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:

  Use information below to answer this question.

  Capital: opening balance 307,000

  Closing balance 342,000

  Net profit for the period 121,600

  Opening stock 98,800

  Purchases 706,000

  Carriage inwards 17,500

  Cost of goods sold 740,700

  Total selling, general and

  Administration expenses 526,000

  Discount received 9, 650

  What is the closing stock for the period?

  Options:
  A) ₦69,300
  B) ₦81,300
  C) ₦81,600
  D) ₦106,400
  Show Answer
  The correct answer is C .
• Question 32:

  

  It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.

  What is the amount to be written off as other expenses?

  Options:
  A) ₦4500
  B) ₦6000
  C) ₦4000
  D) ₦5000
  Show Answer
  The correct answer is D .
• Question 33: Stock valuation is useful because it forms the sales department on the? Options:
  A) price of the competing goods
  B) prices that will affect profitability
  C) number of goods to produce
  D) number of goods to sell
  Show Answer
  The correct answer is B .
• Question 34: If machine X cost #600,000 with anticipated life span of five years and estimated scrap value of #50,000, using straight line method; depreciation charged for two years will be Options:
  A) #700,000
  B) #240,000
  C) #220,000
  D) #202,000
  Show Answer
  The correct answer is C .
• Question 35: The difference between a trading account and a manufacturing account is that while the manufacturing account Options:
  A) has no particular period, the trading account has
  B) does not consider the cost of goods involved, the trading account does
  C) is concerned with the cost of production, the trading account is not
  D) is not concerned with the stock of raw materials the rading account is
  Show Answer
  The correct answer is C .
• Question 36: Benefit enjoyed for which payments have not been made are? Options:
  A) accruals
  B) prepayments
  C) acquisitions
  D) provisions
  Show Answer
  The correct answer is A .
• Question 37:

  Use the information below to answer questions 23 and 24.

  ............................31/12/07.......31/12/08

  Stocks........................₦4 200.........₦3 900

  Rates in advance..............₦1 000.........₦1 500

  Accrued wages.................₦1 150.........₦1 350

  Cost of goods sold was valued at ₦6 000.

  Cash paid for rates and wages during the year was ₦1 300 and ₦2 200 respectively.

  What is the value of purchases for the year 2008?

  Options:
  A) ₦6 000
  B) ₦9 900
  C) ₦14 100
  D) ₦5 700
  Show Answer
  The correct answer is D .
• Question 38:

  Nasara Manufacturing Plc has three direct labour employees that work 40 hours each a week for 50 weeks a year. Factory overhead costs of ₦60,000 is distributed on the basis of direct labour hours.

  Compute the overhead rate?

  Options:
  A) ₦12 per hour
  B) ₦16 per hour
  C) ₦10 per hour
  D) ₦15 per hour
  Show Answer
  The correct answer is C .
• Question 39:

  Use the information below to answer questions .Stock of material 1/1..............₦10 000

  Purchase of raw material...........₦160 000

  Manufacturing wages................₦420 000

  Royalties..........................₦3 000

  Stock of raw materials 31/12.......₦14 000What is the cost of raw materials consumed?

  Options:
  A) ₦173 000
  B) ₦170 000
  C) ₦160 000
  D) ₦156 000
  Show Answer
  The correct answer is D .
• Question 40: The fourth stage of the accounting information system is? Options:
  A) recording
  B) interpreting
  C) summarizing
  D) classifying
  Show Answer
  The correct answer is C .