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 561:

  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 562: 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 563:

  	₦		₦
  Stock 1/1	20,000	Net sales	370,000
  Add purchases	250,000
  Cost of goods available for sale	270,000
  Less stock 31/12	40,000
  Cost of goods sold			230,000
  Rent expenses	35,000

  Use the information above to answer the question:

  Find the gross profit.

  Options:
  A) ₦370,000
  B) ₦230,000
  C) ₦150,000
  D) ₦140,000
  Show Answer
  The correct answer is D .
• Question 564: which of the following factors has aided the development of accounting? Options:
  A) The emergence of nation states
  B) The discovery of mineral resources in commercial quantity
  C) the growth in size of businesses and separation of ownership and management
  D) the development and management of sophisticated monetary system
  Show Answer
  The correct answer is C .
• Question 565:

  Purchasers - #44,880

  Sales - #85,850

  Trade creditors - #12,250

  Trade debtors - #24,000

  Accrued expenses - # 350

  Prepaid expenses - # 700

  Stock 1/1/2006 - #25,120

  Stock 31/12/2006 - #27,840Calculate the acid test ration

  Options:
  A) 1:94:1
  B) 1:96:1
  C) 1:1:94
  D) 1:1:96
  Show Answer
  The correct answer is B .
• Question 566:

  Use the information below to answer question .

  Capital.....................N?

  Profit and loss.............₦3500

  Current assets..............N?

  Current liabilities.........₦2000

  Fixed assets................₦11000

  Determine the current assets?

  Options:
  A) ₦7 000
  B) ₦6 000
  C) ₦8 000
  D) ₦9 000
  Show Answer
  The correct answer is B .
• Question 567:

  In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be

  Options:
  A) profit
  B) capital
  C) loss
  D) cash
  Show Answer
  The correct answer is C .
• Question 568:

  Use the information below to answer question

  Capital.................................₦60 000

  Bank....................................₦12 500

  General expenses........................₦5 250

  Creditors...............................₦17 000

  Stock...................................₦98 500

  Fixed assets............................₦42 000

  Insurance and rates.....................₦18 800

  Purchase................................₦63 850

  Determine the total of the trial balance?

  Options:
  A) ₦123 325
  B) ₦160 050
  C) ₦166 525
  D) ₦326 575
  Show Answer
  The correct answer is C .
• Question 569:

  Five hundred naira monthly is allowed on an imprest system. The following transactions took place.

  Period 1:

  Cash advanced to petty cashier......₦500
  Petty cashier paid out: stamp.......₦200
  Newspaper...........................₦250

  Period 2:

  Cash to petty cashier...............₦450
  Cashier paid for writing materials..₦350

  What was the balance of cash with the petty cashier ata the end of period 1?

  Options:
  A) ₦50
  B) ₦200
  C) ₦300
  D) ₦450
  Show Answer
  The correct answer is A .
• Question 570:

  Use the information below were to answer questions

  ...................Stationary Dept.............Video Dept.

  Sales ..............₦10,600.....................₦15,175

  Cost of goods sold..₦5,247......................₦6704

  The expenses incurred were rent ₦4500, motor repairs ₦1200 and telephone ₦900.

  The basis of cost apportionment is 1/2 stationary 1/3 video.

  Determine the net profit of the business?

  Options:
  A) ₦6600
  B) ₦6271
  C) ₦5353
  D) ₦7224
  Show Answer
  The correct answer is B .