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 371: In a departmental account, the expenses to be apportioned on the basis of turnover is Options:
  A) carriage inwards
  B) returns outwards
  C) discount recieved
  D) carriage outwards
  Show Answer
  The correct answer is A .
• Question 372: Which of the following is not a feature of accounting information? Options:
  A) timeliness
  B) accuracy
  C) completeness
  D) affordability
  Show Answer
  The correct answer is D .
• Question 373: A receipt is an evidence of Options:
  A) payments
  B) stocking
  C) delivery
  D) discounts
  Show Answer
  The correct answer is A .
• Question 374:

  Given:

  Sales.....................₦4000

  Light expenses............₦2900

  Rent......................₦1500

  Purchases.................₦7500

  Debtors...................₦6000

  Creditors.................₦29000

  Drawings..................₦25

  Bank......................₦400

  General expenses..........₦1500

  Calculate the total of trial balance?

  Options:
  A) ₦64 300
  B) ₦46 825
  C) ₦41 850
  D) ₦33 325
  Show Answer
  The correct answer is D .
• Question 375: When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such money is to debit Options:
  A) application and allotment account and credit unsubscribed shares
  B) application and allotment account and credit cash
  C) oversubscribed shares and credit allotment account
  D) oversubscribed shares and credit allotment account
  Show Answer
  The correct answer is B .
• Question 376:

  Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January , 2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. what is the closing balance in Tea’s current account

  Options:
  A) 36,925Cr
  B) 40,000Cr
  C) 50,000Dr
  D) 36,295Dr
  Show Answer
  The correct answer is A .
• Question 377: In the period of rising prices, which method of stock valuation is most appropriate? Options:
  A) Last in First Out
  B) weighted average
  C) First in First Out
  D) Simple average
  Show Answer
  The correct answer is A .
• Question 378: Which of the following is the capital reserve of a company Options:
  A) Share premium
  B) Retained profit
  C) Accumulated depreciation
  D) Loss on forfeited shares
  Show Answer
  The correct answer is A .
• Question 379: Which of the following stock valuation methods is suitable under inflationary conditions? Options:
  A) FIFO
  B) LIFO
  C) Simple average
  D) Weighted average
  Show Answer
  The correct answer is A .
• Question 380:

  Use the information below to answer the question

  Purchases ledger opening balances ₦4,000
  Sales ledger opening balances ₦6,000
  Credit purchases during the year ₦25,000
  Discounts allowed ₦1,000
  Returns inwards ₦2,000
  Credit sales during the year ₦10,000
  Returns outwards ₦6,000

  Calculate the sales ledger balance?

  Options:
  A) ₦3,000
  B) ₦6,000
  C) ₦10,000
  D) ₦13,000
  Show Answer
  The correct answer is D .