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 941:

  Given:

  Light expenses...................₦400

  Purchases........................₦3,000

  Sales............................₦1,200

  Creditors........................₦2,250

  Debtors..........................₦50

  Calculate the total of the trial balance?

  Options:
  A) ₦4,250
  B) ₦3,500
  C) ₦4,300
  D) ₦3,450
  Show Answer
  The correct answer is D .
• Question 942: An effective accounting system should provide information Options:
  A) on new product and methods
  B) for cutomer feed back and requirement
  C) on internal and external reporting for managers and third parties
  D) for promoters, directors, labour union and distributors
  Show Answer
  The correct answer is C .
• Question 943:

  Which of the following indicate that a partnership business is in place?

  (i) There is a business

  (ii)It is run commonly by partners

  (iii)It has profit-making in view

  (iv) Partners' liability is limited

  Options:
  A) i and ii only
  B) i, ii and iii only
  C) i, iii and iv only
  D) ii, iii and iv only
  Show Answer
  The correct answer is C .
• Question 944: Given that 1/3 of the ₦6000 stock held by a branch is purchased from outsiders. If goods are invoiced to branch at 25% on cost, the provision for unrealized profit is? Options:
  A) ₦1000.00
  B) ₦333.33
  C) ₦666.66
  D) ₦800.00
  Show Answer
  The correct answer is D .
• Question 945: If the total discount allowed in a cash book was ₦230 and the total discount received was ₦255, which of the following is true concerning the two discounts? Options:
  A) They must be balanced in the cash book and the difference taken to the debtors ledger
  B) They must be balanced in the cash book and the difference taken to the trial balance
  C) They should not be balanced in the cash book before being taking to the trial balance
  D) They should not appear in the trial balance as they were already either received or paid out
  Show Answer
  The correct answer is D .
• Question 946:

  Use the information below to answer question 4 and 5.Sales ₦20,000

  Cost sales ₦10,000

  Operating expenses ₦2,500

  Expenses prepaid included

  In operating expenses ₦500Calculate the net profit?

  Options:
  A) ₦12,500
  B) ₦10,000
  C) ₦8,000
  D) ₦7,500
  Show Answer
  The correct answer is C .
• Question 947: If a monthly insurance premium is remitted to a company by the state government, the initial deductions from employees are recorded in? Options:
  A) the general fund
  B) agency fund
  C) special fund
  D) general long-term fund
  Show Answer
  The correct answer is B .
• Question 948: The transactions relating to liquidation in partnership account is drawn by using? Options:
  A) current account
  B) cash account
  C) capital account
  D) realization account
  Show Answer
  The correct answer is C .
• Question 949:

  Which of the following is not a type of branch?

  Options:
  A) Dependent branch
  B) foreign branch
  C) independent branch
  D) single branch
  Show Answer
  The correct answer is D .
• Question 950:

  Given:Opening capital - #1,500

  Capital introduced - ₦500

  Profit for the year - ₦800

  Cash drawings - ₦250Calculate the closing capital

  Options:
  A) #2,550
  B) #2,500
  C) #2,350
  D) #2,250
  Show Answer
  The correct answer is A .