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JAMB and WAEC Accounts (Principles of Accounts) questions

609 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAccounting concepts and conventions · 35Accounts of not-for-profit organisations · 29Accruals, prepayments and provisions · 34Bank reconciliation statements · 31Branch and departmental accounts · 29Company accounts · 33Control accounts · 30Depreciation of non-current assets · 34Double entry and the ledger · 38Final accounts of a sole trader · 39Incomplete records · 31Manufacturing accounts · 29Nature and purpose of accounting · 29Partnership accounts · 34Petty cash and the imprest system · 26Public sector accounting · 30Source documents and books of original entry · 30The cash book and discounts · 33The trial balance and errors · 35

  1. Question 301· Final accounts of a sole trader· JAMB

    Use the following information about Okafor Stores for the year ended 31 December 2025 to answer the question. Opening inventory ₦60,000 Purchases ₦400,000 Returns outwards ₦10,000 Carriage inwards ₦15,000 Closing inventory ₦75,000 Sales ₦620,000 Returns inwards ₦20,000

    Find the net purchases of Okafor Stores.

    Explanation and discussion

  2. Question 302· Final accounts of a sole trader· WAEC

    Carriage outwards is treated as

    Explanation and discussion

  3. Question 303· Final accounts of a sole trader· JAMB

    Net profit increases the owner's capital because profit

    Explanation and discussion

  4. Question 304· Final accounts of a sole trader· JAMB

    The following appear in the trading account EXCEPT

    Explanation and discussion

  5. Question 305· Final accounts of a sole trader· WAEC

    Fixed assets are arranged in the balance sheet usually in order of

    Explanation and discussion

  6. Question 306· Final accounts of a sole trader· WAEC

    Carriage inwards is charged to the

    Explanation and discussion

  7. Question 307· Final accounts of a sole trader· JAMB

    A balance sheet shows the

    Explanation and discussion

  8. Question 308· Final accounts of a sole trader· WAEC

    Opening inventory is ₦40,000, purchases ₦260,000 and closing inventory ₦55,000. Find the cost of sales.

    Explanation and discussion

  9. Question 309· Final accounts of a sole trader· JAMB

    A long-term loan repayable in eight years is shown under

    Explanation and discussion

  10. Question 310· Final accounts of a sole trader· WAEC

    Which item appears in the statement of financial position?

    Explanation and discussion

  11. Question 311· Final accounts of a sole trader· WAEC

    Opening stock ₦5,000, purchases ₦20,000, closing stock ₦4,000. Cost of goods sold is

    Explanation and discussion

  12. Question 312· Final accounts of a sole trader· WAEC

    Gross profit is

    Explanation and discussion

  13. Question 313· Final accounts of a sole trader· JAMB

    Gross profit was ₦250,000, expenses ₦140,000 and discount received ₦6,000. The net profit is

    Explanation and discussion

  14. Question 314· Final accounts of a sole trader· WAEC

    Capital at start ₦40,000, net profit ₦10,000, drawings ₦6,000. Closing capital is

    Explanation and discussion

  15. Question 315· Final accounts of a sole trader· JAMB

    Use the following information from the books of Ifeoma Stores for the year ended 31 December to answer the question. Opening inventory ₦40,000 · Purchases ₦260,000 · Returns outwards ₦10,000 · Carriage inwards ₦6,000 · Closing inventory ₦56,000 · Sales ₦380,000 · Returns inwards ₦12,000

    What is the gross profit for the year?

    Explanation and discussion

  16. Question 316· Final accounts of a sole trader· JAMB

    Use the following information about Okafor Stores for the year ended 31 December 2025 to answer the question. Opening inventory ₦60,000 Purchases ₦400,000 Returns outwards ₦10,000 Carriage inwards ₦15,000 Closing inventory ₦75,000 Sales ₦620,000 Returns inwards ₦20,000

    Find the gross profit of Okafor Stores.

    Explanation and discussion

  17. Question 317· Final accounts of a sole trader· WAEC

    Sales ₦50,000, cost of sales ₦30,000, expenses ₦12,000. Net profit is

    Explanation and discussion

  18. Question 318· Final accounts of a sole trader· WAEC

    Carriage outwards is shown in the

    Explanation and discussion

  19. Question 319· Final accounts of a sole trader· WAEC

    Opening stock ₦5,000; purchases ₦40,000; closing stock ₦7,000. Cost of goods sold is

    Explanation and discussion

  20. Question 320· Final accounts of a sole trader· JAMB

    Current assets ₦180,000 and current liabilities ₦60,000 give a current ratio of

    Explanation and discussion

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