Options:
  A) consolidation revenue fund
  B) special pension fund
  C) contingency fund
  D) development fund
  Show Answer
  The correct answer is B .
• Question 27:

  Given:

  Balance at 31st December ............N14,744m
  Treasury Bills issued Jan-Dec........N7124m
  Revenue for the year ................N6387m
  Expenditure .........................N8767m

  What is the opening balance on the consolidated revenue fund account?

  Options:
  A) ₦10,000m
  B) ₦12,000m
  C) ₦90,000m
  D) ₦11,000m
  Show Answer
  The correct answer is A .
• Question 28: Departmental accounts re maintained to ascertain the Options:
  A) profits of the entire organization
  B) contribution of each department
  C) expenses of each department
  D) sales of each department
  Show Answer
  The correct answer is B .
• Question 29: When a transaction causes an assets account to increase, there is? Options:
  A) a decrease of equal amount inthe owner's equity account
  B) an increase in a liability account
  C) an increase of equal amonut in another assets account
  D) a decrease of equal amount in a liability account
  Show Answer
  The correct answer is B .
• Question 30:

  A company has departments X, Y and Z. Department X occupies a space of Y while Z occupies half the space of Y. If the company pays ₦70 000 on rent, what is the amount of rent that should be allocated to Y?

  Options:
  A) ₦38 000
  B) ₦40 000
  C) ₦28 000
  D) ₦10 000
  Show Answer
  The correct answer is C .