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 41: 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 42: To record the transfer of stock from one department to another, the correct entry would be to debit? Options:
  A) goods outwards and credit goods inwards
  B) merchandise account and credit department stock account
  C) department transfering and credit department receivving
  D) department receiving and credit department transfering
  Show Answer
  The correct answer is D .
• Question 43:

  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 44: Accounting information seeks to provide Options:
  A) permanent records for all transactions
  B) analysis of accounts to trade debtors
  C) audited reports on the accounts of a company
  D) data about the employees of a company
  Show Answer
  The correct answer is A .
• Question 45:

  Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is

  Options:
  A) realisation concept
  B) entity concept
  C) going concern concept
  D) matching concept
  Show Answer
  The correct answer is B .
• Question 46: Which of the following is an intangible asset and a measure of a firm's superior earning power? Options:
  A) Patent
  B) Goodwill
  C) Trademark
  D) Right issue
  Show Answer
  The correct answer is B .
• Question 47: A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of Options:
  A) imprest system only
  B) direct purchase by branch
  C) separate accountant for the branch
  D) credit sales by only the headquarters
  Show Answer
  The correct answer is D .
• Question 48: 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 49: Fatima withdraws goods from the business for personal use. the accounting treatment is to debit? Options:
  A) stock account and credit profit and loss account
  B) drawings account and credit stock account
  C) profit and loss account and credit drawing account
  D) stock account and credit drawings account
  Show Answer
  The correct answer is B .
• Question 50: Determine the opening cash balance of the club? Options:
  A) ₦3 070
  B) ₦2 220
  C) ₦5 710
  D) ₦4 320
  Show Answer
  The correct answer is B .