JAMB and WAEC Accounts (Principles of Accounts) questions

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

All JAMB WAEC

Question 341· Incomplete records· WAEC
A statement of affairs is used to find
Show answer
Answer: D. the capital at a date from assets and liabilities
Explanation and discussion
Question 342· Incomplete records· WAEC
Single entry is a system in which
Show answer
Answer: B. transactions are not recorded fully in double entry
Explanation and discussion
Question 343· Incomplete records· JAMB
A mark-up of 50% is equivalent to a margin of
Show answer
Answer: A. 33⅓%
Explanation and discussion
Question 344· Incomplete records· JAMB
A mark-up of 50% on cost is equal to a margin on selling price of
Show answer
Answer: B. 33⅓%
Explanation and discussion
Question 345· Incomplete records· WAEC
Capital at the start ₦100,000; at the end ₦130,000; drawings ₦20,000; additional capital ₦10,000. Net profit is
Show answer
Answer: B. ₦40,000
Explanation and discussion
Question 346· Incomplete records· JAMB
Cash received from debtors was ₦250,000; opening debtors ₦40,000; closing debtors ₦55,000. Find credit sales.
Show answer
Answer: B. ₦265,000
Explanation and discussion
Question 347· Incomplete records· JAMB
Capital at start ₦50,000; capital at end ₦65,000; drawings ₦12,000; no new capital. Net profit is
Show answer
Answer: B. ₦27,000
Explanation and discussion
Question 348· Incomplete records· JAMB
Closing capital is ₦420,000, opening capital ₦350,000 and drawings ₦60,000, with no new capital. Find the profit.
Show answer
Answer: B. ₦130,000
Explanation and discussion
Question 349· Incomplete records· WAEC
A trader's assets total ₦70,000 and liabilities ₦25,000. Using a statement of affairs, his capital is
Show answer
Answer: A. ₦45,000
Explanation and discussion
Question 350· Incomplete records· JAMB
Where records are incomplete, credit sales for the year can be found by preparing a
Show answer
Answer: D. total debtors account
Explanation and discussion
Question 351· Incomplete records· WAEC
A statement of affairs is prepared to find
Show answer
Answer: A. capital at a date
Explanation and discussion
Question 352· Incomplete records· JAMB
Single-entry records are most commonly kept by
Show answer
Answer: A. small sole traders
Explanation and discussion
Question 353· Incomplete records· JAMB
Capital at the start of the year was ₦200,000 and at the end ₦260,000. The owner withdrew ₦30,000 and brought in additional capital of ₦20,000. The profit for the year is
Show answer
Answer: B. ₦70,000
Explanation and discussion
Question 354· Incomplete records· JAMB
In incomplete records, total cash available and spent is reconstructed with a
Show answer
Answer: D. cash account (summary of receipts and payments)
Explanation and discussion
Question 355· Incomplete records· WAEC
Capital at start ₦30,000, capital at end ₦45,000, drawings ₦5,000, no new capital. Profit is
Show answer
Answer: C. ₦20,000
Explanation and discussion
Question 356· Incomplete records· WAEC
Sales are ₦240,000 and the gross margin is 25% of sales. Find the cost of sales.
Show answer
Answer: C. ₦180,000
Explanation and discussion
Question 357· Incomplete records· WAEC
Cost of goods sold is ₦60,000 and the mark-up is 25% on cost. Sales are
Show answer
Answer: B. ₦75,000
Explanation and discussion
Question 358· Incomplete records· WAEC
Capital at the start of the year was ₦300,000 and at the end ₦380,000. Drawings were ₦40,000 and additional capital ₦20,000. Find the profit.
Show answer
Answer: C. ₦100,000
Explanation and discussion
Question 359· Incomplete records· JAMB
Purchases can be found from incomplete records using the
Show answer
Answer: C. total creditors account
Explanation and discussion
Question 360· Incomplete records· JAMB
Goods are sold at a margin of 20% on selling price. If sales are ₦500,000, the gross profit is
Show answer
Answer: C. ₦100,000
Explanation and discussion

Practise Accounts (Principles of Accounts) like the real exam. A timed CBT, your score, and the topics to fix.

Start a Accounts (Principles of Accounts) test

JAMB and WAEC Accounts (Principles of Accounts) questions

A statement of affairs is used to find

Single entry is a system in which

A mark-up of 50% is equivalent to a margin of

A mark-up of 50% on cost is equal to a margin on selling price of

Capital at the start ₦100,000; at the end ₦130,000; drawings ₦20,000; additional capital ₦10,000. Net profit is

Cash received from debtors was ₦250,000; opening debtors ₦40,000; closing debtors ₦55,000. Find credit sales.

Capital at start ₦50,000; capital at end ₦65,000; drawings ₦12,000; no new capital. Net profit is

Closing capital is ₦420,000, opening capital ₦350,000 and drawings ₦60,000, with no new capital. Find the profit.

A trader's assets total ₦70,000 and liabilities ₦25,000. Using a statement of affairs, his capital is

Where records are incomplete, credit sales for the year can be found by preparing a

A statement of affairs is prepared to find

Single-entry records are most commonly kept by

Capital at the start of the year was ₦200,000 and at the end ₦260,000. The owner withdrew ₦30,000 and brought in additional capital of ₦20,000. The profit for the year is

In incomplete records, total cash available and spent is reconstructed with a

Capital at start ₦30,000, capital at end ₦45,000, drawings ₦5,000, no new capital. Profit is

Sales are ₦240,000 and the gross margin is 25% of sales. Find the cost of sales.

Cost of goods sold is ₦60,000 and the mark-up is 25% on cost. Sales are

Capital at the start of the year was ₦300,000 and at the end ₦380,000. Drawings were ₦40,000 and additional capital ₦20,000. Find the profit.

Purchases can be found from incomplete records using the

Goods are sold at a margin of 20% on selling price. If sales are ₦500,000, the gross profit is