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 321:

  From the following, determine the value of closing stock using:

  Feb 1 purchased 200 units @ ₦2.00 each

  Feb 3 purchased 100 units @ ₦1.00 each

  Feb 4 issued 120 units @ ₦5.00 each

  Feb 5 purchased 50 units @ ₦3.00 each

  Feb 6 issued 100 units @ ₦4.00 each

  Options:
  A) 330
  B) 420
  C) 230
  D) 320
  Show Answer
  The correct answer is C .
• Question 322:

  Which of the following is a conversion cost?

  Options:
  A) Factory overhead
  B) purchases
  C) material cost
  D) wages
  Show Answer
  The correct answer is A .
• Question 323:

  Use the information below to this question

  Cost of raw materials consumed 300,600

  Carriage inwards 6,700

  Returns of raw materials 10,800

  Closing stock of raw materials 100,250

  Manufacturing wages 27,000

  Lighting, power, insurance and rent

  Relation to the factory are

  Apportioned 1/3,2/5, 1/6 and 17

  With totals ₦30,000; ₦75,000; ₦36,000 and ₦56,000 respectively.What is the cost of the opening raw materials?

  Options:
  A) ₦418,350
  B) ₦404,950
  C) ₦400,250
  D) ₦398,250
  Show Answer
  The correct answer is B .
• Question 324:

  The current growth in the volume of trading and financial dealings in nigerian is helped by?

  Options:
  A) credit as a factor in business
  B) payments for goods in cash
  C) increased financial activities
  D) government intervention
  Show Answer
  The correct answer is C .
• Question 325:

  On the 30/5/93 Tolu & Co. paid 2 years rent of ₦50,000 which was debited to the rent account.

  At 31/12/93, what portion of that amount was prepaid?

  Options:
  A) ₦14,583
  B) ₦25,000
  C) ₦35,417
  D) ₦37,415
  Show Answer
  The correct answer is A .
• Question 326:

  Given:Opening capital - #1,500

  Capital introduced - ₦500

  Profit for the year - ₦800

  Cash drawings - ₦250Calculate the closing capital

  Options:
  A) #2,550
  B) #2,500
  C) #2,350
  D) #2,250
  Show Answer
  The correct answer is A .
• Question 327:

  Cost of rent as an expense can be apportioned to all department on the basis of:

  Options:
  A) No of employees
  B) stock value
  C) space occupied
  D) wages
  Show Answer
  The correct answer is C .
• Question 328:

  A member of a club paid ₦1,000 as is subscription for 1993 and ₦1,200 as subscription for 1992. If the financial year of the society ended on 31st December 1993, the ₦1,200 subscription will be treated in the balance sheet as

  Options:
  A) current asset
  B) current liability
  C) capital
  D) profit
  Show Answer
  The correct answer is B .
• Question 329: What will be the number of shares to be issued to a subscriber who applied for 50,000 units. Options:
  A) 20,000
  B) 18,000
  C) 15,000
  D) 12,000
  Show Answer
  The correct answer is A .
• Question 330: The concise statement used to explain entries in the general journal is known as? Options:
  A) narration
  B) summary
  C) information
  D) commentary
  Show Answer
  The correct answer is A .