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 661: The amount of each invoiced goods sent to the branch is debited to? Options:
  A) branch expense account and credited to branch debtors' accoount
  B) branch stock account account and credited to the goods sent to branch account
  C) branch debtors' account and credited to branch expense account
  D) goods sent to branch expense account
  Show Answer
  The correct answer is B .
• Question 662: The objective of a trading account is to establish the? Options:
  A) cost of goods sold
  B) gross profit
  C) manufacturing profit
  D) net profit
  Show Answer
  The correct answer is B .
• Question 663:

  Use the information to answer the question.

  A piece of equipment costing ₦120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. It was sold on 30/6/1999 for ₦31,500.

  The net book value of the piece of equipment at the time of sale was

  Options:
  A) ₦96 000
  B) ₦48 000
  C) ₦36 000
  D) ₦24 000
  Show Answer
  The correct answer is C .
• Question 664:

  Use the information below to answer question 14 and 15.Sales....................................₦10,900

  Stock 1/1................................₦1, 000

  Stock 31/12..............................₦2, 000

  Purchases................................₦4, 000

  Returns outwards.........................₦800

  Returns inwards..........................₦600

  Carriage outwards........................₦300

  Carriage inwards.........................₦200Find the gross profit.

  Options:
  A) ₦7 800
  B) ₦7 900
  C) ₦9700
  D) 5700
  Show Answer
  The correct answer is B .
• Question 665: Goods worth N50 000 were sent at different times from head office to the branch during the year. By the end of the period, only N40 000 worth of goods had arrived at the branch. Which of the following is correct about the treatment of this transaction? Options:
  A) Branch should debit goods received from head office with N50 000
  B) Head office should debit goods sent to branch account with N10 000
  C) Head office should debit goods sent to branch account with N50 000
  D) Branch should debit goods received from head office with N10 000
  Show Answer
  The correct answer is B .
• Question 666: Accounting information is used by investors and creditors of a company to predict Options:
  A) future cash flows of the company
  B) future tax payments of the company
  C) potential merger candidates for the company
  D) appropriate remunerations for the company's staff
  Show Answer
  The correct answer is A .
• Question 667: The distributable profit available to shareholders at the end of each year is the Options:
  A) total profit and debtors balance
  B) general reserve and retained profit
  C) retained profit and fictitious assets
  D) total profit less creditors balance
  Show Answer
  The correct answer is D .
• Question 668:

  Use the information to answer this question

  Date.............Details........................

  Feb........1 Purchased 400 units at ₦1.00 each

  ,, ........5 Purchased 200 units at ₦2.00 each

  ,,.........10 Purchased 200 units at ₦300 each

  ,, .........15 Issued 320 units

  ,,..........20 Issued 200 units at ₦4,00 each

  ,,..........25 Issued 120 units

  Using the periodic simple average method, the cost per unit is

  Options:
  A) ₦4.25
  B) ₦3.25
  C) ₦2.25
  D) ₦1.25
  Show Answer
  The correct answer is C .
• Question 669: Advertising expenses incurred on a product in a business organization should be charged to? Options:
  A) production department
  B) sales department
  C) administration department
  D) purchases department
  Show Answer
  The correct answer is B .
• Question 670:

  Which of the following expenses is *not* apportined in proportion to turnover?

  Options:
  A) rent
  B) commission
  C) discount allowed
  D) carriage outwards
  Show Answer
  The correct answer is A .