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 341:

  

  Musa merchants Trading and profit and Loss Account for the year ended Dec. 31st, 2003.

  Determine the closing stock

  Options:
  A) ₦20 000
  B) ₦30, 000
  C) ₦40 000
  D) ₦50,000
  Show Answer
  The correct answer is C .
• Question 342:

  A pottery company had sales of ₦176,000 during the current period and a gross profit rate of 40%.

  The company's cost of merchandize available for sale during the period was ₦128,000. The company's ending inventory is?

  Options:
  A) ₦22,400
  B) ₦32,000
  C) ₦51,200
  D) ₦76,800
  Show Answer
  The correct answer is A .
• Question 343: The statement of assets and liabilities in the public sector can be described as the? Options:
  A) income and expenditure accountof government
  B) appropriation account of government
  C) balance sheet of government
  D) funds flow statement of government
  Show Answer
  The correct answer is A .
• Question 344: In the absence of a sales day book or sales account the credit for sales can be computed from Options:
  A) creditors control account
  B) debtors control account
  C) opening figures of the balance sheet
  D) closing figures of the balance sheet
  Show Answer
  The correct answer is A .
• Question 345:

  Which of the following cannot depreciate?

  Options:
  A) plant and machinery
  B) motor van
  C) premises
  D) land
  Show Answer
  The correct answer is D .
• Question 346: Cost accounting entails the provision of information? Options:
  A) for investment purposes
  B) for descision making
  C) to shareholders
  D) to stockholders
  Show Answer
  The correct answer is B .
• Question 347:

  The following is a draft balance sheet as at 31/12/92:
  	Cost (N)	Accumulated Depreciation (N)	Net (N)
  Fixed Assets (Tan.)	200 000	100 000	100 000
  Current Assets:
  Stock in trade		10 000
  Trade debtors		4 500
  Cash at bank		22 800
  Cash in hand		9 700
  Trade creditors		?
  Capital		?

  What was the balance showed wages, ₦2 500 and a note stated that ₦500 wages were due but unpaid when preparing final accounts and loss account with

  Options:
  A) ₦3 000 and show wages accrued ₦500 in the balance sheet
  B) ₦2 000 and show wages accrued ₦500 in the balance sheet
  C) ₦3 000 and show wages perpaid ₦500 in the balance sheet
  D) ₦2000 and show wages paid in advance ₦500 in the balace sheet
  Show Answer
  The correct answer is C .
• Question 348:

  $\begin{array}{cc}& \text{N}\\ \text{Balance as per cashbook}& 5467\\ \text{Uncredited cheques}& 4410\\ \text{Unpresented cheque}& 19404\\ \text{Cheques wrongly debited by bank}& 1440\end{array}$

  Options:
  A) ₦4207
  B) ₦9527
  C) ₦6907
  D) ₦9877
  Show Answer
  The correct answer is B .
• Question 349:

  Given:

  Purchases ledger balance..............₦4000
  Purchases for the period..............₦50000
  Cash refunded by suppliers............₦290
  Cheques paid to suppliers..............₦42300
  Returns outwards.......................₦2000
  Discount received from suppliers.......₦400

  The balance of the purchases ledger control account is?

  Options:
  A) ₦10390
  B) ₦9990
  C) ₦9590
  D) ₦9010
  Show Answer
  The correct answer is C .
• Question 350:

  Use the information below to answer the question:

  Statement of assets and liabilities as at 31st December, 2001.

  Shareholders' interest ₦240
  Current liabilities ₦20
  Current assets ₦110
  Fixed assets ₦140

  Determine the value of the trade investment?

  Options:
  A) ₦8m
  B) ₦10m
  C) ₦15m
  D) ₦20m
  Show Answer
  The correct answer is B .