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 41:

  Use the information below to answer this question:

  $\begin{array}{cc}\text{Stock}& 11,250\\ \text{Debtors}& 18,750\\ \text{Creditors}& 3,750\\ \text{Bank}& 4,000\\ \text{Net profit}& 7,500\\ \text{Net}& 60,000\end{array}$

  Determine the debtors collection period.

  Options:
  A) 114 days
  B) 68 days
  C) 37 days
  D) 41 days
  Show Answer
  The correct answer is A .
• Question 42: Accounting information is used by investors and creditors of a company to predict Options:
  A) potential merger candidates for the company
  B) appropriate remunerations for the company’s staff
  C) future cash flows of the company
  D) future tax payments of the company
  Show Answer
  The correct answer is C .
• Question 43:

  Given:

  General expenses account.

  Paid by cheque..................₦671

  Paid by cash....................₦70

  Accrued b/f.....................₦65

  Accrued c/f.....................₦115Determine how much to be charged to profit and loss account?

  Options:
  A) ₦606
  B) ₦786
  C) ₦791
  D) ₦856
  Show Answer
  The correct answer is C .
• Question 44: In a cash book, the opening balance was ₦7,600, closing balance ₦9,200 and the total cash received during the period was ₦18,000. What was the amount of cash paid out during the period? Options:
  A) ₦8,900
  B) ₦9,800
  C) ₦14,600
  D) ₦16,400
  Show Answer
  The correct answer is D .
• Question 45: 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 46: The value of the sales ledger control account is derived from the summation of Options:
  A) the total debtors' account
  B) the total creditors' account
  C) all day books
  D) both the debtors'and creditors' accounts
  Show Answer
  The correct answer is A .
• Question 47:

  Use the information above to answer question 9 and 10.

  Period 1:

  ........Cash to petty cashier.............₦1000

  ........Petty cashier pays out............₦780

  Period 2:

  ........Petty cashier pays out............₦840

  If the float is increased to ₦1200, how much should the petty cashier receive after period 2?

  Options:
  A) 160
  B) 840
  C) 1000
  D) 1040
  Show Answer
  The correct answer is D .
• Question 48:

  Adodo Enterprises and Loss Account (Extract)
  	₦		₦
  Opening stock	5,000	Sales	100,000
  Purchases	00?00
  	00?00
  Less closing stock	5,600
  Cost of goods sold	00?00
  Gross profit	00?00
  	100,000		100,000

  If the gross profit margin is 10% what is the value of the cost of goods sold?

  Options:
  A) ₦10,000
  B) ₦90,000
  C) ₦105,600
  D) ₦110,000
  Show Answer
  The correct answer is B .
• Question 49:

  The rules of double entry states that

  Options:
  A) for every debit entry, there must be a corresponding debit entry
  B) for every credit entry, there must be a corresponding credit entry
  C) all transactions must be recorded in two accounts, one account is debited and another is credited
  D) all transaction must be credited
  Show Answer
  The correct answer is C .
• Question 50: Which of the following is a strong feature of partnership? Options:
  A) The life of the partnership is generally assumed to be indefinite
  B) The owners are liable personally for all debts of the business
  C) The transfer of ownership interest is frequent and easy to accomplish
  D) The partnership is complex to form because of many legal and reporting requirements
  Show Answer
  The correct answer is B .