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 951:

  Use the information below to answer question 14 and 15.Sales....................................₦10,900

  Stock 1/1................................₦1, 000

  Stock 31/12..............................₦2, 000

  Purchases................................₦4, 000

  Returns outwards.........................₦800

  Returns inwards..........................₦600

  Carriage outwards........................₦300

  Carriage inwards.........................₦200Find the gross profit.

  Options:
  A) ₦7 800
  B) ₦7 900
  C) ₦9700
  D) 5700
  Show Answer
  The correct answer is B .
• Question 952:

  Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.

  The record in Jide's book would be to debit

  Options:
  A) purchases #12,000 and credit Ibrahim #12,000
  B) purchases #12,000 and credit sugar account #12,000
  C) Jide #12,000 and credit purchases
  D) Ibrahim #12,000 and sugar account #12,000
  Show Answer
  The correct answer is A .
• Question 953: The amount required to replenish the payments made from the imprest was? Options:
  A) ₦399
  B) ₦394
  C) ₦358
  D) ₦101
  Show Answer
  The correct answer is B .
• Question 954:

  	₦
  Debtors opening	4000
  Debtors closing	1500
  Cash received from debtors	8500
  Bad debts written off	350
  Discount allowed	500
  Discount received	1000

  What is the amount of sales for the year?

  Options:
  A) ₦6850
  B) ₦6650
  C) ₦3850
  D) ₦1550
  Show Answer
  The correct answer is A .
• Question 955:

  Given:

  Equipment Motor Vehicle Loan Creditors Sub in advance Sub in arrears

  ₦ 10,000 15,000 4,500 3,000 150 3500

  What is the accumulated fund?

  Options:
  A) ₦14,150
  B) ₦20,850
  C) ₦21,850
  D) ₦14,200
  Show Answer
  The correct answer is B .
• Question 956:

  Salaries in arrears is treated in the balance sheet as a

  Options:
  A) current asset
  B) current liability
  C) long term liability
  D) fixed asset
  Show Answer
  The correct answer is B .
• Question 957: In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the? Options:
  A) revenue and expenditure account
  B) receipts and payments account
  C) profit and loss apporpriation account
  D) profit and loss account
  Show Answer
  The correct answer is D .
• Question 958: The expenses incurred in purchasing a vehicle is a Options:
  A) revenue expenditure
  B) capital expenditure
  C) recurrent expenditure
  D) concurrent expenditure
  Show Answer
  The correct answer is B .
• Question 959:

  Use this information below to answer this question.Trading Account (Extract).................N.............................N......

  Opening stock...19500........Sales............96 000..

  Add purchases...68700.................................

  ................88200.................................

  Less closing stock..?.................................

  Cost of goods sold..?.................................

  Gross profit C/D....?.................................

  ....................?..........................?......

  The gross profit margin is 20%

  Determine the closing stock

  Options:
  A) ₦76 800
  B) ₦67 800
  C) ₦14 100
  D) ₦11 400
  Show Answer
  The correct answer is C .
• Question 960: Cost accounting entails the provision of information? Options:
  A) for investment purposes
  B) for descision making
  C) to shareholders
  D) to stockholders
  Show Answer
  The correct answer is B .