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 581:

  Given:

  Authorized Capital: N

  100,000 ordinary shares of ₦1 eash

  Issued and fully paid:

  50,000 ordinary shares of ₦1 each 50,000

  10, 000 8% perference shares

  Of ₦1 each

  Reserves 10,000

  Creditors 25,000

  Debtors 13 000

  Cash in hand 5000

  Determine the net current assets

  Options:
  A) ₦43,000
  B) ₦28,000
  C) ₦13,000
  D) ₦3,000
  Show Answer
  The correct answer is D .
• Question 582:

  Which of the following is a conversion cost?

  Options:
  A) Factory overhead
  B) purchases
  C) material cost
  D) wages
  Show Answer
  The correct answer is A .
• Question 583: Use the information below to answer questions .On January 1/2005, a machine was bought for ₦56,000 to last for five years with a residual value of ₦1000.Calculate the yearly depreciation expense using the straight line method. Options:
  A) ₦11 000
  B) ₦11 200
  C) ₦11 400
  D) ₦11 300
  Show Answer
  The correct answer is A .
• Question 584:

  Given:

  Depreciation of plant and machinery ₦1,600

  Factory rent ₦650

  Indirect wages ₦695

  General indirect expenses ₦726

  Lubricants ₦1235

  Carriage inwards ₦829

  Factory power ₦350

  Bank charges ₦612

  Carriage outwards ₦2,900

  Determine the total factory overhead cost?

  Options:
  A) ₦4,485
  B) ₦5,256
  C) ₦6,085
  D) ₦6,556
  Show Answer
  The correct answer is B .
• Question 585:

  The part of capital issued only at the time of liquidation of the company is

  Options:
  A) issued capital
  B) called-up capital
  C) paid-up capital
  D) reserved capital
  Show Answer
  The correct answer is D .
• Question 586:

  Which of the following are sources of revenue to state government in Nigeria?

  I Statutory allocation
  II Fines from customary courts
  III Petroleum tax
  IV Income tax

  Options:
  A) I and II only
  B) II and III
  C) I and IV
  D) III and IV
  Show Answer
  The correct answer is C .
• Question 587: The objective of departmental account is to Options:
  A) ascertain the cost of running the organization
  B) ascertain the amount of profit or loss for each department
  C) ascertain the amount of profits for losses for the enterprises
  D) offset the loss of each treatment
  Show Answer
  The correct answer is B .
• Question 588:

  Use this information below to answer this question

  ₦
  Capital: Opening balance 307,000
  Closing balance 342,000
  Net profit for the period 121,600
  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
  Opening stock 98,800

  What is the gross profit for the period?

  Options:
  A) ₦535,650
  B) ₦628,300
  C) ₦647,600
  D) ₦106,400
  Show Answer
  The correct answer is C .
• Question 589:

  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 590:

  Use the information below to answer questions .Stock of material 1/1..............₦10 000

  Purchase of raw material...........₦160 000

  Manufacturing wages................₦420 000

  Royalties..........................₦3 000

  Stock of raw materials 31/12.......₦14 000Calculate the prime cost?

  Options:
  A) ₦597000
  B) ₦579000
  C) ₦576000
  D) ₦5967000
  Show Answer
  The correct answer is B .