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 511:

  Use this information below to answer this question

  ₦
  Capital: Opening balance 307,000
  Closing balance 342,000
  Net profit for the period 121,600
  Purchases 706,000
  Carriage inwards 17,500
  Cost of goods sold 740,700
  Total selling, general and
  administration expenses 526,000
  Discount received 9,650
  Opening stock 98,800

  Calculate the closing stock for the period.

  Options:
  A) ₦69,300
  B) ₦81,600
  C) ₦81,300
  D) ₦106,400
  Show Answer
  The correct answer is B .
• Question 512: 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 513: Receipt and payments account of a non-profit making organization is principally a summary of the? Options:
  A) bak entries
  B) cash bok entries
  C) expenditure entries
  D) balance sheet entries
  Show Answer
  The correct answer is B .
• Question 514: The receipt whose name appears on a cheque is called a? Options:
  A) payer
  B) drawer
  C) drawee
  D) payee
  Show Answer
  The correct answer is D .
• Question 515:

  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 516: The tier of government that uses financial memorandum is the? Options:
  A) federal government
  B) state government
  C) local government
  D) municipal government
  Show Answer
  The correct answer is C .
• Question 517: Costs that vary in proportion to the level of production in a manufacturing environment are known as? Options:
  A) control costs
  B) overheads
  C) direct costs
  D) indirect costs
  Show Answer
  The correct answer is C .
• Question 518: A private company is different from a public company because? Options:
  A) it does not restrict the right to transferits shares
  B) it cannot invite members of the public to subscribe for its shares
  C) its shares are owned by one person
  D) it can only offer its shares to members of the publicfor subscription
  Show Answer
  The correct answer is B .
• Question 519:

  Turaki Youth Club Income and Expenditure for the year ended 31/12/04 # #

  Bal.b/d 390 Expenses on cleaning 300

  Sales of - New tool 510

  Trickets 4,000 Repairs 400

  Donations 3,000 Electricity 350

  Subscription 6,500

  What is the total income for the period?

  Options:
  A) #10,500
  B) #13,500
  C) #13,890
  D) #9,500
  Show Answer
  The correct answer is C .
• Question 520: The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are Options:
  A) sales income
  B) receipt from debtors
  C) fixtures and fittings
  D) rent paid
  Show Answer
  The correct answer is C .