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 1:

  I. A retailer when fixing his selling price adds one-quarter to the cost of the article
  II. The expenses of the retailer is 10% of his sales
  III. The total sales is ₦23,000
  IV. he turned over his stock five times in the year.

  Compute the average amount of stock in hand at cost price

  Options:
  A) ₦3,860
  B) ₦3,806
  C) ₦3,680
  D) ₦3,086
  Show Answer
  The correct answer is C .
• Question 2:

  Gbagada Social Club.
  Receipt and Payments Account for the year 1993

  Description	Amount (₦)	Description	Amount (₦)
  Balance b/d	720	Rent	180
  Subscriptions	14,300	Furniture	3,500
  Proceed from raffle draws	2,000	Rate	580
  		Stationery	120
  		Welfare expenses	1,000
  		Raffle prize	950
  Total	17,020	Balance c/d	10,690
  		Total	17,020

  Additional information:

  	1:1:93	31:12:93
  	₦	₦
  Subscription in arrears	300	450
  Furniture	7,000
  Subscription received in advance	500	400
  Rate owing	50	60

  Subscription relating to the accounting year 1993 in the income and expenditure account is

  Options:
  A) ₦15 050
  B) ₦14 050
  C) ₦14 300
  D) ₦13 400
  Show Answer
  The correct answer is B .
• Question 3:

  Which of the following conditions best represents the net effect of discount allowed on credit sales on the accounts of the business?

  Options:
  A) decrease in the closing balance of sales ledger control accout
  B) increase in net profit
  C) increase in the value of sales
  D) decrease in the value of purchases in the trading account
  Show Answer
  The correct answer is A .
• Question 4: the receipt and payment s acpunt of a not-for-profit-making organization plays a similar role in a profit-making organization as? Options:
  A) a cash acount
  B) a balance sheet
  C) an income account
  D) an expenses account
  Show Answer
  The correct answer is B .
• Question 5:

  Use the information below to answer questions .Aug. 1 Received 20 units at ₦60 each

  Aug. 6 Received 20 units at ₦68 each

  Aug. 10 Issued 16 units

  Aug. 20 Received 40 units at ₦80 each

  Aug. 31 Issued 48 unitsUsing the FIFO method, what is the value of the closing stock?

  Options:
  A) ₦1280
  B) ₦1184
  C) ₦1024
  D) ₦960
  Show Answer
  The correct answer is A .
• Question 6: When shares are issued at a discount, entries are to debit Options:
  A) application allotment account and credit discount accoun
  B) discount account and credit
  C) cash account and credit discount account
  D) discount account and credit bank account
  Show Answer
  The correct answer is A .
• Question 7: Which of the following is credited to the consolidated revenue fund? Options:
  A) Recurrent expenditure
  B) Capital expenditure
  C) Transfer to revenue fund
  D) International revenue
  Show Answer
  The correct answer is A .
• Question 8:

  Accounts can be classified into

  Options:
  A) cash and credit transactions
  B) cash and credit accounts
  C) personal and private account
  D) personal and impersonal account
  Show Answer
  The correct answer is D .
• Question 9:

  Retained profits is an example of

  Options:
  A) Revenue reserve
  B) Capital reserves
  C) General reserves
  D) Loan capital
  Show Answer
  The correct answer is A .
• Question 10:

  The accounting system in which only one aspect of transaction is recorded is

  Options:
  A) single entry
  B) single column cash book
  C) original entry
  D) double entry
  Show Answer
  The correct answer is A .