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 881:

  Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be

  Options:
  A) Increase in assets of motor vehicle account
  B) Decrease in assets of motor vehicle account
  C) Increase in assets of bank account
  D) Increase in liabilities of bank account
  Show Answer
  The correct answer is A .
• Question 882: If a bad debt previously written off is subsequently repaid, the amount collected is recorded as an Options:
  A) income in the profit and loss account
  B) income in the balance sheet
  C) additional cash in the profit and loss account
  D) expense in the balance sheet
  Show Answer
  The correct answer is A .
• Question 883: When a business incurs labour cost in installing a fixed asset, the cost is treated as Options:
  A) additional cost to the asset
  B) business wages and salaries
  C) installation cost of the asset
  D) business cost of the asset
  Show Answer
  The correct answer is A .
• Question 884: The not-for-profit-making organizations generate their income mainly from? Options:
  A) bar sales
  B) subcriptions
  C) rents
  D) pools
  Show Answer
  The correct answer is B .
• Question 885: The gross profit disclosed in the branch stock adjustment account represents? Options:
  A) head office profit
  B) unrealized profit
  C) estimated profit
  D) branch profit
  Show Answer
  The correct answer is D .
• Question 886: What was the cost of materials available for use during the period? Options:
  A) ₦487,100
  B) ₦449,500
  C) ₦448,500
  D) ₦440,300
  Show Answer
  The correct answer is D .
• Question 887:

  Use the information below to answer the question.

  Beginning inventory............N?
  Purchases......................N?
  Ending inventory...............₦4,800
  Sales..........................₦12,800
  Wages..........................₦1,040
  Gross profit...................₦5,900

  The beginning inventory was estimated at 80% of sales.

  Determine the amount for the beginning inventory.

  Options:
  A) ₦20,140
  B) ₦10,240
  C) ₦8,140
  D) ₦7,240
  Show Answer
  The correct answer is B .
• Question 888: A financial analyst needs accounting information to? Options:
  A) maintain the production section of the business
  B) know why transactions cause increase and decreases in assets
  C) advise on how to manage the business
  D) know how to record transaction in T account
  Show Answer
  The correct answer is C .
• Question 889:

  Use the information below to answer 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.

  The trial balance total is?

  Options:
  A) ₦9700
  B) ₦8700
  C) ₦7900
  D) ₦7800
  Show Answer
  The correct answer is A .
• Question 890:

  Use the information below to answer questions

  Turnover...........................₦120 000

  Net profit before tax..............₦40 000

  Net profit b/f.....................₦68 000

  Proposed dividends:

  Ordinary shares....................₦8 000

  Preference shares..................₦6 000

  Corporate tax is 30%...............₦10 000

  The undistributed profit carried forward is?

  Options:
  A) ₦68 000
  B) ₦20 000
  C) ₦74 000
  D) ₦34 000
  Show Answer
  The correct answer is A .