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 621:

  Given:

  Cash book item:

  Paid to suppliers ₦10,800

  Expenses paid ₦6,900

  Drawings made ₦900

  Balances at start ₦15,750

  Balances at end ₦3,870

  Drawings from bank to shop ₦1,720Determine the receipt from debtors?

  Options:
  A) ₦22,470
  B) ₦17,470
  C) ₦8,440
  D) ₦5,000
  Show Answer
  The correct answer is D .
• Question 622: To account for expenses paid by head office on behalf of the branch, the branch should? Options:
  A) debit head office account and credit cash
  B) debit profit and loss account and credit headoffice account
  C) credit cash and debit profitand loss account
  D) credit profit and loss account and debit head office account
  Show Answer
  The correct answer is B .
• Question 623: If stationery bought for ₦200 has been entered as ₦2000. To correct this error? Options:
  A) debit stationery with ₦2,200
  B) credit stationery with ₦1,800
  C) debit stationery with ₦1,800
  D) credit stationery with ₦2,200
  Show Answer
  The correct answer is B .
• Question 624:

  

  Calculate the value of credit sales

  Options:
  A) ₦484 000
  B) ₦448000
  C) ₦584 000
  D) ₦558 000
  Show Answer
  The correct answer is C .
• Question 625: A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the? Options:
  A) weighted average method
  B) simple average method
  C) FIFO method
  D) LIFO method
  Show Answer
  The correct answer is C .
• Question 626:

  Given:

  ..............Rich Social Club...........

  Cash.........................₦100,000

  Loan ........................₦30,000

  Subscription in arrears......₦5,000

  Subscription in advance......₦15,000

  What is the accumulation fund?

  Options:
  A) ₦60,000
  B) ₦80,000
  C) ₦90,000
  D) ₦110,000
  Show Answer
  The correct answer is A .
• Question 627:

  Use the question to answer this questionThe following information were extracted from the books of Miliki state

  Sinking of bore holes Purchase of Motor car Stationery Electricity Purchase of drugs Purchase of beds

  ₦ 2,900,000 920,000 300,000 45,000 76,000 425,000

  Capital expenditure is

  Options:
  A) ₦345,000
  B) ₦3,245,000
  C) ₦421,000
  D) ₦4,245,000
  Show Answer
  The correct answer is D .
• Question 628: An outright sale of a partnership amounts to the? Options:
  A) compensation of vendors by the purchase
  B) admission of a new partner
  C) purchase of rights of a dead partner
  D) change of sharing ratio of vendors
  Show Answer
  The correct answer is D .
• Question 629:

  

  Goods worth ₦300 was transferred from department Q to P. Similarly, P's total expenses for the period was ₦200. Department P's net profit was

  Options:
  A) ₦5200
  B) ₦3000
  C) ₦2800
  D) ₦2500
  Show Answer
  The correct answer is D .
• Question 630: The transaction that completes its double entry in the same ledger account appears in? Options:
  A) cash account and personal account
  B) bank account and general ledger
  C) discount received and discount allowed
  D) cash account and bank accont
  Show Answer
  The correct answer is D .