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 31: A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000The yearly depreciation using the straight line method would be Options:
  A) #8,800
  B) #6,500
  C) #5,200
  D) #4,400
  Show Answer
  The correct answer is C .
• Question 32:

  The accounting entries for goods stolen in branch will be to debit

  Options:
  A) profit and loss account and credit branch stock account
  B) branch stock account and credit branch adjustment account
  C) branch adjustment account and credit profit and loss account
  D) branch adjustment account and credit branch stock account
  Show Answer
  The correct answer is A .
• Question 33: The limitations of the receipts and payments account arise mainly because of the reliance on? Options:
  A) cash movement as evidence of transaction
  B) the acconuting officer to report
  C) the capital account of the organization
  D) the transaction papers as evidence of transaction
  Show Answer
  The correct answer is A .
• Question 34: The document setting out the regulations regarding shares, meetings and internal organization of a company is known as Options:
  A) memorandum of association
  B) article of association
  C) prospectus
  D) company law
  Show Answer
  The correct answer is B .
• Question 35:

  Use the information below to answer the question

  Gross profit b/d Less: Salaries and wages Electricity Depreciation Net profit c/d

  Dept A ₦ 6,000 1,800 ? 600 ? 6,000

  Dept B ₦ 4,000 1,200 ? ? 1,600 4,000

  Total ₦ 10,000 3,000 2,000 1,000 4,000 10,000

  It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.

  The depreciation to be charged to department B is

  Options:
  A) ₦500
  B) ₦300
  C) ₦400
  D) ₦600
  Show Answer
  The correct answer is C .
• Question 36: What is the figure for purchases? Options:
  A) ₦2,400
  B) ₦2,500
  C) ₦4,200
  D) ₦5,200
  E) No option indicated
  Show Answer
  The correct answer is E .
• Question 37:

  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.

  The net profit for the year is

  Options:
  A) ₦5,750
  B) ₦5,650
  C) ₦3,200
  D) ₦2,300
  Show Answer
  The correct answer is C .
• Question 38:

  Use the information below to answer question 25 and 26.

  Bar opening stock ₦10,000

  Amount owed to bar suppliers at

  The end the beginning of the year ₦10,000

  Bar sales ₦50,000

  Bar credit purchases ₦40,000

  Payment to suppliers ₦30,000

  Bar expenses ₦1,000

  Bar closing stock ₦15,000

  How much is owed to suppliers?

  Options:
  A) ₦50,000
  B) ₦40,000
  C) ₦30,000
  D) 20,000
  Show Answer
  The correct answer is D .
• Question 39: Which of the following items are current assets? Options:
  A) Stock, bills receivable, cash and debtors
  B) Stock, bill receivable, cash and debtors
  C) Stock, bad debt, bills receivable and cash
  D) Stock, work-in-progress, cash and bills payable
  Show Answer
  The correct answer is A .
• Question 40: If sales return is understated, it implies that ------------------------------ is overstated Options:
  A) return inward
  B) sales figure
  C) cost of sales
  D) return outward
  Show Answer
  The correct answer is B .