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 351:

  Use the information below to answer questions 23 and 24.

  Incomplete Record (Extract)

  Sales......................................₦10,600

  Rent...........................₦200

  Depreciation of vehicle (cost ₦5000) 10%

  Gross profit margin is 20%

  What is the cost of goods sold?

  Options:
  A) ₦4 800
  B) ₦8 480
  C) ₦2 320
  D) ₦9 900
  Show Answer
  The correct answer is B .
• Question 352: In the balance sheet of a not-for-profit-making organization, subscription paid in advance is regarded s a? Options:
  A) current assets
  B) current liability
  C) capital
  D) reserve
  Show Answer
  The correct answer is B .
• Question 353:

  

  How much selling and distribution expenses is apportioned to department M?

  Options:
  A) ₦800
  B) ₦600
  C) ₦400
  D) ₦1800
  Show Answer
  The correct answer is A .
• Question 354:

  Given:

  Fixtures-#30,000

  Debtors-#7,000

  Stock- #8,000

  Creditors-#3,000

  Goodwill-#10,000Determine the capital

  Options:
  A) #10,000
  B) #42,000
  C) #45,000
  D) #52,000
  Show Answer
  The correct answer is D .
• Question 355: A private company is different from a public company because? Options:
  A) it does not restrict the right to transferits shares
  B) it cannot invite members of the public to subscribe for its shares
  C) its shares are owned by one person
  D) it can only offer its shares to members of the publicfor subscription
  Show Answer
  The correct answer is B .
• Question 356:

  Given:

  I. It records subscription in arrears
  II. Payments of liabilities is effected
  III. The account does not show if cash payment is revenue or capital expenditure
  IV. It performs the same function as cash book

  The features of receipts and payment account includes:

  Options:
  A) III and IV
  B) I, II and IV
  C) II, III and IV
  D) I, II and III
  Show Answer
  The correct answer is C .
• Question 357:

  Use the information below to answer question

  Palaju Enterprises had fixed assets costing ₦900,000 with provision for depreciation of ₦150,000 were disposed of during the period. Fixed assets of ₦100,000 were added during the year. Provision for depreciation was ₦350,000 at the beginning of the year and ₦300,000 at the end of the year.What was the value of fixed assets at the beginning of the year?

  Options:
  A) ₦2,900,000
  B) ₦3,800,000
  C) ₦3,900,000
  D) ₦4,000,000
  Show Answer
  The correct answer is C .
• Question 358:

  Given:

  Cost of raw materials issued to production.....₦37000

  Opening stock of raw material..................₦2000

  Purchases of raw material......................₦3800

  Wages .........................................₦500

  What is the closing stock of raw material?

  Options:
  A) ₦4000
  B) ₦3000
  C) ₦2000
  D) ₦1000
  Show Answer
  The correct answer is B .
• Question 359:

  Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.

  The record in Jide's book would be to debit

  Options:
  A) purchases #12,000 and credit Ibrahim #12,000
  B) purchases #12,000 and credit sugar account #12,000
  C) Jide #12,000 and credit purchases
  D) Ibrahim #12,000 and sugar account #12,000
  Show Answer
  The correct answer is A .
• Question 360:

  Gross earnings........................₦950 000

  Current liabilities...................₦100 000

  Operating expenses....................₦350 000

  10% debentures........................₦400 000

  Shareholder's fund....................₦1300 000

  Corporate tax is 30%

  From the data above calculate the returns on equity?

  Options:
  A) 33%
  B) 35%
  C) 20%
  D) 30%
  Show Answer
  The correct answer is D .