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 711: A sole trader purchased goods in cash worth ₦2000 at 2% discount and made a cash sale of ₦1000 at the same rate of discount. Determine the amount of discount allowed? Options:
  A) ₦20
  B) ₦40
  C) ₦400
  D) ₦200
  Show Answer
  The correct answer is A .
• Question 712: Which of the following is a debit item in the sales ledger control account Options:
  A) Cheque reciepts
  B) Dishonoured cheques
  C) Discount allowed
  D) Bills recievable
  Show Answer
  The correct answer is B .
• Question 713:

  Retained profits is an example of

  Options:
  A) Revenue reserve
  B) Capital reserves
  C) General reserves
  D) Loan capital
  Show Answer
  The correct answer is A .
• Question 714:

  Discount received is apportioned to each department on the basis of

  Options:
  A) Floor area
  B) Turnover
  C) Purchases
  D) Horse power
  Show Answer
  The correct answer is C .
• Question 715:

  

  The working capital of the club is

  Options:
  A) ₦5000
  B) ₦4000
  C) ₦3000
  D) ₦7000
  Show Answer
  The correct answer is C .
• Question 716:

  Use the information below to answer the question

  ........................1/7/2005............30/6/2006

  Drawings.....................................₦3 000

  Capital.................25 000...............₦42 500

  Furniture...............6 500...............₦10 200

  Additional capital during the year amounts to 300% of the drawings.

  Calculate the net profit or loss made during the year.

  Options:
  A) ₦15 100 profit
  B) ₦15 100 loss
  C) ₦11 500 profit
  D) ₦11 500 loss
  Show Answer
  The correct answer is D .
• Question 717:

  The partners capital are: Modibbo #60,000

  And Jakata #90,000. The partners share

  Profit and losses in the ratio of their capital

  Contributions.

  The net profit for the year is #12,000.What is Jakata's sharing profit?

  Options:
  A) 3:5
  B) 1:2
  C) 2:5
  D) 1:5
  Show Answer
  The correct answer is D .
• Question 718: In a departmental account, the expenses to be apportioned on the basis of turnover is Options:
  A) carriage inwards
  B) returns outwards
  C) discount recieved
  D) carriage outwards
  Show Answer
  The correct answer is A .
• Question 719: What is the consolidated revenue fund balance? Options:
  A) ₦1100,000
  B) ₦680,000
  C) ₦440,000
  D) ₦410,000
  Show Answer
  The correct answer is A .
• Question 720: The difference between book keeping and accounting is that while Options:
  A) book keeping interprets data, accounting records it
  B) book keeping is regarded as the language of the business accounting ascertians its strength and weakness
  C) book keeping records data accounting interprets it
  D) book keeping summaries information accounting communicatesit
  Show Answer
  The correct answer is C .