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 491: An advantage of using accounting ratios is that Options:
  A) can be easily calculated
  B) show errors and frauds
  C) facilitate decision making
  D) are stipulated by law
  Show Answer
  The correct answer is C .
• Question 492:

  A machine cost ₦12,500 it will be kept for 4 years and then sold at a scrap value of ₦5,120. Using the diminishing balance method, what is the amount of depreciation for second year?

  Options:
  A) ₦5,120
  B) ₦6,400
  C) ₦8,000
  D) ₦12,500
  Show Answer
  The correct answer is C .
• Question 493:

  Use the information below to answer this question
  ₦
  Total current assets 2000
  Total fixed assets 4000
  Current liabilities 1200
  Drawings 200
  Long term loan 2000

  What is the net working capital?

  Options:
  A) ₦1800
  B) ₦800
  C) ₦2600
  D) ₦600
  Show Answer
  The correct answer is B .
• Question 494:

  Accrual accounting differs from cash accounting because it recognizes

  Options:
  A) prepayment and cash
  B) cash and creditors
  C) cash and debtors
  D) debtors and creditors
  Show Answer
  The correct answer is D .
• Question 495:

  A pottery company had sales of ₦176,000 during the current period and a gross profit rate of 40%.

  The company's cost of merchandize available for sale during the period was ₦128,000. The company's ending inventory is?

  Options:
  A) ₦22,400
  B) ₦32,000
  C) ₦51,200
  D) ₦76,800
  Show Answer
  The correct answer is A .
• Question 496: On the dissolution of a partnership business,the net book value of the assets is transferred to? Options:
  A) debit of realization account
  B) credit of realization account
  C) credit of bank account
  D) debit of bank account
  Show Answer
  The correct answer is B .
• Question 497: The receipt of cash from a customer who bought goods with ₦800 list price, 25% trade discount and 2/10, n/30 terms would, if paid within the discount period, amount to Options:
  A) ₦576
  B) ₦588
  C) ₦600
  D) ₦624
  Show Answer
  The correct answer is B .
• Question 498: As evidence of payments to a government ministry, the revenue collectors will issue Options:
  A) treasury receipt
  B) receipts voucher card
  C) treasury card
  D) stores receipts voucher
  Show Answer
  The correct answer is A .
• Question 499:

  Sales Ledger Control Accuont (Extract)
  	₦		₦
  Bal. b/d	18,400	Bad debt written off	1,500
  Sales	?	Discount allowed	500
  		Cheque received from debtors	25,000
  		Cash received from debtors	10,000
  		Bal. c/d	?

  If the discount allowed is 2.5% of sales, calculate the closing balance in the sales ledger account

  Options:
  A) ₦1 400
  B) ₦6 600
  C) ₦16 600
  D) ₦18 600
  Show Answer
  The correct answer is A .
• Question 500: Which of the foloowing is a credit item in creditors ledger control account? Options:
  A) Returns outwards
  B) Discount Received
  C) Bad debts
  D) Purchases
  Show Answer
  The correct answer is D .