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 531:

  

  Credit purchases are always put at 150% of the total cash paid to suppliers

  Calculate the closing balance of the ledger account

  Options:
  A) ₦6 900
  B) ₦6400
  C) ₦5000
  D) ₦4000
  Show Answer
  The correct answer is C .
• Question 532: The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the? Options:
  A) prime cost
  B) indirect cost
  C) total cost
  D) direct cost
  Show Answer
  The correct answer is B .
• Question 533: In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover? Options:
  A) carriage outwards
  B) carriage inwards
  C) discounts received
  D) returns outwards
  Show Answer
  The correct answer is A .
• Question 534:

  Which of the following conditions best represents the net effect of discount allowed on credit sales on the accounts of the business?

  Options:
  A) decrease in the closing balance of sales ledger control accout
  B) increase in net profit
  C) increase in the value of sales
  D) decrease in the value of purchases in the trading account
  Show Answer
  The correct answer is A .
• Question 535:

  Given:Total cash received from debtors 30,000

  Total purchases for the period 21,000

  Amount owed by debtors at the beginning of the period 4,000

  Equipment bought 2,500

  Amount owed by debtors at the end of the period 3,000

  Determine the value of sales for the period

  Options:
  A) ₦29,000
  B) ₦31,500
  C) ₦46,500
  D) ₦50,000
  Show Answer
  The correct answer is A .
• Question 536: The gross profit on manufactured goods is the difference between the cost of goods manufactured and the? Options:
  A) market value of goods produced
  B) prime cost of production
  C) indirect cost of production
  D) goods produced
  Show Answer
  The correct answer is A .
• Question 537: What is the effect of transaction when cash is paid into the bank Options:
  A) Bank balance decrease and cash balance increase
  B) bank balance decrease and cash balance decrease
  C) cash balance increase and bank balance increase
  D) cash balance decrease and bank balance increase
  Show Answer
  The correct answer is D .
• Question 538:

  Use the information below to answer questions 23 and 24.

  Incomplete Record (Extract)

  Sales......................................₦10,600

  Rent...........................₦200

  Depreciation of vehicle (cost ₦5000) 10%

  Gross profit margin is 20%

  Calculate the net profit? Options:
  A) ₦1 620
  B) ₦1 920
  C) ₦1 420
  D) 2 120
  Show Answer
  The correct answer is C .
• Question 539:

  The beginning and ending accounts receivable balances were ₦20,000 and ₦30,000 respectively.

  The collection from customers during the period was ₦70,000. What was the total sale on account?

  Options:
  A) ₦20,000
  B) ₦60,000
  C) ₦80,000
  D) ₦120,000
  Show Answer
  The correct answer is C .
• Question 540: A trail balance is usually prepared by an accountant from account balances in the ledger for the purpose of Options:
  A) classifying accounts in the ledger
  B) testing arithmetical accuracies of the ledger account balances
  C) identifying the balance sheet items
  D) providing a basis for establishing the accountant's competence
  Show Answer
  The correct answer is B .