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 591: The total cash and cheques received from customers in a control account is derived from the Options:
  A) purchases day book
  B) cash book
  C) income and expenditure account
  D) sales journal
  Show Answer
  The correct answer is B .
• Question 592:

  Use the information to answer this question

  Date.............Details........................

  Feb........1 Purchased 400 units at ₦1.00 each

  ,, ........5 Purchased 200 units at ₦2.00 each

  ,,.........10 Purchased 200 units at ₦300 each

  ,, .........15 Issued 320 units

  ,,..........20 Issued 200 units at ₦4,00 each

  ,,..........25 Issued 120 units

  Calculate the price per unit of closing stock using the periodic weighted average method.

  Options:
  A) ₦3.20
  B) ₦3.00
  C) ₦2.20
  D) ₦2.00
  Show Answer
  The correct answer is D .
• Question 593:

  Use the information below to answer questions

  Balance as per cash book................₦13560

  Unpresented cheques.....................₦5120

  Uncredited lodgements...................₦2300

  Dividend received not entered

  In the cash book........................₦2000

  Bank charges............................₦280

  Standing order payments.................₦600

  Balance as per bank statement............?

  What is the adjusted cash book balance?

  Options:
  A) ₦14 680
  B) ₦15 560
  C) ₦16 440
  D) ₦17 000
  Show Answer
  The correct answer is A .
• Question 594:

  Use the information below to answer this question:
  i. cash at bank ii. cash in hand iii. premises iv. land v. creditors vi. loan from friends/bank

  Determine the fixed assets

  Options:
  A) iii and iv
  B) i and v
  C) ii and iv
  D) ii and vi
  Show Answer
  The correct answer is A .
• Question 595: The gross loss on manufacturing is always transferred to the? Options:
  A) credit side of balance sheet
  B) debit side of profit and loss account
  C) credit side of profit and loss account
  D) debit side of balance sheet
  Show Answer
  The correct answer is B .
• Question 596: A pension granted to any past president or vice-president shall be charged to the Options:
  A) consolidation revenue fund
  B) special pension fund
  C) contingency fund
  D) development fund
  Show Answer
  The correct answer is B .
• Question 597:

  Income and Expenditure (Extract)
  	₦		₦
  Bal. b/d	390	Expenses	300
  Sales of tickets	4,000	New tool	510
  Donations	3,000	Repairs	400
  Subscriptions	6,500	Electricity	350

  What is the balance carried down?

  Options:
  A) ₦11,680
  B) ₦11,930
  C) ₦12,330
  D) ₦13,430
  Show Answer
  The correct answer is C .
• Question 598:

  Balance sheet (extract)

  	N
  Creditors	7,940
  Prepaid expenses	290
  Accrual expenses	323
  Stock	4,500
  Cash balances	4,956
  Debtors	905

  Use the information in the above table to answer the question.

  Determine the current liabilities.

  Options:
  A) N8,553
  B) N8,263
  C) N7,940
  D) N1,228
  Show Answer
  The correct answer is B .
• Question 599:

  The partners capital are: Modibbo #60,000

  And Jakata #90,000. The partners share

  Profit and losses in the ratio of their capital

  Contributions.

  The net profit for the year is #12,000.What is Jakata's sharing profit?

  Options:
  A) 3:5
  B) 1:2
  C) 2:5
  D) 1:5
  Show Answer
  The correct answer is D .
• Question 600:

  Use the information below to answer questions

  Subscription received during the year ₦30,000

  Subscription owed last year ₦4,000

  Subscription received for next year ₦6,000

  The ₦6,000 subscription received is?

  Options:
  A) current asset
  B) current liability
  C) fixed asset
  D) capital
  Show Answer
  The correct answer is B .