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 71:

  2/3 Purchases 900 books at #1,000 each

  4/3 Purchases 590 books at ₦950 each

  15/3 Sales 300 books at #900 eachDetermine the cost of goods sold using FIFO

  Options:
  A) #285,000
  B) #300,000
  C) #570,000
  D) #600,000
  Show Answer
  The correct answer is B .
• Question 72: Given that the balance as per cash book after necessary adjustment was ₦4,315, unpresented cheques were ₦1,688 and the bank statement balance was ₦4,791, what was the balance of uncredited cheques? Options:
  A) ₦1,223
  B) ₦1,212
  C) ₦1,202
  D) ₦1,115
  Show Answer
  The correct answer is B .
• Question 73:

  In trial balance, income and liabilities are

  Options:
  A) credited
  B) credited and debited respectively
  C) debited and credited respectively
  D) debited
  Show Answer
  The correct answer is A .
• Question 74: Determine the total expenses to be charged to profit and loss account? Options:
  A) ₦2 350
  B) ₦1 600
  C) ₦800
  D) ₦3 150
  E) NO OPTION
  Show Answer
  The correct answer is E .
• Question 75:

  In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be

  Options:
  A) profit
  B) capital
  C) loss
  D) cash
  Show Answer
  The correct answer is C .
• Question 76:

  Ii) Add up both side

  Iii)Take the difference to the smaller and add to the smaller figure The correct procedure for balancing account is?

  Options:
  A) ii, i and iii
  B) i, iii and ii
  C) ii, iii and i
  D) i, ii and iii
  E) Deducted the smaller side figure from the bigger side figure .
  Show Answer
  The correct answer is B .
• Question 77:

  Sales Ledger
  	₦		₦
  Bal. b/d	20 000	Sales returns	10 000
  Sales	40 000	Discount allowed	1 000
  		Bal. c/d	?

  If cheques of ₦40 000 were received but a cheque of ₦8 000 was dishonoured, the amount owed was

  Options:
  A) ₦9 000
  B) ₦20 000
  C) ₦1000
  D) ₦17 000
  Show Answer
  The correct answer is C .
• Question 78: Which of the following is a common cause of a discrepancy between head office and branch trial balance? Options:
  A) Debtors and cash in transit
  B) Creditors and cash in transit
  C) Stock and cash in transit
  D) Stock and prepayments
  Show Answer
  The correct answer is A .
• Question 79: Apart from the common control accounts, a control account can also be opened for? Options:
  A) sales account
  B) purchases account
  C) cash account
  D) wages account
  Show Answer
  The correct answer is C .
• Question 80:

  

  Miscellaneous expense is 10% of revenue.

  Calculate the net income.

  Options:
  A) ₦583,000
  B) ₦563,000
  C) ₦483,000
  D) ₦583,000
  Show Answer
  The correct answer is A .