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 1071:

  Use the information below to answer question.

  Given:

  Fixed assets ₦85,600

  Sales ₦197,000

  Stock ₦34,300

  Salaries ₦37,000

  Purchases ₦127,700

  Share capital ₦120,000

  Creditors ₦16, 050

  Motor expenses ₦10,500

  Debtors ₦25,000

  Determine the total of the trial balance?

  Options:
  A) ₦335,050
  B) ₦333,050
  C) ₦323,050
  D) ₦230,550
  Show Answer
  The correct answer is B .
• Question 1072:

  The accounting method that reports incomes when earned and expenses when incurred is called

  Options:
  A) accrual accounting
  B) cash accounting
  C) fund accounting
  D) commitment accounting
  Show Answer
  The correct answer is A .
• Question 1073: On Ist January, 1993, lobo Company purchased equipment for ₦18,000. it uses straight-line depreciation and estimates an eight-year useful life and a ₦2,000 salvage value. On 31st December, 1996, it sells the equipment for ₦80,0000. In recording this sales, it should reflect? Options:
  A) ₦10,000 loss
  B) ₦2,000 loss
  C) ₦6,000 gain
  D) ₦8,000 gain
  Show Answer
  The correct answer is C .
• Question 1074:

  	₦
  Plant and Machinery	190000
  Motor Vehicle	170000
  Stock	60000
  Current Liabilities	50000
  Purchase consideration	400000

  The goodwill is

  Options:
  A) ₦110,000
  B) ₦30,000
  C) ₦90,000
  D) ₦80,000
  Show Answer
  The correct answer is B .
• Question 1075: Processed data is only useful to user if it is Options:
  A) complex
  B) quantitative
  C) relevant
  D) qualitative
  Show Answer
  The correct answer is C .
• Question 1076:

  1. Direct materials

  11.Direct labour

  111.Direct expenses

  1V. Factory expensesPrime cost consist of

  Options:
  A) 1,11 and 111
  B) 1,11 and 1V
  C) 1,111 and 1V
  D) 11,111 and 1V
  Show Answer
  The correct answer is A .
• Question 1077:

  Use the information below to answer the question

  Gross profit b/d Less: Salaries and wages Electricity Depreciation Net profit c/d

  Dept A ₦ 6,000 1,800 ? 600 ? 6,000

  Dept B ₦ 4,000 1,200 ? ? 1,600 4,000

  Total ₦ 10,000 3,000 2,000 1,000 4,000 10,000

  It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.

  The depreciation to be charged to department B is

  Options:
  A) ₦500
  B) ₦300
  C) ₦400
  D) ₦600
  Show Answer
  The correct answer is C .
• Question 1078: The tier of government that uses financial memorandum Options:
  A) Federal government
  B) state government
  C) local government
  D) municipal government
  Show Answer
  The correct answer is C .
• Question 1079:

  A machine cost ₦12,500 it will be kept for 4 years and then sold at a scrap value of ₦5,120. Using the diminishing balance method, what is the amount of depreciation for second year?

  Options:
  A) ₦5,120
  B) ₦6,400
  C) ₦8,000
  D) ₦12,500
  Show Answer
  The correct answer is C .
• Question 1080: In the head office ledger, the value of goods sent to the branch are Options:
  A) debited to the head office current account
  B) debited to the branch current account
  C) credited to the head office current account
  D) credited to the branch current account
  Show Answer
  The correct answer is A .