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 701:

  

  Find the average stock for the period

  Options:
  A) ₦27 000
  B) ₦23 000
  C) ₦28 000
  D) ₦20 500
  Show Answer
  The correct answer is D .
• Question 702:

  Use the information below to answer the question

  Capital ...................₦2000

  Bank ......................₦1200

  Purchase ..................₦2500

  Sales .....................₦6700

  Stock .....................₦1300

  Creditors .................₦1000

  Fixed assets...............₦3700

  Drawings ..................N?

  Drawings are always estimated at 50% of capital.

  Compute the amount withdrawn

  Options:
  A) ₦2000
  B) ₦1500
  C) ₦1250
  D) ₦1000
  Show Answer
  The correct answer is D .
• Question 703:

  

  Trade creditors account was maintained at 25% of the capital.

  What was the balance in the trade creditors account as at 31/12/92?

  Options:
  A) ₦29 800
  B) ₦29 500
  C) ₦29 400
  D) ₦29 000
  Show Answer
  The correct answer is C .
• Question 704: If a trail balance is in agreement, one of the statement is untrue Options:
  A) the accounting system is error free
  B) equal debit entries and credit entries were recorded for each transaction
  C) the debit and credit from the journal were posted to the accounts
  D) account balances were correctly computed
  Show Answer
  The correct answer is A .
• Question 705: Bala Ltd acquired the business of Bello Ltd and caused the separate existence of the latter company to terminate. This situation is best described as? Options:
  A) absorption
  B) merger
  C) conversion
  D) dissolution
  Show Answer
  The correct answer is A .
• Question 706: which of the following is source of document for the preparation of debtors' ledger account? Options:
  A) Debit note
  B) General journal
  C) Purchases invoice
  D) Sales invoice
  Show Answer
  The correct answer is D .
• Question 707:

  

  Musa merchants Trading and profit and Loss Account for the year ended Dec. 31st, 2003. Determine the closing stock.

  Options:
  A) ₦20 000
  B) ₦30, 000
  C) ₦40 000
  D) ₦50,000
  Show Answer
  The correct answer is C .
• Question 708:

  The major source of document which enables employer to calculate  the employee wages  is the?

  Options:
  A) norminal roll of employees
  B) records of number of hours worked
  C) effort of the employee
  D) Record of independence per employee
  Show Answer
  The correct answer is B .
• Question 709:

  A partnership’s internal regulation are set out by________---

  Options:
  A) A constitution
  B) A law
  C) A deed
  D) An article
  Show Answer
  The correct answer is C .
• Question 710: Adaobi mistakenly entered ₦7000 as credit sales in Abba's account. This is? Options:
  A) an error of principles
  B) a compensating error
  C) an error of commission
  D) an error omission
  Show Answer
  The correct answer is C .