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 641: The concept that has much influence over asset valuation and income determination is? Options:
  A) entity
  B) realization
  C) conversactism
  D) matching
  Show Answer
  The correct answer is B .
• Question 642:

  Derive the total sales figure from the following information extracted from a firm's cash book and other relevant records. Total debtors b/f N 5,600

  Total cash receipts from debtors

  And cash sales N 153,000

  Total debtors c/f N 6,800

  Options:
  A) ₦6,800
  B) ₦153,000
  C) ₦154,200
  D) ₦159,800
  Show Answer
  The correct answer is C .
• Question 643: The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is Options:
  A) periodicity
  B) business entity
  C) dual aspect
  D) going concern
  Show Answer
  The correct answer is D .
• Question 644:

  Kakaku limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/2106. The company's policy, provides for 15%bad debt annually. Which of the following represents the total balance of debtors before adjustment?

  Options:
  A) N6,120,000
  B) N8,280,000
  C) N6,120,300
  D) N8,820,000
  Show Answer
  The correct answer is B .
• Question 645:

  Use the information below to answer questions

  The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.

  Creditors N50,000
  Debtors N46,000
  Loan N100,000
  Stock N20,000
  Motor vehicle N120,000
  Building N70,000
  Accrued wages 30,000
  Bank N25 ,000

  The value of capital invested by the owners is?

  Options:
  A) ₦110,000
  B) ₦105,000
  C) ₦101,000
  D) ₦100,000
  Show Answer
  The correct answer is C .
• Question 646:

  Use the information to answer the question.

  A piece of equipment costing ₦120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. It was sold on 30/6/1999 for ₦31,500.

  The accumulated depreciation provision at the time of sale was

  Options:
  A) ₦12 000
  B) ₦60 000
  C) ₦72 000
  D) ₦84 000
  Show Answer
  The correct answer is D .
• Question 647:

  A company paid cash in redemption of ₦10,000 debenture.

  The accounting entry to record this will be to debit?

  Options:
  A) cash and credit debenture
  B) debenture and credit cash
  C) cash and credit capital
  D) capital and debit cash
  Show Answer
  The correct answer is B .
• Question 648: On November 1, 199 8, Zaria Holdings owed ₦13,600 in respect of a creditor. On November 15, it purchase goods worth ₦69,000 and paid a cheque of ₦51,600. On November 29, one of the Holdings' cheques worth ₦3,000 was returned while the creditor granted ₦1,500 discount. The amount owed by Zaria Holdings as at November 29 is? Options:
  A) ₦32,500
  B) ₦32,000
  C) ₦31,000
  D) ₦29,500
  Show Answer
  The correct answer is A .
• Question 649:

  An advantage of FIFO method of stock valuation is that

  Options:
  A) it is calculated at the end of the year
  B) its flow of cost is in sequence with the flow of stock
  C) it is progressive in nature
  D) it serves as a control during inflation
  Show Answer
  The correct answer is B .
• Question 650: Which of the following items are current assets? Options:
  A) Stock, bills receivable, cash and debtors
  B) Stock, bill receivable, cash and debtors
  C) Stock, bad debt, bills receivable and cash
  D) Stock, work-in-progress, cash and bills payable
  Show Answer
  The correct answer is A .