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 611: Goods worth N50 000 were sent at different times from head office to the branch during the year. By the end of the period, only N40 000 worth of goods had arrived at the branch. Which of the following is correct about the treatment of this transaction? Options:
  A) Branch should debit goods received from head office with N50 000
  B) Head office should debit goods sent to branch account with N10 000
  C) Head office should debit goods sent to branch account with N50 000
  D) Branch should debit goods received from head office with N10 000
  Show Answer
  The correct answer is B .
• Question 612:

  Use the information below to answer this question.

  Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively.

  Extract from their books for the year ended are

  Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950

  Sam's share of profit is

  Options:
  A) 7000
  B) 4921
  C) 3000
  D) 991.8
  Show Answer
  The correct answer is D .
• Question 613:

  Use the information below to answer questions .

  (i) Cash at bank (ii) Cash in hand (iii) Premises

  (iv) Land (v)Creditors (vi)loan from friends/bank.

  What are the current assets?

  Options:
  A) i and ii
  B) i and v
  C) ii and iv
  D) iii and v
  Show Answer
  The correct answer is A .
• Question 614:

  Given:

  ................Cash Book........................

  Capital..........₦6 500........purchases.....₦12 250

  Sales............₦30 000........Rent..........₦9 100

  ................................Motor vehicle.₦2 400

  Find the bank balance?

  Options:
  A) ₦71 250 credit
  B) ₦71 250 debit
  C) ₦95 000 credit
  D) ₦95 000 debit
  Show Answer
  The correct answer is A .
• Question 615: The process whereby a cheque received by one person is given to another is known as? Options:
  A) cheque crossing
  B) payment in cheque
  C) cheque transfer
  D) cheque endorsement
  Show Answer
  The correct answer is C .
• Question 616:

  When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________

  Options:
  A) Price above or below the stipulated price
  B) Any price but not below the transfer price
  C) Cost price
  D) A price that is equal to the mark up
  Show Answer
  The correct answer is A .
• Question 617: Which of the following condition would attract credit and debit notes to be used? Options:
  A) When goods are received from supplier
  B) When a trial balance is extracted
  C) When a buyer is under or over charged
  D) When goods are sold to a buyer
  Show Answer
  The correct answer is C .
• Question 618:

  Use the information below to answer the question that follows:

  $\begin{array}{ccc}Creditors& 3,000& 4,000\\ Debtors& \mathrm{\_}\mathrm{\_}\mathrm{\_}& 6,000\\ \text{Cash received from debtors}& \mathrm{\_}\mathrm{\_}\mathrm{\_}& 35,000\\ \text{cash paid to suppliers}& \mathrm{\_}\mathrm{\_}\mathrm{\_}\mathrm{\_}& 25,000\\ \text{Discount allowed}& \mathrm{\_}\mathrm{\_}\mathrm{\_}\mathrm{\_}\mathrm{\_}& 4,000\\ \text{Discount received}& \mathrm{\_}\mathrm{\_}\mathrm{\_}\mathrm{\_}\mathrm{\_}& 4,200\end{array}$

  What is the total purchase for the period?

  Options:
  A) ₦30,200
  B) ₦30,000
  C) ₦25,000
  D) ₦31,200
  Show Answer
  The correct answer is C .
• Question 619:

  Income and Expenditure account is the same as the --------- of a sole trader

  Options:
  A) balance sheet
  B) trading account
  C) profit and loss account
  D) cash book
  Show Answer
  The correct answer is C .
• Question 620:

  From the following, determine the value of closing stock using:

  Feb 1 purchased 200 units @ ₦2.00 each

  Feb 3 purchased 100 units @ ₦1.00 each

  Feb 4 issued 120 units @ ₦5.00 each

  Feb 5 purchased 50 units @ ₦3.00 each

  Feb 6 issued 100 units @ ₦4.00 each

  Options:
  A) 330
  B) 420
  C) 230
  D) 320
  Show Answer
  The correct answer is C .