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:

  Eko Local Government expenditure

  Hospital building ---------------------- ₦200,000
  Drugs ---------------------------------- ₦180,000
  Hospital beds and mattresses ------------ ₦40,000
  Doctors' and nurses' salaries ---------- ₦120,000
  Administrative expenses ----------------- ₦50,000

  Recurrent expenditure is

  Options:
  A) ₦390,000
  B) ₦360,000
  C) ₦350,000
  D) ₦170,000
  Show Answer
  The correct answer is C .
• Question 52:

  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 53:

  Use the information below to answer this question

  Capital..................N............N........

  Land and building.......18470........24000....

  Mortgage on premises...................11090...

  Drawings...............3000...................

  Profit and loss........................3600...

  Furniture and fittings...5120.................

  Motor Vehicles...........3462................

  Closing Stock............3000................

  Debtors..................11474...............

  Creditors..............................7354.

  Cash.....................1518................

  ..........................46044.........46044

  Calculate the value of fixed assets

  Options:
  A) ₦15 992
  B) ₦18 470
  C) ₦27 000
  D) ₦27 052
  Show Answer
  The correct answer is D .
• Question 54:

  Cash Book (Extract)
  	₦		₦
  Balance b/f	2,200	Sundry expenses	16,800
  		Drawings	4,700
  Receipt from customers	16,400	Suppliers	7,300

  Debtors opening and closing balances amount to ₦6,500 and ₦7,600 respectively, What is the sales value?

  Options:
  A) ₦15,300
  B) ₦17,500
  C) ₦28,400
  D) ₦31,600
  Show Answer
  The correct answer is B .
• Question 55:

  Which of the following is not a type of branch?

  Options:
  A) Dependent branch
  B) foreign branch
  C) independent branch
  D) single branch
  Show Answer
  The correct answer is D .
• Question 56: An expenses is said to be revenue in nature if it Options:
  A) adds or contributes to the operating income of the business
  B) necessitates the introduction of additional capital
  C) reduces the capital of the business
  D) adds to or improves the value of fixed assets
  Show Answer
  The correct answer is A .
• Question 57: When shares are issued at a discount, entries are to debit Options:
  A) application allotment account and credit discount accoun
  B) discount account and credit
  C) cash account and credit discount account
  D) discount account and credit bank account
  Show Answer
  The correct answer is A .
• Question 58:

  The accounting system in which only one aspect of transaction is recorded is

  Options:
  A) single entry
  B) single column cash book
  C) original entry
  D) double entry
  Show Answer
  The correct answer is A .
• Question 59:

  Motor: ₦10 000
  Fixtures: ₦5 000
  Cash: ₦2 500
  Creditors: ₦7 000
  Loan: ?

  LOAN IS 30% OF CREDITORS.

  A company has departments S,T and U. The sales are ₦20 000,20 000, ₦40 000 AND ₦60 000 respectively if the sales commission paid is ₦12 000, how much is T's share?

  Options:
  A) ₦8000
  B) ₦2000
  C) ₦4000
  D) ₦6000
  Show Answer
  The correct answer is C .
• Question 60: The movement of goods from head office to a branch is treated in the in the head office accounts as? Options:
  A) sales
  B) issue
  C) purchase
  D) requisition
  Show Answer
  The correct answer is C .