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 1301: Subscription in arrears are Options:
  A) Credited to the income and expenditure account and shown as a liability in the balance sheet
  B) debited to the income and expenditure account and shown as an asset in the balance sheet
  C) credited to the income and expenditure account and shown as a liability in the balance sheet
  D) debited to the income and expenditure account and shown as a liability in the balance sheet
  Show Answer
  The correct answer is B .
• Question 1302: The gross profit on manufactured goods is the difference between the cost of goods manufactured and the? Options:
  A) market value of goods produced
  B) prime cost of production
  C) indirect cost of production
  D) goods produced
  Show Answer
  The correct answer is A .
• Question 1303:

  

  The depreciation to be charged to department T is

  Options:
  A) ₦300
  B) ₦400
  C) ₦500
  D) ₦600
  Show Answer
  The correct answer is B .
• Question 1304: Which method of pricing can be used satisfactorily in either rising or falling price situation? Options:
  A) Market price
  B) Average method
  C) FIFO
  D) Standard price
  Show Answer
  The correct answer is B .
• Question 1305: The major distinguishing element between the final account of a partnership and that of a sole trader is the Options:
  A) drawing A/C
  B) capital A/C
  C) Creditor A/C
  D) Appropriation A/C
  Show Answer
  The correct answer is D .
• Question 1306: If a sole proprietorship is purchased for cash, then? Options:
  A) the purchaser debits his business purchase account with the consideration he pays
  B) all assets and liabilities must be bought
  C) goodwill results where value of assets
  D) the vendor debits his business purchase account with the considerstion he receives
  Show Answer
  The correct answer is A .
• Question 1307:

  The following appears in the trading account except

  Options:
  A) carriage inward
  B) opening stock
  C) carriage outward
  D) sales
  Show Answer
  The correct answer is C .
• Question 1308: What is the value of closing stock using simple average? Options:
  A) ₦11,500
  B) ₦17,000
  C) ₦17,500
  D) ₦28,500
  Show Answer
  The correct answer is D .
• Question 1309:

  Use the information below were to answer questions

  ...................Stationary Dept.............Video Dept.

  Sales ..............₦10,600.....................₦15,175

  Cost of goods sold..₦5,247......................₦6704

  The expenses incurred were rent ₦4500, motor repairs ₦1200 and telephone ₦900.

  The basis of cost apportionment is 1/2 stationary 1/3 video.

  Determine the net profit of the business?

  Options:
  A) ₦6600
  B) ₦6271
  C) ₦5353
  D) ₦7224
  Show Answer
  The correct answer is B .
• Question 1310:

  

  Calculate the closing stock under FIFO method

  Options:
  A) ₦875
  B) ₦675
  C) ₦600
  D) ₦300
  Show Answer
  The correct answer is B .