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 21:

  Use the information below to answer the question that follows,

  A machine bought for ₦35,000 was estimated to have a life span of 5years with a scrap value of ₦9,000.

  The yearly depreciation using the straight line method would be? Options:
  A) ₦5,200
  B) ₦6,500
  C) ₦8,800
  D) ₦4,400
  Show Answer
  The correct answer is A .
• Question 22:

  Use the information below to answer question .

  Capital ...................₦2000

  Bank ......................₦1200

  Purchase ..................₦2500

  Sales .....................₦6700

  Stock .....................₦1300

  Creditors .................₦1000

  Fixed assets...............₦3700

  Drawings ..................N?

  Drawings are always estimated at 50% of capital.

  The trial balance total is?

  Options:
  A) ₦9700
  B) ₦8700
  C) ₦7900
  D) ₦7800
  Show Answer
  The correct answer is A .
• Question 23: When assets are realized during a partnership dissolution, the entries for the proceeds are to debit? Options:
  A) cash account and credit realization account
  B) rassets account and credit realization account
  C) realization account and credit realization account
  D) assets account and credit cash account
  Show Answer
  The correct answer is A .
• Question 24:

  Use the information below to answer the question

  Goods from head office................₦13,400

  Returns to head office ...............₦118

  Rates and insurance paid .............₦188

  Wages paid ...........................₦913

  Cash remitted to head office..........₦16,625

  Stock at 1/1/2000.....................₦1,875

  Rents paid ...........................₦325

  Stock at 31/12/2000 ..................₦1,975

  Sundry expenses ......................₦200

  What is the total expenses?

  Options:
  A) ₦1 875
  B) ₦1 817
  C) ₦1 626
  D) ₦1 426
  Show Answer
  The correct answer is C .
• Question 25:

  	₦
  Stock at branch 1st January at cost	400
  Goods sent to branch at cost	8000
  Returns to head office	340
  Cash sales	9160
  Stock at branch 31st December at cost	720

  Use the information below to answer the question.

  Adex Ltd. Issues stock to its retail branches at cost price. The following particulars relate to Ede branch.

  Options:
  A) ₦1870
  B) ₦1530
  C) ₦1640
  D) ₦1820
  Show Answer
  The correct answer is D .
• Question 26: The journal entries for the purchase of stock on credit are to debit? Options:
  A) stock account and credit cash account
  B) stock account and credit liability account
  C) ourchase account and credit liability account
  D) suspense account and credit cash account
  Show Answer
  The correct answer is C .
• Question 27: Aduke Motors bought three Toyota Hilux vans on cash at the cost of #6,000,000, on debiting the vehicle account, the corresponding credit for the purchase will appear in the Options:
  A) sales day book
  B) purchases day book
  C) sales subsidiary book
  D) cash book
  Show Answer
  The correct answer is D .
• Question 28:

  Use the information below to answer the question

  Total sales of ticket.......................₦300 000

  Amount received from the sales..............₦260 000

  Cash purchase of club house.................₦100 000

  Credit purchase of equipment ...............₦60 000

  Electricity bill paid ......................₦5 000

  Salaries owed ..............................₦2 000

  What is the balance of the income and expenditure account?

  Options:
  A) ₦300 000
  B) ₦293 000
  C) ₦193 000
  D) ₦133 000
  Show Answer
  The correct answer is B .
• Question 29: Partners' salaries and drawings are usually posted to the? Options:
  A) trading account
  B) current account
  C) capital account
  D) partners' account
  Show Answer
  The correct answer is B .
• Question 30: A discount that is allowed to encourage a debtor to pay off his debt within a period is the Options:
  A) annual discount
  B) trade discount
  C) periodic discount
  D) cash discount
  Show Answer
  The correct answer is D .