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:

  Adodo Enterprises and Loss Account (Extract)
  	₦		₦
  Opening stock	5,000	Sales	100,000
  Purchases	00?00
  	00?00
  Less closing stock	5,600
  Cost of goods sold	00?00
  Gross profit	00?00
  	100,000		100,000

  If the gross profit margin is 10% what is the value of the cost of goods sold?

  Options:
  A) ₦10,000
  B) ₦90,000
  C) ₦105,600
  D) ₦110,000
  Show Answer
  The correct answer is B .
• Question 692:

  When the goods are sold on credit to a buyer, the account receivable account will be

  Options:
  A) debit and credit
  B) contra entry
  C) debited
  D) credited
  Show Answer
  The correct answer is C .
• Question 693:

  Use the information below to answer questions 17 and 18.Total current assets..................₦2,000

  Total fixed assets....................₦4,000

  Current liabilities...................₦1,200

  Drawings..............................₦200

  Long-term loan........................₦2,000Determine the capital of the business?

  Options:
  A) ₦9,400
  B) ₦6,000
  C) ₦3,400
  D) ₦3,000
  Show Answer
  The correct answer is D .
• Question 694:

  Capital and revenue expenditures of government are usually accounted for under funds which include

  Options:
  A) technical, special trust and commercial funds
  B) personal advances, technical and public funds
  C) personal advances, treasury clearance and special trust funds
  D) commercial loans and treasury clearance funds
  Show Answer
  The correct answer is B .
• Question 695: When the fixed capital method is used, the partners' share of profits and remunerations are credited to the Options:
  A) current account
  B) profit and loss account
  C) profit and loss appropriation account
  D) capital account
  Show Answer
  The correct answer is D .
• Question 696:

  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 697: Which of the following signs general warrant for the release of money from the consolidated revenue fund? Options:
  A) Minister of Finance
  B) Chairman, Economic Advisory Committee
  C) Permanent secretary
  D) Minister of Economic Planning
  Show Answer
  The correct answer is A .
• Question 698: The principle of double entry system ensures? Options:
  A) mathematical accuracy in trial balance
  B) balances at the bank
  C) increase in the assets and liabilities
  D) balance of cash account
  Show Answer
  The correct answer is A .
• Question 699: Which of the following is incorrect? The amounts are arranged in the following order: Assets; Liabilities; Capital Options:
  A) ₦7850; ₦1250; ₦6600
  B) ₦8200; ₦2800; ₦5400
  C) ₦9550; ₦1150; ₦8200
  D) ₦6540; ₦1120; ₦5420
  Show Answer
  The correct answer is C .
• Question 700: Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 54,000; creditors at the beginning 4000; creditors at the end 2,000 Options:
  A) ₦52,000
  B) ₦51,000
  C) ₦55,000
  D) ₦50,000
  Show Answer
  The correct answer is C .