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 521:

  Adodo Enterprises and Loss Account (Extract)
  	₦		₦
  Opening stock	5,000	Sales	100,000
  Purchases	00?00
  	00?00
  Less closing stock	5,600
  Cost of goods sold	00?00
  Gross profit	00?00
  	100,000		100,000

  If the opening stock is 5% of sales. calculate the purchases

  Options:
  A) ₦95,600
  B) ₦95,000
  C) ₦9,600
  D) ₦85,000
  Show Answer
  The correct answer is C .
• Question 522: What is Kunle's share of the profit? Options:
  A) ₦600
  B) ₦300
  C) ₦180
  D) ₦120
  Show Answer
  The correct answer is D .
• Question 523:

  In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________

  Options:
  A) Debit entry
  B) Contra entry
  C) Credit entry
  D) Reversal entry
  Show Answer
  The correct answer is C .
• Question 524: A source of revenue that is compulsory payment without any derived benefit is? Options:
  A) fees
  B) taxes
  C) fines
  D) royalties
  Show Answer
  The correct answer is C .
• Question 525:

  Given:

  (i) Order of performance

  (ii) Order of liquidity

  (iii)Vertical order

  (iv) Horizontal order

  The order in which a balance assets is arranged are?

  Options:
  A) i and ii
  B) i and iv
  C) ii and iii
  D) iii and iv
  Show Answer
  The correct answer is C .
• Question 526: Which of the following is a source of revenue to the federation account? Options:
  A) Market fees
  B) Bicycle licences
  C) Tarrifs
  D) Property rates
  Show Answer
  The correct answer is C .
• Question 527: In a trial balance, income and liabilities are? Options:
  A) debited and credited respectively
  B) credited
  C) credited and debited respectively
  D) debited
  Show Answer
  The correct answer is B .
• Question 528: The major point of agreement carried by the partnership deed is? Options:
  A) 5% interest annum on any loan
  B) an oral agreement among the partners
  C) method of inhertance by the partners' children
  D) the profit and loss sharing ratio of the partners
  Show Answer
  The correct answer is D .
• Question 529: An evidence of payment issued to a government ministry by a revenue collector is Options:
  A) treasury receipt
  B) receipt voucher
  C) payment voucher
  D) treasury card
  Show Answer
  The correct answer is B .
• Question 530: A bookkeeping error occurs when there is? Options:
  A) a deliberate manipulation of records
  B) unintentional correct posting in the ledger
  C) intentional failure to record transactions completely
  D) incorrect records and oversights that are not intended
  Show Answer
  The correct answer is D .