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:

  Sales - #232,000

  Opening stock - ₦28,000

  Purchases - #128,000

  Carriage inwards - ₦4,000

  Carriage outwards - ₦6,000

  Closing stock - ₦10,000

  Discount received - ₦18,000

  Expenses - ₦20,000Calculate the expenses debited to the profit and loss account

  Options:
  A) #17,000
  B) #23,000
  C) #26,000
  D) #30,000
  Show Answer
  The correct answer is C .
• Question 492: The control account is used in facilitating Options:
  A) the location of errors in the various accounts
  B) up to date bank transactions
  C) the payment of debts and liabilities of the firm
  D) assets distribution with respect to income
  Show Answer
  The correct answer is A .
• Question 493: The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch? Options:
  A) debtors' account
  B) trading account
  C) expenses account
  D) cash account
  Show Answer
  The correct answer is D .
• Question 494:

  Use the question to answer this question:

  Opening stock	₦
  Department A B	100 800
  Purchases: A B Wages of workers Salaries	1500 2000 50 100
  Sales A B	3000 5000

  Expenses are to be shared in the ratio of sales.

  The cost of goods for department B is

  Options:
  A) 4,120
  B) 3400
  C) 3000
  D) 2800
  Show Answer
  The correct answer is D .
• Question 495:

  Use the information below to answer the question that follows,

  A machine bought for ₦35,000 was estimated to have a life span of 5years with a scrap value of ₦9,000.

  If the scrap value is now ₦15,000. What will be the yearly depreciation using the straight line method.? Options:
  A) ₦11,000
  B) ₦7,000
  C) ₦4,000
  D) ₦24,000
  Show Answer
  The correct answer is C .
• Question 496: In a period of inflation, which of the following method normally gives a closing closing stock? Options:
  A) FIFO
  B) LIFO
  C) Sinple average
  D) periodic simple average
  Show Answer
  The correct answer is A .
• Question 497: The principle of double entry system ensures? Options:
  A) mathematical accuracy in trial balance
  B) balances at the bank
  C) increase in the assets and liabilities
  D) balance of cash account
  Show Answer
  The correct answer is A .
• Question 498: A cheque of #5,000 paid to Sulieman had been correctly entered in the cash book but had not been entered in Sulieman's account. To correct this error, debit Sulieman's account and credit Options:
  A) cash account
  B) bank account
  C) suspense account
  D) purchases account
  Show Answer
  The correct answer is B .
• Question 499:

  Forlah, a stock broker bought stationery for₦12,000 by cash. To record this transaction, debit

  Options:
  A) cash and credit stationery
  B) purchases and credit stationery
  C) stationery and credit purchases
  D) stationery and credit cash
  Show Answer
  The correct answer is D .
• Question 500: Which of the following is a debit entry in debtors control account? Options:
  A) discount allowed
  B) return inwards
  C) credit sales
  D) cash from debtors
  Show Answer
  The correct answer is C .