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 311:

  Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts.

  Find the amount for sundry debtors after provision.

  Options:
  A) #744,800
  B) #760,000
  C) #784,000
  D) #744,000
  Show Answer
  The correct answer is D .
• Question 312: The process of cost apportionment is carried out so that Options:
  A) indirect costs may be controlled
  B) cost units could gather overhead as they pass through cost centres
  C) variable costs may be controlled
  D) common costs are shared among cost centres
  Show Answer
  The correct answer is D .
• Question 313: 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 314:

  Use the information to answer the question that follows:

  Aminu and Sons credit purchases (Extract] as at February 1996.

  Feb 1 Credit balances: ₦40,000
  Debit balances: ₦1,000
  Feb 28 Purchases journal totals: ₦500,000
  Returns outwards journal totals: ₦50,000
  Cheques paid to suppliers: ₦400,000
  Promissory notes sent to suppliers: ₦30,000
  Credit balance in the purchases ledger set off against debit balances in the sales ledger: ₦2000

  The total for the purchases ledger control account is

  Options:
  A) ₦480,000
  B) ₦490000
  C) ₦500,000
  D) ₦540,000
  Show Answer
  The correct answer is D .
• Question 315:

  Use the following information to answer this question.

  Provision for bad debt 1500

  Additional information

  1. Bad debt written off amount to 3000

  2. Debtors balance as at the end of the year is 28,000

  3. Provision for bad debts stand at 10%

  How much is to be charged to profit and loss account as provision for bad debt?

  Options:
  A) ₦2, 800
  B) ₦1, 000
  C) ₦2, 500
  D) ₦3, 000
  Show Answer
  The correct answer is B .
• Question 316: Which of the following account is kept by local governments in Nigeria? Options:
  A) Balance sheet
  B) Advances account
  C) Debtors account
  D) Profit account
  Show Answer
  The correct answer is B .
• Question 317:

  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 .
• Question 318: Commission-on-turnover is charged on? Options:
  A) current accounts only
  B) savings accounts only
  C) fixed deposit accounts only
  D) all bank accounts
  Show Answer
  The correct answer is A .
• Question 319: Which of the following events increases a corporation's shareholders equity? Options:
  A) Donation of shares out of the corporation's own stock to the corporation
  B) The corporation's purchase of treasury stock
  C) Shares of previously subscribed stock issue to subscribing stockholders
  D) A municipality donation of land to the corporation
  Show Answer
  The correct answer is A .
• Question 320:

  Given:

  Net profit-----------------------₦25,000
  Cost of sale---------------------₦25,000
  Sales----------------------------₦85,000

  Determine the total expenses.

  Options:
  A) ₦45,000
  B) ₦35,000
  C) ₦25,000
  D) ₦15,000
  Show Answer
  The correct answer is B .