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 151:

  Use the information below to answer questions

  Given:

  Returns inwards............₦1500

  Cash.......................₦1550

  Discount...................₦2850

  Capital....................₦3800

  Debtors....................₦900

  Sundry.....................N?

  The value of sundry expenses is 150% of returns inwards plus 50% of debtors.

  How much is sundry expenses?

  Options:
  A) ₦2700
  B) ₦2250
  C) ₦1550
  D) ₦2000
  Show Answer
  The correct answer is A .
• Question 152:

  The principle of double entry developed from the axioms of accounting equation is given as

  Options:
  A) Liabilties + Equity = Net assets
  B) Assets + Equity = Liabilities
  C) Liabilities + Equity = Assets
  D) Assets + Liability = Equity
  Show Answer
  The correct answer is C .
• Question 153: The salary of the chief Justice of the Federation is paid from the? Options:
  A) consolidated revenue fund
  B) development fund
  C) contigency fund
  D) special fund
  Show Answer
  The correct answer is A .
• Question 154:

  Use the information below to answer the question

  Total sales of ticket.......................₦300 000

  Amount received from the sales..............₦260 000

  Cash purchase of club house.................₦100 000

  Credit purchase of equipment ...............₦60 000

  Electricity bill paid ......................₦5 000

  Salaries owed ..............................₦2 000

  What is the balance of the income and expenditure account?

  Options:
  A) ₦300 000
  B) ₦293 000
  C) ₦193 000
  D) ₦133 000
  Show Answer
  The correct answer is B .
• Question 155:

  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 156:

  A company has two departments X and Y. Y transferred goods to X at a profit margin of 25%. ₦10,000 worth of goods was not sold at the end of the accounting period.

  How much is the unrealized profit?

  Options:
  A) ₦2000
  B) ₦2500
  C) 12000
  D) 12500
  Show Answer
  The correct answer is A .
• Question 157:

  Mr Ojo gives you the following information on 31st July 2017

  Opening Stock         7,000

  Closing Stock         12,000

  Purchases         60,000

  Expenses         4,500

  Uniform margin of 33 $\frac{1}{3}$ %

  You are required to calculate the sales

  Options:
  A) #55,000
  B) #82,500
  C) #27,500
  D) #50,000
  Show Answer
  The correct answer is B .
• Question 158:

  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

  Options:
  A) 220,480
  B) 213,480
  C) 200,480
  D) 190,000
  Show Answer
  The correct answer is A .
• Question 159: What was the cost of materials available for use during the period? Options:
  A) ₦487,100
  B) ₦449,500
  C) ₦448,500
  D) ₦440,300
  Show Answer
  The correct answer is D .
• Question 160: The amount of each invoiced goods sent to the branch is debited to? Options:
  A) branch expense account and credited to branch debtors' accoount
  B) branch stock account account and credited to the goods sent to branch account
  C) branch debtors' account and credited to branch expense account
  D) goods sent to branch expense account
  Show Answer
  The correct answer is B .