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 921:

  Use this information below to answer this question

  ₦
  Capital: Opening balance 307,000
  Closing balance 342,000
  Net profit for the period 121,600
  Purchases 706,000
  Carriage inwards 17,500
  Cost of goods sold 740,700
  Total selling, general and
  administration expenses 526,000
  Discount received 9,650
  Opening stock 98,800

  Calculate the closing stock for the period.

  Options:
  A) ₦69,300
  B) ₦81,600
  C) ₦81,300
  D) ₦106,400
  Show Answer
  The correct answer is B .
• Question 922:

  Use the information below to answer questions 25 and 26.

  ........................31/12/08...........31/12/09

  Furniture and fittings..₦21 000,............₦28 000

  Office equipment........₦9 800,.............₦13 200

  Debtors.................₦6 800,.............₦5 200

  Creditors...............₦4 900,.............₦5 100

  Cash at bank............₦7 000,.............₦4 600

  Accrued electricity bills...................₦1 200

  Monthly drawings average ₦330.

  Find the opening capital?

  Options:
  A) ₦39 700
  B) ₦35 900
  C) ₦35 740
  D) ₦43 660
  Show Answer
  The correct answer is A .
• Question 923: The accuracy of journalist is checked by? Options:
  A) ensuring that debit totals equal credit totals
  B) posting all journal entries to ledger accounts
  C) adding all figures in the debit column
  D) comparing accounts in the ledger against the journals
  Show Answer
  The correct answer is D .
• Question 924: The instrument used in analysis and interpretation of financial statement is the Options:
  A) accounting ratios
  B) income and expenditure extract
  C) balance sheet extract
  D) found accounting
  Show Answer
  The correct answer is A .
• Question 925:

  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 926:

  Use the information below to answer questions 29 and 30.Work-in-progress 1/1........................₦1,000

  Work-in-progress 31/12......................₦2,000

  Production cost of goods manufactured.......₦20,000

  Sales.......................................₦50,000

  Stock of finished goods 1/1.................₦4,000

  Stock of finished goods 31/12...............₦5,000

  Selling and distribution expenses...........₦2,000

  Administrative expenses.....................₦1,000Determine the gross profit?

  Options:
  A) 49,000
  B) 48,000
  C) 31,000
  D) 30,000
  Show Answer
  The correct answer is C .
• Question 927: The accounting entry to record the premium on goodwill is to debit? Options:
  A) cash and credit old partners' capital
  B) goddwill and credit revaluation
  C) assets and credit capital
  D) capital and credit assets
  Show Answer
  The correct answer is B .
• Question 928: Goods withdraw from business for private use are credited to? Options:
  A) drawings
  B) purchases
  C) sales
  D) capital
  Show Answer
  The correct answer is B .
• Question 929: If a GSM operator based in Lagos supplies recharge cards to its branch in Akure, the head office can charge the goods at? Options:
  A) selling price
  B) Akure price
  C) company price
  D) Lagos price
  Show Answer
  The correct answer is C .
• Question 930: Processed data is only useful to user if it is Options:
  A) complex
  B) quantitative
  C) relevant
  D) qualitative
  Show Answer
  The correct answer is C .