Question 1· Final accounts of a sole trader· WAEC
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JAMB and WAEC Accounts (Principles of Accounts) questions: Final accounts of a sole trader
39 questions with answers and explanations. Tap an option to check yourself.
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
- Explanation and discussion
Question 2· Final accounts of a sole trader· JAMB
Which of these is a current asset?
Explanation and discussionQuestion 3· Final accounts of a sole trader· JAMB
Net profit ₦45,000 is added in the balance sheet to
Explanation and discussionQuestion 4· Final accounts of a sole trader· WAEC
Which of these is charged to the trading account?
Explanation and discussionQuestion 5· Final accounts of a sole trader· WAEC
Net profit is transferred to the
Explanation and discussionQuestion 6· Final accounts of a sole trader· JAMB
Which of these appears in the balance sheet?
Explanation and discussionQuestion 7· Final accounts of a sole trader· WAEC
Gross profit is ₦180,000, total expenses ₦95,000 and discount received ₦5,000. Find the net profit.
Explanation and discussionQuestion 8· 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 discussionQuestion 9· Final accounts of a sole trader· WAEC
Carriage outwards is treated as
Explanation and discussionQuestion 10· Final accounts of a sole trader· JAMB
Net profit increases the owner's capital because profit
Explanation and discussionQuestion 11· Final accounts of a sole trader· JAMB
The following appear in the trading account EXCEPT
Explanation and discussionQuestion 12· Final accounts of a sole trader· WAEC
Fixed assets are arranged in the balance sheet usually in order of
Explanation and discussionQuestion 13· Final accounts of a sole trader· WAEC
Carriage inwards is charged to the
Explanation and discussionQuestion 14· Final accounts of a sole trader· JAMB
A balance sheet shows the
Explanation and discussionQuestion 15· 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 discussionQuestion 16· Final accounts of a sole trader· JAMB
A long-term loan repayable in eight years is shown under
Explanation and discussionQuestion 17· Final accounts of a sole trader· WAEC
Which item appears in the statement of financial position?
Explanation and discussionQuestion 18· 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 discussionQuestion 19· Final accounts of a sole trader· WAEC
Gross profit is
Explanation and discussionQuestion 20· 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
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