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 551:

  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 552:

  Which of these will not appear in the preparation of control account.

  I. Bad debts

  II. Discounts

  III. Returns

  IV. Provision for bad debts

  Options:
  A) I only
  B) II and III
  C) I and III only
  D) IV only
  Show Answer
  The correct answer is D .
• Question 553:

  Given:

  Club trading profit ₦12,000

  Members'' subscription ₦15,000

  Profit on sale of fixed assets ₦2,500

  Loss on sale of investments ₦1,000

  Wages ₦16,500

  Other expenses ₦10,000

  Determine the club's excess of income over expenditure?

  Options:
  A) ₦500
  B) ₦1,500
  C) ₦2,000
  D) ₦2,500
  Show Answer
  The correct answer is C .
• Question 554:

  Given Dept A Dept B

  Floor space 40m² 60m²

  Machine hours 1200 1400

  Turnover ₦36 million ₦64 million

  Labour hours 1000 1400

  A joint cost of ₦72 million incurred by the two departments was apportioned ₦30 million to A and ₦42 million to B. the basis used for apportionment must have been

  Options:
  A) labour hours
  B) floor space
  C) turnover
  D) machine hours
  Show Answer
  The correct answer is A .
• Question 555:

  Use the information below to answer questions 23 and 24.

  Incomplete Record (Extract)

  Sales......................................₦10,600

  Rent...........................₦200

  Depreciation of vehicle (cost ₦5000) 10%

  Gross profit margin is 20%

  What is the cost of goods sold?

  Options:
  A) ₦4 800
  B) ₦8 480
  C) ₦2 320
  D) ₦9 900
  Show Answer
  The correct answer is B .
• Question 556:

  Given:

  Shaku Company Ltd.

  Stock..........................₦3600 000

  Cash at hand...................₦800 000

  Cash at bank...................₦2400 000

  Debtors........................₦580 000

  Trade creditors................₦920 000

  Bank overdraft.................₦200 000

  Tax liabilities................₦600 000

  Salary owed to staff...........₦180 000

  Determine the working capital?

  Options:
  A) ₦7380 000
  B) ₦8480 000
  C) ₦5480 000
  D) ₦6480 000
  Show Answer
  The correct answer is C .
• Question 557: An entry in a subsidiary book which does not form part of the double entry system is a? Options:
  A) contra entry
  B) journal entry
  C) single entry
  D) memorandum entry
  Show Answer
  The correct answer is D .
• Question 558:

  Use the information below to answer the question.

  Zazzau Company:

  Cash in hand................₦50
  Cash in bank................₦1 250
  Stock.......................₦4 880
  Furniture...................₦9 60
  Building....................₦5 500
  Debtor......................₦1 750
  Creditors...................₦2 150

  Drawings of ₦125 were made by the shareholders of the company.

  The company's net current assets amount to

  Options:
  A) ₦5 780
  B) ₦5 70
  C) ₦6 580
  D) ₦7 930
  Show Answer
  The correct answer is A .
• Question 559: The profit of a branch is usually credited to the Options:
  A) adjustment account
  B) head office sales
  C) head office goods account
  D) head office current account
  Show Answer
  The correct answer is C .
• Question 560:

  Which of the following concepts recognizes the principle of double entry?

  Options:
  A) business entity
  B) accrual
  C) going concern
  D) dual aspect
  Show Answer
  The correct answer is D .