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:

  In dealing with incomplete record, fixed assets are posted to___________-

  Options:
  A) Profit and loss account as brought forward figure
  B) Closing balance sheet as carried forward figure
  C) Closing balance sheet as brought forward figure
  D) Profit and loss as carried forward figure
  Show Answer
  The correct answer is C .
• Question 492: THE BOOK VALUE OF THE ASSET AS AT 31/12/86 WAS Options:
  A) ₦3 731 250.00
  B) ₦2 487 500.00
  C) ₦1 268 750.00
  D) ₦1 020 000. 00
  Show Answer
  The correct answer is A .
• Question 493: If a partner pays a premium of ₦500 for 1/5 share of profit, then the total value of goodwill is? Options:
  A) ₦500
  B) ₦2,000
  C) ₦2,500
  D) ₦3,000
  Show Answer
  The correct answer is A .
• Question 494:

  Amin Ltd. Creditor Ledger Control Account (Extracts)

  Beginning control account

  Balance: Debit 32,000

  Credit 61,000

  Purchases during the year:

  Cash 30,000

  Credit 60,000

  Payment to suppliers:

  Cash 13,000

  Cheque 29,000

  Debtor's contra 6,000

  The closing control account balance is

  Options:
  A) ₦41,000
  B) ₦65,000
  C) ₦71,000
  D) ₦77,000
  Show Answer
  The correct answer is A .
• Question 495: The movement of goods from head office to a branch is treated in the head office as Options:
  A) Sales
  B) issue
  C) purchases
  D) requisition
  Show Answer
  The correct answer is B .
• Question 496:

  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 497: The journal entries for the purchase of stock on credit are to debit? Options:
  A) stock account and credit cash account
  B) stock account and credit liability account
  C) ourchase account and credit liability account
  D) suspense account and credit cash account
  Show Answer
  The correct answer is C .
• Question 498:

  Which of the following is not an advantage of control account?

  Options:
  A) difficulty in committing fraud
  B) it can be used to detect missing figure
  C) helps to determine profit and loss
  D) helps in locating errors
  Show Answer
  The correct answer is A .
• Question 499: which of the following is source of document for the preparation of debtors' ledger account? Options:
  A) Debit note
  B) General journal
  C) Purchases invoice
  D) Sales invoice
  Show Answer
  The correct answer is D .
• Question 500:

  A source document is used for verifying the

  Options:
  A) amount due from debtors
  B) amount due to creditors
  C) selling price of goods
  D) actual cost of an asset
  Show Answer
  The correct answer is C .