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 311:

  Use the information below to answer questions

  Purchase:

  Raw materials.................₦15 000
  Finished goods...........................₦11 400

  Stock:....(1/7/01)

  Raw materials..........₦2 250
  Work-in-progress.........................₦1 875

  Wages:

  Direct........................₦17 100
  Indirect.................................₦5 400

  Stock:.....(30/06/02)

  Raw materials.......₦3 000
  Work-in-progress.........................₦3 375

  Determine the accumulated fund value.

  Options:
  A) ₦9360
  B) ₦6320
  C) ₦4200
  D) ₦3000
  Show Answer
  The correct answer is D .
• Question 312: The movement of goods from head office to a branch is treated in the head office as Options:
  A) Sales
  B) issue
  C) purchases
  D) requisition
  Show Answer
  The correct answer is B .
• Question 313:

  Use the information below to answer this question

  A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.

  If the scrap value is presently ₦15,000 what will be the yearly depreciation using straight-line method?

  Options:
  A) ₦7,000
  B) ₦11,000
  C) ₦4,000
  D) ₦24,000
  Show Answer
  The correct answer is C .
• Question 314:

  In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be

  Options:
  A) profit
  B) capital
  C) loss
  D) cash
  Show Answer
  The correct answer is C .
• Question 315:

  Given:

  Net profit b/d.....................₦10,000

  Interest on capital:...M...........₦2, 000

  .......................K...........₦1, 000

  Partners' on salary....K...........₦800

  Interest on drawings...M...........₦500

  Profit sharing ratio M and K 3:2

  Determine M's share of profit?

  Options:
  A) 6,280
  B) 4,020
  C) 2,820
  D) 2,280
  Show Answer
  The correct answer is B .
• Question 316: A typical example of a real account is? Options:
  A) prepayment
  B) expenses
  C) plant
  D) income
  Show Answer
  The correct answer is C .
• Question 317:

  Use the information below to answer questions.

  Entrance fees.........................₦1200

  Subscriptions(including ₦850 arrears).₦4310

  Donations received....................₦1500

  Proceeds from sales...................₦2300

  Total payments........................₦8200

  Depreciation..........................₦2100

  Closing cash balance..................₦1110

  The club deposited 200% of the closing cash balance in he bank during the period.

  Calculate the total figure for the receipt and payments account?

  Options:
  A) ₦11 410
  B) ₦13 630
  C) ₦9 310
  D) ₦11 530
  Show Answer
  The correct answer is D .
• Question 318:

  The cost price method is applicable when_____

  Options:
  A) Goods are sold at specific prices
  B) goods are perishable
  C) goods attract different gross profit percentage
  D) to disclose gross profit or loss
  Show Answer
  The correct answer is B .
• Question 319: In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the? Options:
  A) revenue and expenditure account
  B) receipts and payments account
  C) profit and loss apporpriation account
  D) profit and loss account
  Show Answer
  The correct answer is D .
• Question 320: 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 .