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:

  A company has departments M and N. The expenses incurred wholly in M is ₦5000. General expenses incurred amount to ₦25000. Expenses are apportioned in the ratio 2:3 for departments M and N respectively.

  What is N's share of the expense?

  Options:
  A) ₦10 000
  B) ₦15 000
  C) ₦18 000
  D) ₦20 000
  Show Answer
  The correct answer is B .
• Question 662:

  Gbagada Social Club.
  Receipt and Payments Account for the year 1993

  Description	Amount (₦)	Description	Amount (₦)
  Balance b/d	720	Rent	180
  Subscriptions	14,300	Furniture	3,500
  Proceed from raffle draws	2,000	Rate	580
  		Stationery	120
  		Welfare expenses	1,000
  		Raffle prize	950
  Total	17,020	Balance c/d	10,690
  		Total	17,020

  Accumulated fund on 1st January 1993 is

  Options:
  A) ₦8 570
  B) ₦8 470
  C) ₦850
  D) ₦7 520
  Show Answer
  The correct answer is D .
• Question 663: The contribution marginal on a job is the? Options:
  A) gross profit
  B) net profit
  C) excess of sales revnue over variable costs
  D) difference between fixed and variable costs
  Show Answer
  The correct answer is C .
• Question 664: In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a? Options:
  A) debit entry
  B) credit entry
  C) contra entry
  D) reversal entry
  Show Answer
  The correct answer is C .
• Question 665: Hussaina Enterprises sent goods worth ₦800,000 at cost plus mark-up of 20% to its branchWhat is the cost price of the goods sent to the branch Options:
  A) ₦600,000
  B) ₦620,000
  C) ₦640,000
  D) ₦700,000
  Show Answer
  The correct answer is B .
• Question 666:

  Given:

  Capital at start.......................₦3250
  Capital at close ......................₦6250
  Additional capital during the period...₦1000

  Calculate the profit or loss?

  Options:
  A) ₦8500 profit
  B) ₦2000 loss
  C) ₦2000 profit
  D) ₦8500 loss
  Show Answer
  The correct answer is C .
• Question 667:

  A partnership’s internal regulation are set out by________---

  Options:
  A) A constitution
  B) A law
  C) A deed
  D) An article
  Show Answer
  The correct answer is C .
• Question 668:

  The rate of interest on capital for Ade is

  Options:
  A) 250
  B) 200
  C) 300
  D) 400
  Show Answer
  The correct answer is C .
• Question 669: Accrual accounting differs from cash accounting because it recognizes? Options:
  A) cash and creditors
  B) debtors and creditors
  C) cash and debitors
  D) prepayment and cash
  Show Answer
  The correct answer is B .
• Question 670:

  Use the information below to answer this question:

  $\overline{\begin{array}{ccc}& \text{Dept A}& \text{Dept B}\\ \text{Sales}& 180,000& 150,000\\ \text{Cost of sales}& 79,000& 85,000\\ \text{Expense}& 28,000& 40,000\end{array}}$

  How much is the gross profit for department A?

  Options:
  A) ₦101,000
  B) ₦73,000
  C) ₦79,000
  D) ₦152,000
  Show Answer
  The correct answer is A .