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 451:

  Use the information below to answer this question

  ..............Total......... Dept.P.............Dept.Q
  ...............N...............N.................N
  Sales.........10000............6000..............4000
  Purchases......4000............1000..............3000
  Discount received...1000..........?..................
  Discounts allowed....2000...........................?.

  Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.

  What is department Q's share of discount allowed?

  Options:
  A) ₦2000
  B) ₦1500
  C) ₦800
  D) ₦1200
  Show Answer
  The correct answer is C .
• Question 452: The major focus of the trading account is to show Options:
  A) net profit
  B) gross margin
  C) total purchases
  D) total sales
  Show Answer
  The correct answer is B .
• Question 453: A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the? Options:
  A) weighted average method
  B) simple average method
  C) FIFO method
  D) LIFO method
  Show Answer
  The correct answer is C .
• Question 454:

  Emeka Manufacturing Company (Extract) Manufacturing Account.

  Direct material.....................₦5 000
  Direct labour.......................₦4 500
  Direct expenses.....................₦3 000
  Factory overhead....................₦2 500
  Selling distribution................₦1 500

  Calculate the production cost

  Options:
  A) ₦16 500
  B) ₦15 000
  C) ₦14 000
  D) ₦12 500
  Show Answer
  The correct answer is B .
• Question 455: Determine wage expenses from the given information, wages outstanding at the beginning, wages paid during the period 15000 and wages outstanding of the period 2,000 Options:
  A) ₦16,000
  B) ₦17,000
  C) ₦13,000
  D) ₦14,000
  Show Answer
  The correct answer is A .
• Question 456:

  $\begin{array}{cc}& \text{N}\\ \text{Debtors opening}& 4000\\ \text{Debtors closing}& 1500\\ \text{Cash received from debtors}& 8500\\ \text{Bad debts written off}& 350\\ \text{Discount allowed}& 500\\ \text{Discount received}& 1000\end{array}$

  If the gross profit is ₦5 000, what is the net profit?

  Options:
  A) ₦4,350
  B) ₦6,000
  C) ₦5,150
  D) ₦4,000
  Show Answer
  The correct answer is C .
• Question 457:

  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.

  What was the asset value at the beginning of the third year?

  Options:
  A) ₦63m
  B) ₦133m
  C) ₦36m
  D) ₦28m
  Show Answer
  The correct answer is D .
• Question 458:

  Use the information below to answer questions

  Turnover...........................₦120 000

  Net profit before tax..............₦40 000

  Net profit b/f.....................₦68 000

  Proposed dividends:

  Ordinary shares....................₦8 000

  Preference shares..................₦6 000

  Corporate tax is 30%...............₦10 000

  The undistributed profit carried forward is?

  Options:
  A) ₦68 000
  B) ₦20 000
  C) ₦74 000
  D) ₦34 000
  Show Answer
  The correct answer is A .
• Question 459:

  The rules which govern the internal management of a firm and its financial affairs in a partnership business is a

  Options:
  A) memoransum
  B) deed
  C) financial regulation
  D) bye-law
  Show Answer
  The correct answer is B .
• Question 460:

  

  Musa merchants Trading and profit and Loss Account for the year ended Dec. 31st, 2003. Determine the closing stock.

  Options:
  A) ₦20 000
  B) ₦30, 000
  C) ₦40 000
  D) ₦50,000
  Show Answer
  The correct answer is C .