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 31:

  Advertising expenses incurred on a product in a business organization should be charged to

  Options:
  A) Sales department
  B) Production department
  C) Purchase department
  D) Administration department
  Show Answer
  The correct answer is A .
• Question 32: Use the information below to answer questions .On January 1/2005, a machine was bought for ₦56,000 to last for five years with a residual value of ₦1000.Calculate the yearly depreciation expense using the straight line method. Options:
  A) ₦11 000
  B) ₦11 200
  C) ₦11 400
  D) ₦11 300
  Show Answer
  The correct answer is A .
• Question 33:

  The major objectives of departmental account is to ascertain the

  Options:
  A) materials sold in each department
  B) insurance premium payable on employees
  C) number of employees in each department
  D) contribution of each department to profit
  Show Answer
  The correct answer is D .
• Question 34:

  Use the information below to answer the question that follows:

  Debtors	₦20
  Provision for bad debts	10%
  Provision for discount on debtors	5%

  The provision for bad debt is?

  Options:
  A) ₦2000
  B) ₦800
  C) ₦3000
  D) ₦1900
  Show Answer
  The correct answer is A .
• Question 35:

  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 36: Processed data is only useful to user if it is Options:
  A) complex
  B) quantitative
  C) relevant
  D) qualitative
  Show Answer
  The correct answer is C .
• Question 37:

  Use the information to answer this question

  Payment to creditors ₦12,250

  Creditors at start ₦550

  Creditors at end ₦830

  What is the creditors amount in the balance sheet?

  Options:
  A) ₦550
  B) ₦12,250
  C) ₦12,530
  D) ₦830
  Show Answer
  The correct answer is D .
• Question 38: The excess of sales over cost of goods sold is Options:
  A) gross sales
  B) gross profit
  C) net profit
  D) net sales
  Show Answer
  The correct answer is B .
• Question 39: Where a non-profit making organization prepares the account using accruals basis of reporting, the statement showing how well the organization is doing is the Options:
  A) appropriation account
  B) balance sheet
  C) income and expenditure account
  D) receipts and payment account
  Show Answer
  The correct answer is C .
• Question 40: The difference in the sales ledger control account is transferred to the? Options:
  A) profit and loss account
  B) sales account
  C) balance sheet
  D) trading account
  Show Answer
  The correct answer is D .