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 51:

  

  Determine the owners equity

  Options:
  A) ₦200,000
  B) ₦215,000
  C) ₦275,000
  D) ₦755,000
  Show Answer
  The correct answer is C .
• Question 52:

  Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than overstates results?

  Options:
  A) monetary
  B) cost
  C) conservatism
  D) historical
  Show Answer
  The correct answer is C .
• Question 53: The discount column on the left-hand side of cashbook represents a discount Options:
  A) received from a creditor
  B) allowed to a debtor
  C) received from a debtor
  D) allowed to a creditor
  Show Answer
  The correct answer is B .
• Question 54:

  Given:

  Capital at the beginning...............₦20 000
  Drawings...............................₦3 000
  Capital................................₦30 000
  New capital introduced.................₦8 000

  What is the profit for the period?

  Options:
  A) ₦4 000
  B) ₦5 000
  C) ₦6 000
  D) ₦8 000
  Show Answer
  The correct answer is B .
• Question 55:

  

  The quick ratio is

  Options:
  A) 1:2
  B) 1:3:1
  C) 1.7:1
  D) 3:1
  Show Answer
  The correct answer is B .
• Question 56: Given that 1/3 of the ₦6000 stock held by a branch is purchased from outsiders. If goods are invoiced to branch at 25% on cost, the provision for unrealized profit is? Options:
  A) ₦1000.00
  B) ₦333.33
  C) ₦666.66
  D) ₦800.00
  Show Answer
  The correct answer is D .
• Question 57:

  Five hundred naira monthly is allowed on an imprest system. The following transactions took place.

  Period 1:

  Cash advanced to petty cashier......₦500
  Petty cashier paid out: stamp.......₦200
  Newspaper...........................₦250

  Period 2:

  Cash to petty cashier...............₦450
  Cashier paid for writing materials..₦350

  What was the balance of cash with the petty cashier ata the end of period 1?

  Options:
  A) ₦50
  B) ₦200
  C) ₦300
  D) ₦450
  Show Answer
  The correct answer is A .
• Question 58:

  The major objectives of departmental account is to ascertain the

  Options:
  A) materials sold in each department
  B) insurance premium payable on employees
  C) number of employees in each department
  D) contribution of each department to profit
  Show Answer
  The correct answer is D .
• Question 59: Which of the following is a debit item in the purchases ledger control account. Options:
  A) Balance b/d
  B) Cheque dishonoured
  C) Purchases
  D) Balance c/d
  Show Answer
  The correct answer is D .
• Question 60:

  Given:Sales: ₦180,000

  Stock 1/1: ₦25,000

  Purchases: ₦110,000

  Sales returns: ₦1000

  Purchases returns: ₦1,500

  Gross profit: ₦58,000

  Determine the value of stock as at 31st December

  Options:
  A) ₦8000
  B) ₦9,500
  C) ₦12,500
  D) ₦15,500
  Show Answer
  The correct answer is C .