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 1331:

  Use the following Information to answer this question.

  Stock of finished goods: Jan 1st Dec 31st Stock of Raw materials: Jan 1st Dec 31st Purchase of Raw Materials Manufacturing Wages Depreciation: Factory equipment Direct expenses Factory Fuel Carriage inwards on Raw Materials

  ₦ 50,640 71,380 32,160 29,640 145,000 52,000 16,500 12,500 7,000 7,000

  Cost of raw materials consumed is

   

  Options:
  A) ₦53,000
  B) ₦150,000
  C) ₦152,120
  D) ₦148,120
  Show Answer
  The correct answer is C .
• Question 1332:

  

  The value of x is

  Options:
  A) ₦4.00
  B) ₦5.00
  C) ₦5.50
  D) ₦6.00
  Show Answer
  The correct answer is D .
• Question 1333: Opening balance of Dikscompany was #12,202, closing balance #15,300, total cash received during the period #40,000. What wasthe amount of cash paid during the same period? Options:
  A) #36,902
  B) #27,502
  C) #12,498
  D) #43,098
  Show Answer
  The correct answer is C .
• Question 1334:

  The following information is provided for Amusa company limited, a manufacturer

  Prime cost ₦999,000
  Manufacturing overhead ₦132,000
  Closing work in progress ₦75,000
  Values of finished goods transferred to the trading account ₦1,116,000

  If including in the manufacturing overhead were rents of ₦5,000 paid in advance, what is the opening work in progress for the period?

  Options:
  A) ₦85,000
  B) ₦80,000
  C) ₦70,000
  D) ₦65,000
  Show Answer
  The correct answer is D .
• Question 1335:

  Given:

  Club trading profit ₦12,000

  Members'' subscription ₦15,000

  Profit on sale of fixed assets ₦2,500

  Loss on sale of investments ₦1,000

  Wages ₦16,500

  Other expenses ₦10,000

  Determine the club's excess of income over expenditure?

  Options:
  A) ₦500
  B) ₦1,500
  C) ₦2,000
  D) ₦2,500
  Show Answer
  The correct answer is C .
• Question 1336:

  In order to make the cash book balance equal to the bank statement, it is usually to add?

  Options:
  A) uncredited cheques
  B) direct payments by bank
  C) bank charged
  D) unpresented cheques
  Show Answer
  The correct answer is D .
• Question 1337: The difference between the factory cost of production and the prime cost of production is? Options:
  A) direct materials
  B) direct labour
  C) selling expenses
  D) overhead
  Show Answer
  The correct answer is B .
• Question 1338:

  Income and Expenditure account is the same as the --------- of a sole trader

  Options:
  A) balance sheet
  B) trading account
  C) profit and loss account
  D) cash book
  Show Answer
  The correct answer is C .
• Question 1339:

  In a petty cash book the imprest is ₦1380.

  Expenses:

  Stationery ₦350
  Cleaning material ₦335
  General expenses ₦265

  How much was received to maintain the imprest at the ends of the month?

  Options:
  A) ₦950
  B) ₦970
  C) ₦430
  D) ₦380
  Show Answer
  The correct answer is A .
• Question 1340: The movement of goods from head office to a branch is treated in the head office as Options:
  A) Sales
  B) issue
  C) purchases
  D) requisition
  Show Answer
  The correct answer is B .