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 11:

  

  The quick ratio is

  Options:
  A) 1:2
  B) 1:3:1
  C) 1.7:1
  D) 3:1
  Show Answer
  The correct answer is B .
• Question 12: A total of 400,000 shares of ₦1 each are to be issued by Sariki company Ltd at a price of ₦1.20 per share. Application were received for 600,000 shares out of which 100,000 were dishonored. If the available share were distributed pro-rata, what refund will be due a subscriber who applied for 5,000 shares? Options:
  A) ₦1,000
  B) ₦1,200
  C) ₦4,800
  D) ₦6,000
  Show Answer
  The correct answer is A .
• Question 13: Lubricating oil and spare parts of machinery are examples of? Options:
  A) direct materials
  B) indirect materials
  C) indirect expenses
  D) direct expenses
  Show Answer
  The correct answer is C .
• Question 14:

  The journal has the following headings except

  Options:
  A) date
  B) debit
  C) discount
  D) credit
  Show Answer
  The correct answer is C .
• Question 15: The market value of goods produced is? Options:
  A) ₦30,500
  B) ₦30,600
  C) ₦31,600
  D) ₦31,620
  Show Answer
  The correct answer is B .
• Question 16:

  Given:

  Prime cost ₦220,000
  Factory cost ₦32,000
  Work in progress at beginning ₦25,000
  Work in progress at close ₦19,000
  Administrative expenses ₦21,000

  Determine the production cost

  Options:
  A) ₦296,000
  B) ₦277,000
  C) ₦258,000
  D) ₦246,000
  Show Answer
  The correct answer is C .
• Question 17:

  An evidence of payment issued to a government ministry by a revenue collector is

  Options:
  A) treasury card
  B) payment voucher
  C) treasury receipt
  D) receipt voucher
  Show Answer
  The correct answer is D .
• Question 18:

  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 19: 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 20:

  Use information below to answer this question.

  Capital: opening balance 307,000

  Closing balance 342,000

  Net profit for the period 121,600

  Opening stock 98,800

  Purchases 706,000

  Carriage inwards 17,500

  Cost of goods sold 740,700

  Total selling , general and

  Administration expenses 526,000

  Discount received 9, 650

  Calculate the gross profit for the period?

  Options:
  A) ₦535,650
  B) ₦628,300
  C) ₦637,950
  D) ₦647,600
  Show Answer
  The correct answer is D .