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 351:

  Given:

  Rates paid during the year amounted to ₦2,250 at ₦125 per month and 1,035 was paid for electricity in the same period at ₦115 per month.

  Determine the amount of prepaid rates?

  Options:
  A) ₦345
  B) ₦750
  C) ₦1,380
  D) ₦1,500
  Show Answer
  The correct answer is B .
• Question 352:

  Use the information below to answer this question

  Capital..................N............N........

  Land and building.......18470........24000....

  Mortgage on premises...................11090...

  Drawings...............3000...................

  Profit and loss........................3600...

  Furniture and fittings...5120.................

  Motor Vehicles...........3462................

  Closing Stock............3000................

  Debtors..................11474...............

  Creditors..............................7354.

  Cash.....................1518................

  ..........................46044.........46044

  Calculate the value of fixed assets

  Options:
  A) ₦15 992
  B) ₦18 470
  C) ₦27 000
  D) ₦27 052
  Show Answer
  The correct answer is D .
• Question 353:

  2/3 Purchases 900 books at #1,000 each

  4/3 Purchases 590 books at ₦950 each

  15/3 Sales 300 books at #900 eachCalculate the cost of goods available for sale using LIFO

  Options:
  A) #801,000
  B) #1,100,500
  C) #1,160,500
  D) #1,175,500
  Show Answer
  The correct answer is D .
• Question 354: One major advantage of ledger is that it Options:
  A) is a book of original entry
  B) is only accessible to share holders during liquidation
  C) removes the need for preparing a balance sheet after each transaction
  D) can be used by any type of business
  Show Answer
  The correct answer is D .
• Question 355: The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is? Options:
  A) accruals
  B) materiality
  C) objectivity
  D) periodicity
  Show Answer
  The correct answer is A .
• Question 356:

  A proprietor withdraws cash from the business for private use, he

  Options:
  A) credits cash account and debits bank account
  B) credits cash account and debits drawing A/C
  C) debits cash account and credits drawings account
  D) debits bank account and credits drawings account
  Show Answer
  The correct answer is B .
• Question 357: The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit Options:
  A) capital and debit liabilities
  B) liabilities and credit assets
  C) assets and credit capital
  D) capital and credit assets
  Show Answer
  The correct answer is C .
• Question 358: The Partnership Deed normally specifies? Options:
  A) how profit or losses are to be shared
  B) the capital to be contributed annually
  C) how salaries are paid to employees
  D) the profit that should be earned annually
  Show Answer
  The correct answer is A .
• Question 359: The Akachala Limited has four department W, X Y and Z. The profits or loss of the departments were ₦20 000 loss, X ₦25 profit, Y were ₦30 000 loss and Z ₦1800 profit. How much is the net profit or loss of the company? Options:
  A) ₦7 000 loss
  B) ₦5 000 loss
  C) ₦5 000 profit
  D) ₦7 000 profit
  Show Answer
  The correct answer is A .
• Question 360:

  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 .