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 61: The receipt of cash from a customer who bought goods with ₦800 list price, 25% trade discount and 2/10, n/30 terms would, if paid within the discount period, amount to Options:
  A) ₦576
  B) ₦588
  C) ₦600
  D) ₦624
  Show Answer
  The correct answer is B .
• Question 62: If stationery bought for ₦200 has been entered as ₦2000. To correct this error? Options:
  A) debit stationery with ₦2,200
  B) credit stationery with ₦1,800
  C) debit stationery with ₦1,800
  D) credit stationery with ₦2,200
  Show Answer
  The correct answer is B .
• Question 63: The estimated profit or loss for a period is calculated by Options:
  A) closing capital less opening capital add drawings
  B) opening capital less closing capital add drawings
  C) opening capital less drawings add closing capital
  D) opening capital add closing add drawings
  Show Answer
  The correct answer is A .
• Question 64:

  Given:

  Purchases ledger balance..............₦4000
  Purchases for the period..............₦50000
  Cash refunded by suppliers............₦290
  Cheques paid to suppliers..............₦42300
  Returns outwards.......................₦2000
  Discount received from suppliers.......₦400

  The balance of the purchases ledger control account is?

  Options:
  A) ₦10390
  B) ₦9990
  C) ₦9590
  D) ₦9010
  Show Answer
  The correct answer is C .
• Question 65:

  A credit balance on a receipt and payments account indicates that the non-profit making organization?

  Options:
  A) had more revenues than expenses during the period
  B) did not owe much liabilities during the period
  C) received more cash than it paid out during the period
  D) made more cash payments than it received during the period
  Show Answer
  The correct answer is C .
• Question 66: The source documents include? Options:
  A) cash book
  B) petty cash book
  C) general ledger
  D) credit notes
  Show Answer
  The correct answer is B .
• Question 67: In the absence of a sales day book or sales account the credit for sales can be computed from Options:
  A) creditors control account
  B) debtors control account
  C) opening figures of the balance sheet
  D) closing figures of the balance sheet
  Show Answer
  The correct answer is A .
• Question 68: when shares issued are paid for, accounting entry required is Options:
  A) debit bank or cash account and credit share capital and/or premium account
  B) credit bank or cash account and debit share capital and/or premium account
  C) debit shares account and credit capital account
  D) credit shares account and debit capital account
  Show Answer
  The correct answer is A .
• Question 69:

  From the following, determine the value of closing stock using:

  Feb 1 purchased 200 units @ ₦2.00 each

  Feb 3 purchased 100 units @ ₦1.00 each

  Feb 4 issued 120 units @ ₦5.00 each

  Feb 5 purchased 50 units @ ₦3.00 each

  Feb 6 issued 100 units @ ₦4.00 each

  Options:
  A) 330
  B) 420
  C) 230
  D) 320
  Show Answer
  The correct answer is C .
• Question 70:

  A source document is used for verifying the

  Options:
  A) amount due from debtors
  B) amount due to creditors
  C) selling price of goods
  D) actual cost of an asset
  Show Answer
  The correct answer is C .