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 541:

  A company goods sent to branch at invoiced price is ₦30,870 at cost plus 25%. The mark-up is

  Options:
  A) ₦20,000
  B) ₦6,000
  C) ₦6,174
  D) ₦10,000
  Show Answer
  The correct answer is C .
• Question 542: The balance on the provision for depreciation account is? Options:
  A) added to fixed assets on the balance sheet
  B) deducted from the fixed assets on the balance sheet
  C) deducted from the profitand loss account
  D) added to current liabilities of the account
  Show Answer
  The correct answer is B .
• Question 543: Expenditure incurred on consumables and goods for resale is? Options:
  A) revenue expenditure
  B) capital expenditure
  C) sunk cost
  D) miscellanous expenses
  Show Answer
  The correct answer is A .
• Question 544:

  Use the information below to answer questions .Aug. 1 Received 20 units at ₦60 each

  Aug. 6 Received 20 units at ₦68 each

  Aug. 10 Issued 16 units

  Aug. 20 Received 40 units at ₦80 each

  Aug. 31 Issued 48 unitsUsing the FIFO method, what is the value of the closing stock?

  Options:
  A) ₦1280
  B) ₦1184
  C) ₦1024
  D) ₦960
  Show Answer
  The correct answer is A .
• Question 545: The main objective of accounting report is to provide information about? Options:
  A) a company's shareholding
  B) an entity's management
  C) the efficacy of assets
  D) a company's economic resources
  Show Answer
  The correct answer is B .
• Question 546:

  Use the information to answer this question

  Payment to creditors ₦12,250

  Creditors at start ₦550

  Creditors at end ₦830

  What is the creditors amount in the balance sheet?

  Options:
  A) ₦550
  B) ₦12,250
  C) ₦12,530
  D) ₦830
  Show Answer
  The correct answer is D .
• Question 547: the receipt and payment s acpunt of a not-for-profit-making organization plays a similar role in a profit-making organization as? Options:
  A) a cash acount
  B) a balance sheet
  C) an income account
  D) an expenses account
  Show Answer
  The correct answer is B .
• Question 548: A government accounting systems must make sure that Options:
  A) revenue exceeds expenditure
  B) all applicable legal provisions are complied with
  C) capital expenditure is equal to revenue
  D) capital project fund is tied to recurrent expenditure
  Show Answer
  The correct answer is B .
• Question 549: Cost classification in relation to charges is determined by the level of? Options:
  A) raw materials
  B) labour
  C) activity
  D) profitability
  Show Answer
  The correct answer is C .
• Question 550:

  Use information below to answer this question.

  Capital: opening balance 307,000

  Closing balance 342,000

  Net profit for the period 121,600

  Opening stock 98,800

  Purchases 706,000

  Carriage inwards 17,500

  Cost of goods sold 740,700

  Total selling , general and

  Administration expenses 526,000

  Discount received 9, 650

  Calculate the gross profit for the period?

  Options:
  A) ₦535,650
  B) ₦628,300
  C) ₦637,950
  D) ₦647,600
  Show Answer
  The correct answer is D .