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 381: In a sales ledger, contra entry is found on the? Options:
  A) debit side of the debtors' control account
  B) debit side of the crebtors' control account
  C) creadit side of the debtors' control account
  D) creadit side of the credtors' control account
  Show Answer
  The correct answer is C .
• Question 382:

  In company account, dividend payments are effected in which of the following accounts?

  Options:
  A) realization
  B) current
  C) appropriation
  D) capital
  Show Answer
  The correct answer is C .
• Question 383: what is the gross profit margin? Options:
  A) ₦100%
  B) ₦50%
  C) ₦40%
  D) ₦30%
  Show Answer
  The correct answer is B .
• Question 384: To write off bad debt, debt? Options:
  A) debtor's account and credit provision for bad debt
  B) bad debt account and credit debtor's account
  C) debtor's account credit bad debt
  D) provision for bad debt account and credit debtor's account
  Show Answer
  The correct answer is B .
• Question 385: Accounting information seeks to provide Options:
  A) permanent records for all transactions
  B) analysis of accounts to trade debtors
  C) audited reports on the accounts of a company
  D) data about the employees of a company
  Show Answer
  The correct answer is A .
• Question 386:

  Use the information below to answer this question.A business has three departments x, y and zYou are given the following information Selling and distribution expenses ₦5200

  Rent for the year₦6000

  Department turnover floor space in square metres X ₦60,000 80 Y ₦80,000 60 Z ₦100,000 60How much rent is apportioned to department Z?

  Options:
  A) ₦1, 500
  B) ₦3, 000
  C) ₦1, 800
  D) ₦2, 000
  Show Answer
  The correct answer is C .
• Question 387:

  Use the information below to answer this question

  A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.

  The yearly depreciation using the straight-line method would be

  Options:
  A) ₦5200
  B) ₦800
  C) ₦6500
  D) ₦4400
  Show Answer
  The correct answer is A .
• Question 388: The correct entries to record goods transferred to branch from head office is to debit? Options:
  A) branch stock account and credit goods sent to branch account
  B) branch supplies account and credit branch stock account
  C) branch stock account and credit purchases account
  D) goods sent to branch account and credit branch stock account
  Show Answer
  The correct answer is A .
• Question 389:

  Goods can be charged to branches using any of these pricing methods except

  Options:
  A) cost price
  B) cost plus percentage
  C) selling price
  D) selling plus percentage
  Show Answer
  The correct answer is D .
• Question 390:

  Use the information below to answer questions

  Balance as per cash book................₦13560

  Unpresented cheques.....................₦5120

  Uncredited lodgements...................₦2300

  Dividend received not entered

  In the cash book........................₦2000

  Bank charges............................₦280

  Standing order payments.................₦600

  Balance as per bank statement............?

  What is the adjusted cash book balance?

  Options:
  A) ₦14 680
  B) ₦15 560
  C) ₦16 440
  D) ₦17 000
  Show Answer
  The correct answer is A .