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:

  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 .
• Question 312:

  Income and Expenditure account is the same as the --------- of a sole trader

  Options:
  A) balance sheet
  B) trading account
  C) profit and loss account
  D) cash book
  Show Answer
  The correct answer is C .
• Question 313:

  Use the information below to answer the question

  Gross profit b/d Less: Salaries and wages Electricity Depreciation Net profit c/d

  Dept A ₦ 6,000 1,800 ? 600 ? 6,000

  Dept B ₦ 4,000 1,200 ? ? 1,600 4,000

  Total ₦ 10,000 3,000 2,000 1,000 4,000 10,000

  It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.

  What is the net profit made by department A?

  Options:
  A) ₦2000
  B) ₦3600
  C) ₦3000
  D) ₦2400
  Show Answer
  The correct answer is D .
• Question 314:

  Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.

  	₦
  Net profit for the year	90,000
  Interim dividends paid:
  Ordinary shares	25,000
  Profit and loss appropriation b/f	10,000
  Goodwill written off	1,000

  At the end of the period, what is the balance of the profit and loss appropriation account?

  Options:
  A) ₦66,500
  B) ₦90,000
  C) ₦100,000
  D) ₦74,000
  Show Answer
  The correct answer is A .
• Question 315:

  Which of the following are advantages of departmental accounts?

  I. The department making the highest profit can be easily determined
  II. The capital of the business can be calculated easily
  III. Easy knowledge of the sources of funding
  IV. Encouragement of healthy rivalry among the various departments

  Options:
  A) I and IV only
  B) II and III only
  C) II and IV only
  D) III and IV only
  Show Answer
  The correct answer is A .
• Question 316: Find the fixed assets? Options:
  A) i, ii and v
  B) i, ii and iv
  C) i, ii and iii
  D) iii, iv and v
  Show Answer
  The correct answer is C .
• Question 317: When the fixed capital method is used, the partners' share of profits and remunerations are credited to the Options:
  A) current account
  B) profit and loss account
  C) profit and loss appropriation account
  D) capital account
  Show Answer
  The correct answer is D .
• Question 318: The ledger entries to be made if cash sales is banked is debit Options:
  A) cash, credit sales
  B) sales, credit cash
  C) bank, credit cash
  D) bank, credit sales
  Show Answer
  The correct answer is D .
• Question 319:

  Use the information below to answer question 25 and 26.

  Bar opening stock ₦10,000

  Amount owed to bar suppliers at

  The end the beginning of the year ₦10,000

  Bar sales ₦50,000

  Bar credit purchases ₦40,000

  Payment to suppliers ₦30,000

  Bar expenses ₦1,000

  Bar closing stock ₦15,000

  How much is owed to suppliers?

  Options:
  A) ₦50,000
  B) ₦40,000
  C) ₦30,000
  D) 20,000
  Show Answer
  The correct answer is D .
• Question 320: The purpose of a trading account is to ascertain Options:
  A) sales
  B) carriage outwards
  C) gross profit or loss
  D) net profit or loss
  Show Answer
  The correct answer is C .