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 41:

  Total production cost- #360,000

  Factory overhead cost- #56,000

  Selling price per unit- # 120

  Production volume 4000 unitsDetermine the value of prime cost

  Options:
  A) #416,000
  B) #304,000
  C) #240,000
  D) #184,000
  Show Answer
  The correct answer is B .
• Question 42: The ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------ Options:
  A) appreciation
  B) amortization
  C) provisions
  D) depreciation
  Show Answer
  The correct answer is D .
• Question 43:

  To account for expenses paid by head office on behalf of the branch, the branch should___________

  Options:
  A) Debit profit and loss account and credit head office account
  B) Debit head office account and credit cash
  C) Credit cash and debit profit and loss account
  D) Credit profit and loss account and debit head office account
  Show Answer
  The correct answer is A .
• Question 44:

  Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.

  	₦
  Net profit for the year	90,000
  Interim dividends paid:
  Ordinary shares	25,000
  Profit and loss appropriation b/f	10,000
  Goodwill written off	1,000

  The amount of preference shares dividends payable at the end of the year is

  Options:
  A) ₦10,000
  B) ₦25,000
  C) ₦7,500
  D) ₦20,000
  Show Answer
  The correct answer is C .
• Question 45:

  Appropriation Account
  TAYO TOPE
  ₦ ₦
  interest on capital 750 550
  Salaries 800 600
  Share of profit 3,300 3,300
  Determine the net profits of the partnership

  Options:
  A) ₦6,600
  B) ₦9,300
  C) ₦4,450
  D) ₦4,850
  Show Answer
  The correct answer is B .
• Question 46:

  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 47:

  Given:

  Rent..............₦10,000
  Rates.............₦5,000
  Capital...........₦50,000
  Salaries..........₦14,000
  Cash..............₦26,000
  Creditors..........₦5,000

  The total trial balance is?

  Options:
  A) ₦110,000
  B) ₦65,000
  C) ₦55,000
  D) ₦45,000
  Show Answer
  The correct answer is C .
• Question 48:

  Use the information below to answer this question

  Capital..................N............N........

  Land and building.......18470........24000....

  Mortgage on premises...................11090...

  Drawings...............3000...................

  Profit and loss........................3600...

  Furniture and fittings...5120.................

  Motor Vehicles...........3462................

  Closing Stock............3000................

  Debtors..................11474...............

  Creditors..............................7354.

  Cash.....................1518................

  ..........................46044.........46044

  Calculate the value of fixed assets

  Options:
  A) ₦15 992
  B) ₦18 470
  C) ₦27 000
  D) ₦27 052
  Show Answer
  The correct answer is D .
• Question 49:

  Use the information below to answer this question.

  Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively.

  Extract from their books for the year ended are

  Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950

  Ojo's share of profit is

  Options:
  A) 2475
  B) 1322.5
  C) 4950
  D) 6000
  Show Answer
  The correct answer is B .
• Question 50:

  Share premium can be used to?

  I. write off discount on shares
  II. give loans to directors
  III. pay dividends
  IV. pay company's formation expenses.

  Options:
  A) i and iv only
  B) i and iii only
  C) ii and iii only
  D) iii and iv only
  Show Answer
  The correct answer is B .