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 501: The rule of accounting equation requires that account payable should be placed under? Options:
  A) liabilities
  B) equities
  C) assets
  D) capital
  Show Answer
  The correct answer is A .
• Question 502:

  Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be

  Options:
  A) Increase in assets of motor vehicle account
  B) Decrease in assets of motor vehicle account
  C) Increase in assets of bank account
  D) Increase in liabilities of bank account
  Show Answer
  The correct answer is A .
• Question 503: Goods withdraw from business for private use are credited to? Options:
  A) drawings
  B) purchases
  C) sales
  D) capital
  Show Answer
  The correct answer is B .
• Question 504:

  2/3 Purchases 900 books at #1,000 each

  4/3 Purchases 590 books at ₦950 each

  15/3 Sales 300 books at #900 eachDetermine the cost of goods sold using FIFO

  Options:
  A) #285,000
  B) #300,000
  C) #570,000
  D) #600,000
  Show Answer
  The correct answer is B .
• Question 505:

  which of the following  affects the accuracy and authenticity of trial balance? 

  Options:
  A) error of ommission
  B) error of commission
  C) error of transposition
  D) error of original entry
  Show Answer
  The correct answer is C .
• Question 506: The power to appoint the Auditor General of the Federation is vested in the Options:
  A) National Assembly
  B) President
  C) Judicial Service Commission
  D) Civil Service Commission
  Show Answer
  The correct answer is B .
• Question 507: The Petroleum Technology Development Fund is under the Options:
  A) general fund
  B) contingency fund
  C) trust fund
  D) capital fund
  Show Answer
  The correct answer is D .
• Question 508:

  NAFARA AND SONS Balance Sheet items as at 31st December, 1987.

  Capital ₦74480
  Creditors ₦15875
  Prepaid expenses ₦580
  Motor vehicles ₦34750
  Furniture ₦35850
  Accrued expenses ₦645
  Stock ₦8100
  Cash balances ₦9911
  Debtors ₦1809

  Compute the value of current assets?

  Options:
  A) ₦20400
  B) ₦20465
  C) ₦35695
  D) ₦19820
  Show Answer
  The correct answer is A .
• Question 509:

  

  Musa merchants Trading and profit and Loss Account for the year ended Dec. 31st, 2003. Determine the closing stock.

  Options:
  A) ₦20 000
  B) ₦30, 000
  C) ₦40 000
  D) ₦50,000
  Show Answer
  The correct answer is C .
• Question 510:

  Use the information below to answer question .

  Capital ...................₦2000

  Bank ......................₦1200

  Purchase ..................₦2500

  Sales .....................₦6700

  Stock .....................₦1300

  Creditors .................₦1000

  Fixed assets...............₦3700

  Drawings ..................N?

  Drawings are always estimated at 50% of capital.

  The trial balance total is?

  Options:
  A) ₦9700
  B) ₦8700
  C) ₦7900
  D) ₦7800
  Show Answer
  The correct answer is A .