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:

  A company has departments X, Y and Z. Department X occupies a space of Y while Z occupies half the space of Y. If the company pays ₦70 000 on rent, what is the amount of rent that should be allocated to Y?

  Options:
  A) ₦38 000
  B) ₦40 000
  C) ₦28 000
  D) ₦10 000
  Show Answer
  The correct answer is C .
• Question 12:

  The authority warrant issued prior to the approval of the appropriate bill at the begining of the year

  Options:
  A) contigencies
  B) reserved expenditure warrant
  C) annual general warrant
  D) provisional general warrant
  Show Answer
  The correct answer is D .
• Question 13:

  

  Goods worth ₦300 was transferred from department Q to P. Similarly, P's total expenses for the period was ₦200. Department P's net profit was

  Options:
  A) ₦5200
  B) ₦3000
  C) ₦2800
  D) ₦2500
  Show Answer
  The correct answer is D .
• Question 14: In the absence of a partnership deed, the act stipulates that Options:
  A) an amount should be fixed as salary for partners
  B) interest on partners loan should be 25%
  C) interest should not be allowed on partners drawings
  D) profits and losses should not be shared equally
  Show Answer
  The correct answer is D .
• Question 15:

  	₦		₦
  Stock 1/1	20,000	Net sales	370,000
  Add purchases	250,000
  Cost of goods available for sale	270,000
  Less stock 31/12	40,000
  Cost of goods sold			230,000
  Rent expenses	35,000

  Use the information above to answer the question:

  Find the gross profit.

  Options:
  A) ₦370,000
  B) ₦230,000
  C) ₦150,000
  D) ₦140,000
  Show Answer
  The correct answer is D .
• Question 16:

  Use the question to answer this questionThe following information were extracted from the books of Miliki state

  Sinking of bore holes Purchase of Motor car Stationery Electricity Purchase of drugs Purchase of beds

  ₦ 2,900,000 920,000 300,000 45,000 76,000 425,000

  Capital expenditure is

  Options:
  A) ₦345,000
  B) ₦3,245,000
  C) ₦421,000
  D) ₦4,245,000
  Show Answer
  The correct answer is D .
• Question 17:

  Given:

  Stock at start:

  Raw materials................₦57 000

  Work-in-progress.............₦42 000

  Finished goods...............₦71 000

  Purchase of raw materials amount to ₦81 000, direct labour is ₦38 000 and factory overhead ₦29 000.

  Calculate the prime cost?

  Options:
  A) ₦176 000
  B) ₦170 000
  C) ₦167 000
  D) ₦156 000
  Show Answer
  The correct answer is A .
• Question 18: Which of the following accounts for the highest revenue to Nigeria? Options:
  A) Import duties
  B) Personal income tax
  C) Petroleum income tax
  D) Company tax
  Show Answer
  The correct answer is C .
• Question 19: Receipt and payments account of a non-profit making organization is principally a summary of the? Options:
  A) bak entries
  B) cash bok entries
  C) expenditure entries
  D) balance sheet entries
  Show Answer
  The correct answer is B .
• Question 20:

  Shares that are offered to existing shareholders at a price is called

  Options:
  A) par
  B) premium
  C) right issue
  D) bonus issue
  Show Answer
  The correct answer is C .