JAMB and WAEC Accounts (Principles of Accounts) questions

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All JAMB WAEC

Question 321· Final accounts of a sole trader· JAMB
Sales ₦250,000; returns inwards ₦10,000; cost of sales ₦150,000. Gross profit is
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Answer: C. ₦90,000
Explanation and discussion
Question 322· Final accounts of a sole trader· JAMB
Carriage inwards is treated in the final accounts as
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Answer: B. an addition to the cost of purchases in the trading account
Explanation and discussion
Question 323· Final accounts of a sole trader· JAMB
Sales were ₦900,000, returns inwards ₦20,000 and cost of goods sold ₦560,000. The gross profit is
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Answer: D. ₦320,000
Explanation and discussion
Question 324· Final accounts of a sole trader· WAEC
Carriage inwards is treated in the
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Answer: D. trading account
Explanation and discussion
Question 325· Final accounts of a sole trader· JAMB
Carriage inwards is treated as
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Answer: C. part of cost of sales in the trading account
Explanation and discussion
Question 326· Final accounts of a sole trader· WAEC
Sales ₦90,000; cost of sales ₦60,000; expenses ₦12,000. Net profit is
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Answer: C. ₦18,000
Explanation and discussion
Question 327· Final accounts of a sole trader· WAEC
In the balance sheet, a bank overdraft is shown as
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Answer: D. a current liability
Explanation and discussion
Question 328· Final accounts of a sole trader· JAMB
Drawings appear in the statement of financial position as
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Answer: D. a deduction from capital
Explanation and discussion
Question 329· Final accounts of a sole trader· WAEC
Sales are ₦500,000 and cost of sales is ₦320,000. Find the gross profit.
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Answer: B. ₦180,000
Explanation and discussion
Question 330· 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 cost of goods sold?
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Answer: C. ₦240,000
Explanation and discussion
Question 331· 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 cost of sales of Okafor Stores.
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Answer: C. ₦390,000
Explanation and discussion
Question 332· Final accounts of a sole trader· JAMB
Which of these is a non-current liability?
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Answer: A. a ten-year bank loan
Explanation and discussion
Question 333· Incomplete records· JAMB
Cash sales ₦30,000 and credit sales ₦90,000 give total sales of
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Answer: B. ₦120,000
Explanation and discussion
Question 334· Incomplete records· WAEC
Sales are ₦100,000 and the margin is 20%. Gross profit is
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Answer: D. ₦20,000
Explanation and discussion
Question 335· Incomplete records· JAMB
A statement of affairs is prepared to find the
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Answer: D. capital of a business at a date
Explanation and discussion
Question 336· Incomplete records· WAEC
Cost of sales is ₦60,000 and mark-up is 25%. Sales are
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Answer: D. ₦75,000
Explanation and discussion
Question 337· Incomplete records· WAEC
Single entry is
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Answer: C. an incomplete system of book-keeping
Explanation and discussion
Question 338· Incomplete records· JAMB
At the start of the year a trader had assets of ₦500,000 and liabilities of ₦150,000. Find the opening capital.
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Answer: D. ₦350,000
Explanation and discussion
Question 339· Incomplete records· JAMB
Payments to suppliers ₦70,000; opening creditors ₦15,000; closing creditors ₦20,000. Credit purchases are
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Answer: D. ₦75,000
Explanation and discussion
Question 340· Incomplete records· WAEC
Incomplete records are common among
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Answer: C. small traders who do not keep full double entry
Explanation and discussion

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JAMB and WAEC Accounts (Principles of Accounts) questions

Sales ₦250,000; returns inwards ₦10,000; cost of sales ₦150,000. Gross profit is

Carriage inwards is treated in the final accounts as

Sales were ₦900,000, returns inwards ₦20,000 and cost of goods sold ₦560,000. The gross profit is

Carriage inwards is treated in the

Carriage inwards is treated as

Sales ₦90,000; cost of sales ₦60,000; expenses ₦12,000. Net profit is

In the balance sheet, a bank overdraft is shown as

Drawings appear in the statement of financial position as

Sales are ₦500,000 and cost of sales is ₦320,000. Find the gross profit.

What is the cost of goods sold?

Find the cost of sales of Okafor Stores.

Which of these is a non-current liability?

Cash sales ₦30,000 and credit sales ₦90,000 give total sales of

Sales are ₦100,000 and the margin is 20%. Gross profit is

A statement of affairs is prepared to find the

Cost of sales is ₦60,000 and mark-up is 25%. Sales are

Single entry is

At the start of the year a trader had assets of ₦500,000 and liabilities of ₦150,000. Find the opening capital.

Payments to suppliers ₦70,000; opening creditors ₦15,000; closing creditors ₦20,000. Credit purchases are

Incomplete records are common among