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 191: The second and final call account was debited with? Options:
  A) ordinary share capital account ₦187,500
  B) 12% preference share capital ₦375,000
  C) bank account ₦187,500
  D) 12% preference share capital account ₦187,500
  Show Answer
  The correct answer is D .
• Question 192:

  Given:

  Depreciation of plant and machinery Factory rent Indirect wages General indirect expenses Lubricants Carriage inwards Factory power Bank charges Carriage outwards

  ₦ 1,600 650 695 726 1,235 829 350 612 2,900

  Determine the total factory overhead cost

  Options:
  A) ₦4,485
  B) ₦6,085
  C) ₦6,556
  D) ₦5,256
  Show Answer
  The correct answer is D .
• Question 193: The current growth in the volume of trading and financial dealings in Nigeria is helped by? Options:
  A) increased financial activities
  B) government intervention
  C) credit as a factor in business
  D) payment for goods in cash
  Show Answer
  The correct answer is A .
• Question 194: Why are adjustments in the profit and loss account necessary? Options:
  A) To cover some expenses of the following year
  B) To ascertain the actual expenses incurred and income earned during the year
  C) To show the provision made during the year
  D) To show the total expenses paid and income received during the year
  Show Answer
  The correct answer is B .
• Question 195:

  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 196: Which of the following transaction is BEST recorded in the general journal? Options:
  A) Payment of rent with cheque
  B) Purchase of stock with cash
  C) Purchase of an asset on credit terms
  D) Transfer of cash from head office branch
  Show Answer
  The correct answer is D .
• Question 197:

  Given:

  Depreciation of plant and machinery ₦1,600

  Factory rent ₦650

  Indirect wages ₦695

  General indirect expenses ₦726

  Lubricants ₦1235

  Carriage inwards ₦829

  Factory power ₦350

  Bank charges ₦612

  Carriage outwards ₦2,900

  Determine the total factory overhead cost?

  Options:
  A) ₦4,485
  B) ₦5,256
  C) ₦6,085
  D) ₦6,556
  Show Answer
  The correct answer is B .
• Question 198:

  Which of the followingis a debit item in the purchase ledger control account?

  Options:
  A) balance b/d
  B) cheque dishonoured
  C) balance c/d
  D) purchases
  Show Answer
  The correct answer is C .
• Question 199:

  $\begin{array}{cc}& \text{N}\\ \text{Debtors opening}& 4000\\ \text{Debtors closing}& 1500\\ \text{Cash received from debtors}& 8500\\ \text{Bad debts written off}& 350\\ \text{Discount allowed}& 500\\ \text{Discount received}& 1000\end{array}$

  If the gross profit is ₦5 000, what is the net profit?

  Options:
  A) ₦4,350
  B) ₦6,000
  C) ₦5,150
  D) ₦4,000
  Show Answer
  The correct answer is C .
• Question 200:

  The short term solvency of a company is determined with ------- ratio

  Options:
  A) acid test
  B) gross profit margin
  C) debt to equity
  D) current
  Show Answer
  The correct answer is D .