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 571: Discounts granted branch customers are treated as a debit to branch? Options:
  A) stock account and a credit to branch debtors'account
  B) discount account and a credit to branch bank account
  C) stock account and a credit to branch bank account
  D) discount account and a credit to branch debtors' account
  Show Answer
  The correct answer is D .
• Question 572: Sai Baba made sales of ₦10,000 having computed his gross profit % to sales to be 20. His opening stock was ₦250 and ending stock is ₦200. Calculate his purchases. Options:
  A) ₦7950
  B) ₦8050
  C) ₦7050
  D) ₦8950
  Show Answer
  The correct answer is A .
• Question 573:

  Use the information below to answer question An asset was purchase for ₦343m in 2003.

  The estimated life of the asset was 3 years with a residual value of ₦28m.Using the straight method. The depreciation of the asset in the first year was?

  Options:
  A) ₦210m
  B) ₦343m
  C) ₦105m
  D) ₦270m
  Show Answer
  The correct answer is C .
• Question 574:

  The accounting method that reports incomes when earned and expenses when incurred is called

  Options:
  A) accrual accounting
  B) cash accounting
  C) fund accounting
  D) commitment accounting
  Show Answer
  The correct answer is A .
• Question 575: When goodwill is not retained in the business, the entries in the new partners' book will be to debit? Options:
  A) good account and credit partners' capital account
  B) partners' capital account and credit goodwill account
  C) cash account and credit goodwill account
  D) goodwill account and credit cash account
  Show Answer
  The correct answer is B .
• Question 576: An item in the balance sheet of a limited liability company is Options:
  A) accrued expenses
  B) lighting and heating
  C) salaries and wages
  D) general expenses
  Show Answer
  The correct answer is A .
• Question 577:

  When goods are received from head office, head office will be credited while

  Options:
  A) sales will be debited
  B) requisition will be debited
  C) issue will be debited
  D) purchases will be debited
  Show Answer
  The correct answer is D .
• Question 578: The costs of acquiring fixed assets and bringing them into the firm is a Options:
  A) general expenses
  B) recurrent expenditure
  C) revenue expenditure
  D) capital expenditure
  Show Answer
  The correct answer is D .
• Question 579:

  Given:

  Rates paid during the year amounted to ₦2,250 at ₦125 per month and 1,035 was paid for electricity in the same period at ₦115 per month.

  Determine the amount of prepaid rates?

  Options:
  A) ₦345
  B) ₦750
  C) ₦1,380
  D) ₦1,500
  Show Answer
  The correct answer is B .
• Question 580: A trail balance is usually prepared by an accountant from account balances in the ledger for the purpose of Options:
  A) classifying accounts in the ledger
  B) testing arithmetical accuracies of the ledger account balances
  C) identifying the balance sheet items
  D) providing a basis for establishing the accountant's competence
  Show Answer
  The correct answer is B .