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 161:

  When the goods are sold on credit to a buyer, the account receivable account will be

  Options:
  A) debit and credit
  B) contra entry
  C) debited
  D) credited
  Show Answer
  The correct answer is C .
• Question 162:

  Use the information below to answer question

  Net loss.......................₦2300

  Capital........................₦10500

  Liabilities....................₦7200

  What will be the equity of the business?

  Options:
  A) ₦12 800
  B) ₦4900
  C) ₦8200
  D) ₦9500
  Show Answer
  The correct answer is C .
• Question 163:

  In the absence of a partnership deed, the act stipulates that____________

  Options:
  A) An amount should be fixed as salaries for partners
  B) Profits and losses should not be shared equally
  C) Interest on partner’s loan should be 25%
  D) Interest should not be allowed on partners drawings
  Show Answer
  The correct answer is D .
• Question 164: The summary of receipts ans payments account represent? Options:
  A) cash at hand
  B) journal proper
  C) general journal
  D) ledger accounts
  Show Answer
  The correct answer is A .
• Question 165:

  The value of the sales ledger control account is derived from the summation of the

  Options:
  A) total creditors control account
  B) total debtors control account
  C) all day books
  D) both the debtors and creditors accounts
  Show Answer
  The correct answer is B .
• Question 166:

  Use the information below to answer the question.

  Calculate the balance in the bank statement.

  	₦
  Balance as per cashbook	13560
  Unpresented cheques	5120
  Dividend received	2000
  Uncredited cheque	2300
  Bank charges	280
  Standing order	600
  Balance as per bank statement	?

  Options:
  A) ₦10,740
  B) ₦11,860
  C) ₦16,380
  D) ₦17,500
  Show Answer
  The correct answer is D .
• Question 167:

  Use the information below were to answer questions

  ...................Stationary Dept.............Video Dept.

  Sales ..............₦10,600.....................₦15,175

  Cost of goods sold..₦5,247......................₦6704

  The expenses incurred were rent ₦4500, motor repairs ₦1200 and telephone ₦900.

  The basis of cost apportionment is 1/2 stationary 1/3 video.

  Determine the net profit of the business?

  Options:
  A) ₦6600
  B) ₦6271
  C) ₦5353
  D) ₦7224
  Show Answer
  The correct answer is B .
• Question 168:

  Use the following information to answer this question.

  Provision for bad debt 1500

  Additional information

  1. Bad debt written off amount to 3000

  2. Debtors balance as at the end of the year is 28,000

  3. Provision for bad debts stand at 10%

  How much is to be charged to profit and loss account as provision for bad debt?

  Options:
  A) ₦2, 800
  B) ₦1, 000
  C) ₦2, 500
  D) ₦3, 000
  Show Answer
  The correct answer is B .
• Question 169:

  Use the following Information to answer this question.

  Stock of finished goods: Jan 1st Dec 31st Stock of Raw materials: Jan 1st Dec 31st Purchase of Raw Materials Manufacturing Wages Depreciation: Factory equipment Direct expenses Factory Fuel Carriage inwards on Raw Materials

  ₦ 50,640 71,380 32,160 29,640 145,000 52,000 16,500 12,500 7,000 7,000

  Options:
  A) 220,480
  B) 213,480
  C) 200,480
  D) 190,000
  Show Answer
  The correct answer is A .
• Question 170:

  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 .