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 691:

  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 692:

  Departmentalization of accounts is useful because it shows the____________

  Options:
  A) Over all performance of a division
  B) Cost per unit of a profit
  C) Price per unit of a product
  D) Over all performance of a firm
  Show Answer
  The correct answer is A .
• Question 693:

  Use the information below to answer question .Capital.......₦12 700........Purchases......₦7 100

  Debtors.......₦4 000........Stationery.....₦1 900

  Sales.........₦2 400........Wages..........₦1 230The owners wishes to maintain an account equal to of capital as drawings.What is the amount withdrawn?

  Options:
  A) ₦9525
  B) ₦9000
  C) ₦7100
  D) ₦6400
  Show Answer
  The correct answer is A .
• Question 694: When the factory cost of production has been ascertained, manufactured goods are transferred to trading account by? Options:
  A) debting manufacturing account and crediting trading acccount
  B) crditing sales account and debtiting trading account
  C) debiting sales account and crediting trading account
  D) crediting manufacturing account and debiting trading account
  Show Answer
  The correct answer is D .
• Question 695:

  Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?

  Options:
  A) ₦165,000
  B) ₦635,000
  C) ₦600,000
  D) ₦156,000
  Show Answer
  The correct answer is A .
• Question 696:

  Given:

  Sales ............................₦195,200
  Stock 1st January.................₦34,000
  Purchases ........................₦126,000
  Sales returns ....................₦1,200
  Purchases returns ................₦2,000

  If the gross profit is ₦66,000, what is the value of stock at 31st December?

  Options:
  A) ₦30,000
  B) ₦40,000
  C) 50,000
  D) ₦20,000
  Show Answer
  The correct answer is A .
• Question 697:

  Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.

  The record in Jide's book would be to debit

  Options:
  A) purchases #12,000 and credit Ibrahim #12,000
  B) purchases #12,000 and credit sugar account #12,000
  C) Jide #12,000 and credit purchases
  D) Ibrahim #12,000 and sugar account #12,000
  Show Answer
  The correct answer is A .
• Question 698:

  To account for expenses paid by head office on behalf of the branch, the branch should___________

  Options:
  A) Debit profit and loss account and credit head office account
  B) Debit head office account and credit cash
  C) Credit cash and debit profit and loss account
  D) Credit profit and loss account and debit head office account
  Show Answer
  The correct answer is A .
• Question 699: The major sources of revenue for the state and local governments is Options:
  A) value added tax
  B) statutory allocation
  C) taxes and levies
  D) recurrent revenue
  Show Answer
  The correct answer is B .
• Question 700:

  Marhumu and Yusuf are in partnership sharing profits and losses in the ratio of 2:1. On 31/3/2000, the partnership decided to admit Idris who is to take 1/4 of future profits without changing the ratio of Marhumu and Yusuf.

  What is the new profit-sharing ratio of Marhumu and Yusuf?

  Options:
  A) 50% : 25%
  B) 50% : 20%
  C) 25% : 50%
  D) 25% :25%
  Show Answer
  The correct answer is A .