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 61:

  Given:

  Net profit-----------------------₦25,000
  Cost of sale---------------------₦25,000
  Sales----------------------------₦85,000

  Determine the total expenses.

  Options:
  A) ₦45,000
  B) ₦35,000
  C) ₦25,000
  D) ₦15,000
  Show Answer
  The correct answer is B .
• Question 62:

  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 63: Where a non-profit making organization prepares the account using accruals basis of reporting, the statement showing how well the organization is doing is the Options:
  A) appropriation account
  B) balance sheet
  C) income and expenditure account
  D) receipts and payment account
  Show Answer
  The correct answer is C .
• Question 64:

  Mrs. Okoro who lives in the riverine community of Rivers State makes her living through crabbing and fishing. This type of occupation is? 

  Options:
  A) commercial
  B) manufacturing
  C) service
  D) Extractive
  Show Answer
  The correct answer is A .
• Question 65:

  Given:

  Bank overdraft..............₦2000

  Cash........................₦2000

  Furniture...................₦4000

  Calculate the total amount on the credit side of the trial balance?

  Options:
  A) ₦4000
  B) ₦2000
  C) ₦6000
  D) ₦8000
  Show Answer
  The correct answer is B .
• Question 66: Adama's bank account showed an overdraft of ₦600 on 31st march. On going through the account, it was discovered that the ₦1,080 paid into the account on 29th March had not been credited. what should be the balance in Adama's cash accounts? Options:
  A) ₦1,680 Dr
  B) ₦1,080 Cr
  C) ₦600 Dr
  D) ₦480 Cr
  Show Answer
  The correct answer is D .
• Question 67:

  When expenses are paid on behalf of the venture, the accounting entries is to debit

  Options:
  A) expenses account and credit bank account
  B) bank account and credit joint venture account
  C) joint venture account and credit bank account
  D) joint venture account and credit expenses account
  Show Answer
  The correct answer is C .
• Question 68:

  Given ₦
  Stock (1/4/94) 800
  Purchases of flour 2,450
  Sales 4,745
  Wages of bakery staff 675
  Carriage outwards 50
  Salary of administrative staff 225
  Stock (31/3/95) 940
  Capital 1,540

  Calculate the cost of goods sold.

  Options:
  A) ₦3,925
  B) ₦3,250
  C) ₦2,985
  D) ₦2,575
  Show Answer
  The correct answer is C .
• Question 69:

  Discount received is charge to

  Options:
  A) current account
  B) profit and loss
  C) trading account
  D) balance sheet
  Show Answer
  The correct answer is B .
• Question 70: A non-profit-making organization differs from a profit-making one in that? Options:
  A) it does not earn income
  B) proceeds from sale of shares form part of its income
  C) all its income is committed
  D) annual subscriptions and levies form part of its income
  Show Answer
  The correct answer is D .