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 111:

  Given:
  Lankoh Company Ltd
  ₦
  Stock 3,600,000
  Cash at hand 800,000
  Cash in bank 2,400,000
  Debtors 580,000
  Trade creditors 920,000
  Bank overdraft 200,000
  Tax liabilities 600,000
  Salary owed to staff 180,000

  What is the working capital?

  Options:
  A) ₦5,480,000
  B) ₦6,480,000
  C) ₦8,480,000
  D) ₦7,380,000
  Show Answer
  The correct answer is A .
• Question 112: Impersonal account is subdivided into Options:
  A) real and nominal accounts
  B) nominal and personal accounts
  C) real and current accounts
  D) personal and real accounts
  Show Answer
  The correct answer is A .
• Question 113:

  Use the information below to answer questions 29 and 30.Work-in-progress 1/1........................₦1,000

  Work-in-progress 31/12......................₦2,000

  Production cost of goods manufactured.......₦20,000

  Sales.......................................₦50,000

  Stock of finished goods 1/1.................₦4,000

  Stock of finished goods 31/12...............₦5,000

  Selling and distribution expenses...........₦2,000

  Administrative expenses.....................₦1,000Determine the gross profit?

  Options:
  A) 49,000
  B) 48,000
  C) 31,000
  D) 30,000
  Show Answer
  The correct answer is C .
• Question 114: Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of ₦1.50k. Application and allotment were received for 900,000 shares at 25k each.Determine the amount received on application and allotment Options:
  A) ₦224,950
  B) ₦225,000
  C) ₦324,950
  D) ₦325,000
  Show Answer
  The correct answer is B .
• Question 115: Given: capital ₦13,000; office machinery, ₦9,000; creditors ₦900, stock of goods ₦1,550; debtors, ₦275; cash at bank, ₦5,075 and loan from Jumbo, ₦2,000. What is the balance sheet total? Options:
  A) ₦19,500
  B) ₦18,500
  C) ₦17,900
  D) ₦15,900
  Show Answer
  The correct answer is D .
• Question 116:

  Profit expressed in relation to cost of goods sold is

  Options:
  A) turnover
  B) cost price
  C) margin
  D) mark -up
  Show Answer
  The correct answer is D .
• Question 117:

  Fiyinfoluwa Motors bought three Toyota Hilux vans on cash at the cost of ₦6,000,000 on debiting the vehicle account, the corresponding credit for the purchase willappear in the

  Options:
  A) sales day book
  B) cash book
  C) sales subsidiary book
  D) purchase day book
  Show Answer
  The correct answer is B .
• Question 118: The balance on the provision for depreciation account is? Options:
  A) added to fixed assets on the balance sheet
  B) deducted from the fixed assets on the balance sheet
  C) deducted from the profitand loss account
  D) added to current liabilities of the account
  Show Answer
  The correct answer is B .
• Question 119:

  Given:

  Sales ............................₦195,200
  Stock 1st January.................₦34,000
  Purchases ........................₦126,000
  Sales returns ....................₦1,200
  Purchases returns ................₦2,000

  If the gross profit is ₦66,000, what is the value of stock at 31st December?

  Options:
  A) ₦30,000
  B) ₦40,000
  C) 50,000
  D) ₦20,000
  Show Answer
  The correct answer is A .
• Question 120:

  Use the information below to answer questions

  ........................1/7/2005............30/6/2006

  Drawings.....................................₦3 000

  Capital.................25 000...............₦42 500

  Furniture...............6 500...............₦10 200

  Additional capital during the year amounts to 300% of the drawings.

  What is the amount of the additional capital?

  Options:
  A) ₦900
  B) ₦900 000
  C) ₦90 000
  D) ₦9 000
  Show Answer
  The correct answer is D .