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 381: The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the? Options:
  A) prime cost
  B) indirect cost
  C) total cost
  D) direct cost
  Show Answer
  The correct answer is B .
• Question 382: Alaka who owed Saka #15,000, settled his debt after deducting cash discount of 10percent. To record the discount in the book of Saka, debit Options:
  A) discount recieved account and credit Alaka's account
  B) Alaka's account and credit discount recieved account
  C) Saka's account and credit discount recieved account
  D) discount allowed account and credit Alaka's account
  Show Answer
  The correct answer is D .
• Question 383:

  Use the information below to answer this question

  A company advertised and issued 750,000, 12% preference shares of N1 each to be issued₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis.

  The second final call account was debited with

  Options:
  A) ordinary share capital account ₦187,500
  B) 12% preference share capital account ₦187,500
  C) 12% preference share capital ₦375,000
  D) bank account ₦187,500
  Show Answer
  The correct answer is B .
• Question 384:

  Use the information below to answer question An asset was purchase for ₦343m in 2003.

  The estimated life of the asset was 3 years with a residual value of ₦28m.Using the straight method. The depreciation of the asset in the first year was?

  Options:
  A) ₦210m
  B) ₦343m
  C) ₦105m
  D) ₦270m
  Show Answer
  The correct answer is C .
• Question 385:

  Date	Receipt (Units)	Issued (Units)
  May 2	80 @ ₦3.00	--
  " 10	50 @ ₦3.20	--
  " 17	--	20
  " 25	--	60
  " 31	20 @ ₦2.90	--

  Based on the FIFO method of valuation the total cost of the raw materials issued is

  Options:
  A) ₦150
  B) ₦160
  C) ₦240
  D) ₦250
  Show Answer
  The correct answer is C .
• Question 386:

  	N
  sales	20,000
  cost of sales	10,000
  operating expenses	2,500
  expenses prepaid included in operating expenses	500

  Use the information above to answer the following question. 

  Calculate the net profit. 

  Options:
  A) N12,500
  B) N10,000
  C) N8,000
  D) N7,500
  Show Answer
  The correct answer is D .
• Question 387:

  Given:

  Rates paid during the year amounted to ₦2,250 at ₦125 per month and 1,035 was paid for electricity in the same period at ₦115 per month.

  Determine the amount of prepaid rates?

  Options:
  A) ₦345
  B) ₦750
  C) ₦1,380
  D) ₦1,500
  Show Answer
  The correct answer is B .
• Question 388:

  A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as

  Options:
  A) Estimate
  B) Depreciation
  C) Asset
  D) Useful Life
  Show Answer
  The correct answer is B .
• Question 389:

  Tanko Ltd had

  Earnings per share 47k

  Dividends per share 30k

  Per value of each share N1.20

  market price per share NM1.50

   

  The company's earnings yield is?

  Options:
  A) N20.00%
  B) N25.00%
  C) N31.33%
  D) N39.17%
  Show Answer
  The correct answer is C .
• Question 390:

  Use the information below to answer question .

  Prime cost..................₦12 100

  Lighting....................₦10 000

  Heating.....................₦15 000

  Factory overhead............?

  The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.

  The factory overhead is?

  Options:
  A) ₦5050
  B) ₦7250
  C) ₦2750
  D) ₦5500
  Show Answer
  The correct answer is D .