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 181: Boro Limited apportion 1/6 of its rent for factory and 10% of the balance for warehouse. If rent paid is ₦48 600, how much is paid for warehouse? Options:
  A) ₦4000
  B) ₦6000
  C) ₦10000
  D) ₦8000
  Show Answer
  The correct answer is D .
• Question 182: Which of the following is a debit entry in debtors control account? Options:
  A) discount allowed
  B) return inwards
  C) credit sales
  D) cash from debtors
  Show Answer
  The correct answer is C .
• Question 183:

  Sales - #232,000

  Opening stock - ₦28,000

  Purchases - #128,000

  Carriage inwards - ₦4,000

  Carriage outwards - ₦6,000

  Closing stock - ₦10,000

  Discount received - ₦18,000

  Expenses - ₦20,000Calculate the gross profit

  Options:
  A) #100,000
  B) #86,000
  C) #82,000
  D) #76,000
  Show Answer
  The correct answer is C .
• Question 184: When a transaction causes an assets account to increase, there is? Options:
  A) a decrease of equal amount inthe owner's equity account
  B) an increase in a liability account
  C) an increase of equal amonut in another assets account
  D) a decrease of equal amount in a liability account
  Show Answer
  The correct answer is B .
• Question 185: The total of the discounts received column in the cash book is posted to the? Options:
  A) credit of the discounts received account
  B) debit of the discounts allowed account
  C) credit of the discounts allowed accoun
  D) debit of the discounts received account
  Show Answer
  The correct answer is D .
• Question 186: The book into which all types of a ministry's expenditure are recorded is the Options:
  A) ledger book
  B) payment book
  C) vote book
  D) expenditure book
  Show Answer
  The correct answer is C .
• Question 187:

  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 188: The power to appoint the Auditor General of the Federation is vested in the Options:
  A) National Assembly
  B) President
  C) Judicial Service Commission
  D) Civil Service Commission
  Show Answer
  The correct answer is B .
• Question 189:

  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 190:

  When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________

  Options:
  A) Price above or below the stipulated price
  B) Any price but not below the transfer price
  C) Cost price
  D) A price that is equal to the mark up
  Show Answer
  The correct answer is A .