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 851:

  Given:

  Shaku Company Ltd.

  Stock..........................₦3600 000

  Cash at hand...................₦800 000

  Cash at bank...................₦2400 000

  Debtors........................₦580 000

  Trade creditors................₦920 000

  Bank overdraft.................₦200 000

  Tax liabilities................₦600 000

  Salary owed to staff...........₦180 000

  Determine the working capital?

  Options:
  A) ₦7380 000
  B) ₦8480 000
  C) ₦5480 000
  D) ₦6480 000
  Show Answer
  The correct answer is C .
• Question 852:

  Given:

  (i) Order of performance

  (ii) Order of liquidity

  (iii)Vertical order

  (iv) Horizontal order

  The order in which a balance assets is arranged are?

  Options:
  A) i and ii
  B) i and iv
  C) ii and iii
  D) iii and iv
  Show Answer
  The correct answer is C .
• Question 853: The correct entries to record goods transferred to branch from head office is to debit? Options:
  A) branch stock account and credit goods sent to branch account
  B) branch supplies account and credit branch stock account
  C) branch stock account and credit purchases account
  D) goods sent to branch account and credit branch stock account
  Show Answer
  The correct answer is A .
• Question 854: In the period of rising prices, which method of stock valuation is most appropriate? Options:
  A) Last in First Out
  B) weighted average
  C) First in First Out
  D) Simple average
  Show Answer
  The correct answer is A .
• Question 855: The main reason for adopting a departmental account is to? Options:
  A) record transactions for each department for betterdocumentation
  B) tackle any recording problem as a result of expansion
  C) continuously evaluate the profitability of different departments
  D) ensure that departmental mangers are adequately monitored
  Show Answer
  The correct answer is C .
• Question 856:

  $\begin{array}{cc}& \text{N}\\ \text{Balance as per cashbook}& 5467\\ \text{Uncredited cheques}& 4410\\ \text{Unpresented cheque}& 19404\\ \text{Cheques wrongly debited by bank}& 1440\end{array}$

  Options:
  A) ₦4207
  B) ₦9527
  C) ₦6907
  D) ₦9877
  Show Answer
  The correct answer is B .
• Question 857:

  1. Cash sales

  11. Cash purchases

  111. Cash discount allowed

  1V. Cash payment

  V. Cash receiptsWhich of the following are recorded on the debit side of the cash book

  Options:
  A) 1 and 11
  B) 1 and 111
  C) 1 and V
  D) 1 and 1V
  Show Answer
  The correct answer is C .
• Question 858:

  Cash Book (Extract)
  	₦		₦
  Balance b/f	2,200	Sundry expenses	16,800
  		Drawings	4,700
  Receipt from customers	16,400	Suppliers	7,300

  Debtors opening and closing balances amount to ₦6,500 and ₦7,600 respectively, What is the sales value?

  Options:
  A) ₦15,300
  B) ₦17,500
  C) ₦28,400
  D) ₦31,600
  Show Answer
  The correct answer is B .
• Question 859: In sales ledger control account, returns inwards is usually Options:
  A) debited and debtors credited
  B) credited and sales returns debited
  C) debited and cash credited
  D) credited and bank credited
  Show Answer
  The correct answer is B .
• Question 860:

  A provision for bad debt account had N33,800 at the beginning of the year and N4,220 at the close of the year. If bad debts are calculated at the rate of 1/20% of annual credit sales, what was the credit sales for the period?

  Options:
  A) N210,000
  B) N844,400
  C) N840,000
  D) N500,000
  Show Answer
  The correct answer is B .