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 431: Determine the net profit ? Options:
  A) ₦5 000
  B) ₦3 960
  C) ₦1 040
  D) ₦8 960
  Show Answer
  The correct answer is D .
• Question 432:

  Majority of commercial transactions are termed credit transactions, which means

  Options:
  A) The buyers pay immediately for goods bought
  B) Settlement is deferred to a future date
  C) No account will be opened
  D) Item of expenditure increases
  Show Answer
  The correct answer is B .
• Question 433:

  Given Dept A Dept B

  Floor space 40m² 60m²

  Machine hours 1200 1400

  Turnover ₦36 million ₦64 million

  Labour hours 1000 1400

  A joint cost of ₦72 million incurred by the two departments was apportioned ₦30 million to A and ₦42 million to B. the basis used for apportionment must have been

  Options:
  A) labour hours
  B) floor space
  C) turnover
  D) machine hours
  Show Answer
  The correct answer is A .
• Question 434: Which of the following is an item of special assets? Options:
  A) Fixed assets
  B) Current assets
  C) Trademark
  D) Gratuity
  Show Answer
  The correct answer is C .
• Question 435: The major distinguishing element between the final account of a partnership and that of a sole trader is the Options:
  A) drawing A/C
  B) capital A/C
  C) Creditor A/C
  D) Appropriation A/C
  Show Answer
  The correct answer is D .
• Question 436:

  Use the information to answer questions 334 and 35.

  .........................Departments

  ...........................P..........Q...........R

  Sales value...............N?........₦23,400....N?

  Selling expenses..........₦1,100....₦1,400.....₦1,280

  Administrative expenses...₦1,400....₦1,000.....₦1,020

  Cost of sales.............₦6,900....₦6,700.....₦5,500

  Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to ₦1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

  What is the sales value of department R?

  Options:
  A) ₦7,800
  B) ₦11,700
  C) ₦23,400
  D) ₦35,100
  Show Answer
  The correct answer is A .
• Question 437: The not-for-profit-making organizations generate their income mainly from? Options:
  A) bar sales
  B) subcriptions
  C) rents
  D) pools
  Show Answer
  The correct answer is B .
• Question 438: Which of the following can be used on admission of a new partnership? Options:
  A) Revaluation account
  B) Profit account
  C) Capital account
  D) Trading account
  Show Answer
  The correct answer is A .
• Question 439: 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 440:

  Given:

  Subscriptions received.........₦200 000

  Subscriptions owed.............₦10 000

  Subscriptions in advance.......₦25 000

  Calculate the subscription in the income and expenditure account?

  Options:
  A) ₦200 000
  B) ₦235 000
  C) ₦185 000
  D) ₦225 000
  Show Answer
  The correct answer is C .