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 761: A major factor that enhanced the early development of accounting is the? Options:
  A) Industrial Revolution
  B) growing of trade and commerce
  C) development of arithmetic
  D) invention of writing
  Show Answer
  The correct answer is B .
• Question 762: When a bill is negotiated to a bank, it is said be? Options:
  A) surrendered
  B) cashed
  C) discounted
  D) accepted
  Show Answer
  The correct answer is C .
• Question 763:

  Given:

  Total debtors b/d 31/12/99...............₦25 000

  Cheques received from debtors ...........₦255 000

  Total debtors c/d 31/12/00...............₦15 000

  Determine the sales figure?

  Options:
  A) ₦295 000
  B) ₦265 000
  C) ₦245 000
  D) ₦215 000
  Show Answer
  The correct answer is C .
• Question 764:

  Another name for control accounts is

  Options:
  A) total account
  B) purchases ledger
  C) creditors' account
  D) debtors' account
  Show Answer
  The correct answer is A .
• Question 765:

  July 1 - Started business with #10,500

  July 31- Paid Agromachinex #6,000 owing

  themThe double entry for July 31 would be

  Options:
  A) debit Agromachinex and credit cash
  B) debit equipment and credit Agromachinex
  C) credit capital and debit cash
  D) credit cash and debit purchases
  Show Answer
  The correct answer is A .
• Question 766: A cheque of #5,000 paid to Sulieman had been correctly entered in the cash book but had not been entered in Sulieman's account. To correct this error, debit Sulieman's account and credit Options:
  A) cash account
  B) bank account
  C) suspense account
  D) purchases account
  Show Answer
  The correct answer is B .
• Question 767:

  	₦
  Manufacturing wages	42,000
  Factory rent	880
  Raw materials: Stock 1/1/16	1,000
  Purchases	16,000
  Stock 31/12/16	1,400
  Depreciation of Plants and Machinery	800
  Royalties	300
  Indirect wages	18,000
  General indirect expenses	620

  What is the value of the indirect manufacturing cost?

  Options:
  A) ₦57,900
  B) ₦18,200
  C) ₦20,300
  D) ₦23,000
  Show Answer
  The correct answer is C .
• Question 768: The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch? Options:
  A) debtors' account
  B) trading account
  C) expenses account
  D) cash account
  Show Answer
  The correct answer is D .
• Question 769: Alaka who owed Saka #15,000, settled his debt after deducting cash discount of 10percent. To record the discount in the book of Saka, debit Options:
  A) discount recieved account and credit Alaka's account
  B) Alaka's account and credit discount recieved account
  C) Saka's account and credit discount recieved account
  D) discount allowed account and credit Alaka's account
  Show Answer
  The correct answer is D .
• Question 770: Goods stolen at the branch is debited to Options:
  A) branch stock account
  B) defalcations account
  C) branch debtors account
  D) branch adjustment account
  Show Answer
  The correct answer is D .