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:

  	N
  Purchase ledger opening balance	4,000
  sales ledger opening balance	6,000
  credit purchase	25,000
  Discounts allowed	1,000
  Returns inwards	2,000
  Credit sales during the year	10,000
  Return outwards	6,000

  Use the information above to answer the following question;

  What is the purchase ledger balance?

  Options:
  A) N29,000
  B) N24,000
  C) N4,000
  D) N23,000
  Show Answer
  The correct answer is D .
• Question 42: The simplest form of single entry procedure consists fo keeping a? Options:
  A) day book or general journal
  B) cash book and ledger accounts showing debtors and creditors balances
  C) cash journal, sales journal and purchases journal
  D) day book in which transactions are described in chronological order
  Show Answer
  The correct answer is B .
• Question 43:

  

  Equity shareholders' fund is

  Options:
  A) ₦133 000
  B) ₦120 000
  C) ₦113 000
  D) ₦100 000
  Show Answer
  The correct answer is A .
• Question 44: The use of a three-column cash book is determine by? Options:
  A) cash discounts
  B) trade discounts
  C) cash transactions
  D) bank transactions
  Show Answer
  The correct answer is A .
• Question 45:

  Hauwa Ltd bought 10bags of rice for ₦500 each.

  The company was given 5% AND 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?

  Options:
  A) ₦250
  B) ₦570
  C) ₦600
  D) ₦850
  Show Answer
  The correct answer is C .
• Question 46: The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year is Options:
  A) Materiality
  B) Accrual
  C) Going concern
  D) Business entity
  Show Answer
  The correct answer is A .
• Question 47: If a sole proprietorship is purchased for cash, then? Options:
  A) the purchaser debits his business purchase account with the consideration he pays
  B) all assets and liabilities must be bought
  C) goodwill results where value of assets
  D) the vendor debits his business purchase account with the considerstion he receives
  Show Answer
  The correct answer is A .
• Question 48: An income and expenditure account is a summary of Options:
  A) all income and expenditure during a period
  B) revenue income and expenditure during a period
  C) receipts and payments during a period
  D) the trading income a period
  Show Answer
  The correct answer is B .
• Question 49: A major cause of discrepancy between bank statement and the cash book that overstates the bank statement balance is the? Options:
  A) commission paid
  B) interest received
  C) direct payment
  D) direct withdrawal
  Show Answer
  The correct answer is C .
• Question 50:

  The major objectives of departmental account is to ascertain the

  Options:
  A) materials sold in each department
  B) insurance premium payable on employees
  C) number of employees in each department
  D) contribution of each department to profit
  Show Answer
  The correct answer is D .