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 1081:

  I Space occupied by each department.

  Ii Average value of stock held by each department.

  Iii Departmental turnover.

  Iv Number of articles sold by each department .

  From the information above, the two most logical bases for apportioning expenses that are common to departments are?

  Options:
  A) i and ii
  B) i and iii
  C) ii and iii
  D) iii and iv
  Show Answer
  The correct answer is B .
• Question 1082:

  A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a

  Options:
  A) original entry
  B) contract entry
  C) prime entry
  D) contra entry
  Show Answer
  The correct answer is D .
• Question 1083:

  

  How much rent is apportioned to department K?

  Options:
  A) ₦1200
  B) ₦1800
  C) ₦2000
  D) ₦750
  Show Answer
  The correct answer is A .
• Question 1084:

  Use the information below to answer questions

  Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch.

  Stock at branch 1st January at cost............N400
  Goods sent to branch at cost...................N8000
  Returns to head ...............................N340
  Cash sales ....................................N9160
  Stock at branch 31st December at cost..........N720

  What is the gross profit carried to the profit and loss account?

  Options:
  A) ₦1820
  B) ₦1640
  C) ₦1530
  D) ₦1870
  Show Answer
  The correct answer is A .
• Question 1085:

  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

  What is the cash balance?

  Options:
  A) ₦12,095
  B) ₦12,590
  C) ₦12,905
  D) ₦12,950
  Show Answer
  The correct answer is D .
• Question 1086: Given that 1/3 of the ₦6000 stock held by a branch is purchased from outsiders. If goods are invoiced to branch at 25% on cost, the provision for unrealized profit is? Options:
  A) ₦1000.00
  B) ₦333.33
  C) ₦666.66
  D) ₦800.00
  Show Answer
  The correct answer is D .
• Question 1087:

  Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January ,2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. What is the interest on the drawings of Tea?

  Options:
  A) ₦705
  B) ₦500
  C) ₦1000
  D) ₦10000
  Show Answer
  The correct answer is A .
• Question 1088:

  Total production cost- #360,000

  Factory overhead cost- #56,000

  Selling price per unit- # 120

  Production volume 4000 unitsDetermine the value of prime cost

  Options:
  A) #416,000
  B) #304,000
  C) #240,000
  D) #184,000
  Show Answer
  The correct answer is B .
• Question 1089:

  Tanko Ltd had

  Earnings per share 47k

  Dividends per share 30k

  Per value of each share N1.20

  market price per share NM1.50

   

  What will be the price earnings ratio of the company?

  Options:
  A) N3.91
  B) N3.19
  C) N2.95
  D) N2.55
  Show Answer
  The correct answer is B .
• Question 1090: Bola, UTC's regular customer, owed ₦1,00 on account of a radio bought. If he sent in a cheque for ₦1,500, UTC would send him a Options:
  A) credit note
  B) debit note
  C) journal voucher
  D) way bill
  Show Answer
  The correct answer is A .