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 471:

  

  Find the average stock for the period

  Options:
  A) ₦27 000
  B) ₦23 000
  C) ₦28 000
  D) ₦20 500
  Show Answer
  The correct answer is D .
• Question 472: The main features of the single system are that? Options:
  A) books of accounts are not maintained and business relies only on bank statement
  B) the journal records are absent and only the main ledger is kept 7
  C) there are incomplete classifications and recording procedures
  D) only credit sales transactions and credit purchase are recorded
  Show Answer
  The correct answer is C .
• Question 473:

  An evidence of payment issued to a government ministry by a revenue collector is

  Options:
  A) treasury card
  B) payment voucher
  C) treasury receipt
  D) receipt voucher
  Show Answer
  The correct answer is D .
• Question 474:

  The major feature of a journal is that it has

  Options:
  A) five columns, date, particulars, folio, debit and credit
  B) three columns, date, particulars, folio and amount
  C) Six columns, date. particulars, folio, amount debit and credit
  D) four columns, date, particulars, folio and amount
  Show Answer
  The correct answer is A .
• Question 475: A discount that is allowed to encourage a debtor to pay off his debt within a period is the Options:
  A) annual discount
  B) trade discount
  C) periodic discount
  D) cash discount
  Show Answer
  The correct answer is D .
• Question 476:

  Use the information below to answer questions 23 and 24.

  Incomplete Record (Extract)

  Sales......................................₦10,600

  Rent...........................₦200

  Depreciation of vehicle (cost ₦5000) 10%

  Gross profit margin is 20%

  Calculate the net profit? Options:
  A) ₦1 620
  B) ₦1 920
  C) ₦1 420
  D) 2 120
  Show Answer
  The correct answer is C .
• Question 477:

  In manufacturing, depreciation of office machine is charged to

  Options:
  A) trading account
  B) balance sheet
  C) appropriation account
  D) profit and loss account
  Show Answer
  The correct answer is D .
• Question 478: The interest on partners' loans is? Options:
  A) debited in current account
  B) credited in profit and loss account
  C) debited in profit and loss account
  D) credited in current account
  Show Answer
  The correct answer is C .
• Question 479: What is the figure for purchases? Options:
  A) ₦2,400
  B) ₦2,500
  C) ₦4,200
  D) ₦5,200
  E) No option indicated
  Show Answer
  The correct answer is E .
• Question 480:

  

  How much rent is apportioned to department K?

  Options:
  A) ₦1200
  B) ₦1800
  C) ₦2000
  D) ₦750
  Show Answer
  The correct answer is A .