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 271:

  Use the information below to answer the question:

  Direct labour...................₦50 000
  Beginning work-in-progress......₦4 000
  Raw materials used..............₦18 000
  Indirect labour.................₦4 000
  Ending finished goods...........₦16 000
  Ending work-in-progress.........₦9 000
  Factory supplies used...........₦7 000
  Selling expenses................₦25 000
  Beginning finished goods........₦21 000
  Other factory overheads.........₦19 000

  What is the cost of goods manufactured?

  Options:
  A) ₦117 000
  B) ₦104 000
  C) ₦97 000
  D) ₦93 000
  Show Answer
  The correct answer is D .
• Question 272: Which of the following is a signatory to federal government account? Options:
  A) Auditor-General
  B) Governor of Central Bank
  C) Accountant-General
  D) Persident
  Show Answer
  The correct answer is C .
• Question 273: A non-profit-making organization differs from a profit-making one in that? Options:
  A) it does not earn income
  B) proceeds from sale of shares form part of its income
  C) all its income is committed
  D) annual subscriptions and levies form part of its income
  Show Answer
  The correct answer is D .
• Question 274: In a partnership account, conversation of non-cash assets into cash is referred to as? Options:
  A) realization
  B) disposal
  C) dissolution
  D) revaluation
  Show Answer
  The correct answer is A .
• Question 275: The directors' salaries paid are items of? Options:
  A) current liabilities
  B) profit and loss account
  C) trading account
  D) current account
  Show Answer
  The correct answer is B .
• Question 276: The purchase of mattresses from Freehold enterprises by cheque amounted to #305,150. The correct entries for this transaction in the book of the buyer is to debit Options:
  A) sales account and credit bank account
  B) purchases and credit bank account
  C) cash and credit freehold
  D) bank and credit freehold
  Show Answer
  The correct answer is B .
• Question 277:

  Given:
  ₦
  Total debtors b/d 31/12/99 25,000
  Cheques received from debtors 255,000
  Total debtors c/d 31/12/00 15,000

  Calculate the sales figure

  Options:
  A) ₦245,000
  B) ₦215,000
  C) ₦295,000
  D) ₦265,000
  Show Answer
  The correct answer is A .
• Question 278: The effect of overstating revenue expenditure in the profit and loss account is that the Options:
  A) opening stock will be increased
  B) net profit will be understand
  C) net profit will be overstead
  D) opening stock will be decreased
  Show Answer
  The correct answer is B .
• Question 279: The not-for-profit-making organizations generate their income mainly from? Options:
  A) bar sales
  B) subcriptions
  C) rents
  D) pools
  Show Answer
  The correct answer is B .
• Question 280:

  Use the information below to answer the question

  ........................1/7/2005............30/6/2006

  Drawings.....................................₦3 000

  Capital.................25 000...............₦42 500

  Furniture...............6 500...............₦10 200

  Additional capital during the year amounts to 300% of the drawings.

  Calculate the net profit or loss made during the year.

  Options:
  A) ₦15 100 profit
  B) ₦15 100 loss
  C) ₦11 500 profit
  D) ₦11 500 loss
  Show Answer
  The correct answer is D .