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 471:

  Use the information below to this question

  Cost of raw materials consumed 300,600

  Carriage inwards 6,700

  Returns of raw materials 10,800

  Closing stock of raw materials 100,250

  Manufacturing wages 27,000

  Lighting, power, insurance and rent

  Relation to the factory are

  Apportioned 1/3,2/5, 1/6 and 17

  With totals ₦30,000; ₦75,000; ₦36,000 and ₦56,000 respectively.What is the cost of the opening raw materials?

  Options:
  A) ₦418,350
  B) ₦404,950
  C) ₦400,250
  D) ₦398,250
  Show Answer
  The correct answer is B .
• Question 472: A major cause of discrepancy between bank statement and the cash book that overstates the bank statement balance is the? Options:
  A) commission paid
  B) interest received
  C) direct payment
  D) direct withdrawal
  Show Answer
  The correct answer is C .
• Question 473: The receipt of cash from a customer who bought goods with ₦800 list price, 25% trade discount and 2/10, n/30 terms would, if paid within the discount period, amount to Options:
  A) ₦576
  B) ₦588
  C) ₦600
  D) ₦624
  Show Answer
  The correct answer is B .
• Question 474:

  	N
  Purchase ledger opening balance	4,000
  sales ledger opening balance	6,000
  credit purchase	25,000
  Discounts allowed	1,000
  Returns inwards	2,000
  Credit sales during the year	10,000
  Return outwards	6,000

  Use the information above to answer the following question;

  Calculate the sales ledger balance.

  Options:
  A) N13,000
  B) N10,000
  C) N6,000
  D) N3,000
  Show Answer
  The correct answer is A .
• Question 475:

  Use the information below to answer question

  Net loss.......................₦2300

  Capital........................₦10500

  Liabilities....................₦7200

  What will be the equity of the business?

  Options:
  A) ₦12 800
  B) ₦4900
  C) ₦8200
  D) ₦9500
  Show Answer
  The correct answer is C .
• Question 476:

  Given:

  Total debtors b/d 31/12/99...............₦25 000

  Cheques received from debtors ...........₦255 000

  Total debtors c/d 31/12/00...............₦15 000

  Determine the sales figure?

  Options:
  A) ₦295 000
  B) ₦265 000
  C) ₦245 000
  D) ₦215 000
  Show Answer
  The correct answer is C .
• Question 477: In a petty cash book, the closing balance was ₦235, imprest ₦1,250, while the stationery expenses were ₦655. How much was paid for other general expenses? Options:
  A) ₦360
  B) ₦355
  C) ₦350
  D) ₦305
  Show Answer
  The correct answer is A .
• Question 478: One of the items listed below will not be found in a company’s memorandum and article of association. Which is it? Options:
  A) objects and their alteration
  B) location of business
  C) bank signatories
  D) powers of directors
  Show Answer
  The correct answer is C .
• Question 479:

  

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

  Determine the club's excess of income over expenditure

  Options:
  A) ₦12000
  B) ₦15000
  C) ₦10000
  D) ₦14500
  Show Answer
  The correct answer is A .
• Question 480:

  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 .