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 411:

  Lubricating oil and spare parts of machines are example of?

  Options:
  A) indirect expense
  B) direct expense
  C) indirect material
  D) direct material
  Show Answer
  The correct answer is B .
• Question 412:

  Given:

  Net profit-----------------------₦25,000
  Cost of sale---------------------₦25,000
  Sales----------------------------₦85,000

  Determine the total expenses.

  Options:
  A) ₦45,000
  B) ₦35,000
  C) ₦25,000
  D) ₦15,000
  Show Answer
  The correct answer is B .
• Question 413: A source document that aids the ascertainment of amount paid out of current account is the? Options:
  A) teller
  B) cheque stub
  C) cheque
  D) teller stub
  Show Answer
  The correct answer is B .
• Question 414: An evidence of payment issued to a government ministry by a revenue collector is Options:
  A) treasury receipt
  B) receipt voucher
  C) payment voucher
  D) treasury card
  Show Answer
  The correct answer is B .
• Question 415: which of the following factors has aided the development of accounting? Options:
  A) The emergence of nation states
  B) The discovery of mineral resources in commercial quantity
  C) the growth in size of businesses and separation of ownership and management
  D) the development and management of sophisticated monetary system
  Show Answer
  The correct answer is C .
• Question 416:

  Turaki Youth Club Income and Expenditure for the year ended 31/12/04 # #

  Bal.b/d 390 Expenses on cleaning 300

  Sales of - New tool 510

  Trickets 4,000 Repairs 400

  Donations 3,000 Electricity 350

  Subscription 6,500

  What is the total income for the period?

  Options:
  A) #10,500
  B) #13,500
  C) #13,890
  D) #9,500
  Show Answer
  The correct answer is C .
• Question 417:

  

  Use the information below to answer the question

  The quick ratio is

  Options:
  A) 0.82:1
  B) 0.91:1
  C) 0.95:1
  D) 1.53:1
  Show Answer
  The correct answer is D .
• Question 418: An item of appropriation in partnership profit and loss account is? Options:
  A) interest on partners' capital
  B) interest on partners' loan
  C) employees' salaries
  D) partners' drawings
  Show Answer
  The correct answer is A .
• Question 419:

  Opening stock of raw materials - #75,000

  Purchase of raw materials - #330,000

  Closing stock of raw materials - #80,000

  Direct wages - #30,000

  Carriages of raw materials - #10,000

  Calculate the cost of raw materials used

  Options:
  A) #495,000
  B) #415,000
  C) #335,000
  D) #305,000
  Show Answer
  The correct answer is C .
• Question 420:

  Use the information below to answer this question.Buhari and Osinbajo are in partnership with the following partnership agreement

  Buhari OsinbajoCapital 40, 000 70, 000 Salary 10, 000 15, 000 Interest on capital 5% 5% Profit/loss sharing ratio 40 60

  The net profit for the year ended is ₦80,000."Drawings are ₦80, 000 and ₦12, 000 for Buhari and Osinbajo respectively"

  What is Osinbajo share of profit?

  Options:
  A) ₦19, 800
  B) ₦49, 500
  C) ₦48, 000
  D) ₦29, 700
  Show Answer
  The correct answer is D .