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 461: Purchases can be ascertained through the preparation of a Options:
  A) stock account
  B) sales account
  C) total debtors control account
  D) total creditors control account
  Show Answer
  The correct answer is D .
• Question 462: The item on the credit side of the trading account is the? Options:
  A) returns outwards
  B) caarriage on sales
  C) sales
  D) purchases
  Show Answer
  The correct answer is C .
• Question 463:

  Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled ₦800,000.

  A provision of 2% was made for discount and 5% provision for bad and doubtful debts.Find the amount for sundry debtors after provision?

  Options:
  A) ₦760,000
  B) ₦744,800
  C) ₦744,000
  D) ₦784,000
  Show Answer
  The correct answer is C .
• Question 464:

  Use the information below to answer the question

  Goods from head office................₦13,400

  Returns to head office ...............₦118

  Rates and insurance paid .............₦188

  Wages paid ...........................₦913

  Cash remitted to head office..........₦16,625

  Stock at 1/1/2000.....................₦1,875

  Rents paid ...........................₦325

  Stock at 31/12/2000 ..................₦1,975

  Sundry expenses ......................₦200

  What is the total expenses?

  Options:
  A) ₦1 875
  B) ₦1 817
  C) ₦1 626
  D) ₦1 426
  Show Answer
  The correct answer is C .
• Question 465:

  Use the information below to answer the question:

  Opening balance.............................₦10,640
  Purchases...................................₦26,912
  Returns inwards.............................₦492
  Returns outwards............................₦810
  Cash discount received......................₦1,348
  Cash discount allowed.......................₦1,560
  Cash paid to suppliers......................₦20,808

  At the year end, the purchases ledger showed a debit balance of ₦108.

  The total on the debit side of the purchases ledger control account will be?

  Options:
  A) ₦22,966
  B) ₦22,156
  C) ₦21,834
  D) ₦21054
  Show Answer
  The correct answer is A .
• Question 466: Debentures can be redeemed out of? Options:
  A) existing share capital reserve
  B) existing general reserve
  C) proceeds from new issue of shares
  D) withholding tax
  Show Answer
  The correct answer is B .
• Question 467:

  Use the information below to answer the question.

  Subscription.....................₦5420
  Canopy rent......................₦400
  Wages............................₦1100
  Post-ages........................₦300
  Loss from bar....................₦160
  Purchases of new furniture.......₦120
  Premises.........................₦4000
  Furniture at the beginning.......₦1120

  What is the cash balance in the receipts and payments account?

  Options:
  A) ₦2 520
  B) ₦2600
  C) ₦3000
  D) ₦120
  E) No option
  Show Answer
  The correct answer is E .
• Question 468:

  Use the information below to answer this question:
  i. cash at bank ii. cash in hand iii. premises iv. land v. creditors vi. loan from friends/bank

  What are the current assets?

  Options:
  A) i and v
  B) i and ii
  C) ii and iv
  D) iii and v
  Show Answer
  The correct answer is B .
• Question 469: Adama's bank account showed an overdraft of ₦600 on 31st march. On going through the account, it was discovered that the ₦1,080 paid into the account on 29th March had not been credited. what should be the balance in Adama's cash accounts? Options:
  A) ₦1,680 Dr
  B) ₦1,080 Cr
  C) ₦600 Dr
  D) ₦480 Cr
  Show Answer
  The correct answer is D .
• Question 470: The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ---------------------------- Options:
  A) conversion
  B) control
  C) allocation
  D) analysis
  Show Answer
  The correct answer is B .