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 681:

  Given:Opening capital - #50,000

  Closing capital - #64,000

  Drawings - #16,000Determine the net profit

  Options:
  A) #2,000
  B) #14,000
  C) #20,000
  D) #30,000
  Show Answer
  The correct answer is D .
• Question 682: Which of the following is among the categories of government cash book? Options:
  A) Receipt cash book
  B) Payment cash book
  C) Petty cash book
  D) Treasury cash book
  Show Answer
  The correct answer is D .
• Question 683:

  A pottery company had sales of ₦176,000 during the current period and a gross profit rate of 40%.

  The company's cost of merchandize available for sale during the period was ₦128,000. The company's ending inventory is?

  Options:
  A) ₦22,400
  B) ₦32,000
  C) ₦51,200
  D) ₦76,800
  Show Answer
  The correct answer is A .
• Question 684: The major focus of the trading account is to show Options:
  A) net profit
  B) gross margin
  C) total purchases
  D) total sales
  Show Answer
  The correct answer is B .
• Question 685:

  Use the information below to answer this question
  At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of
  ₦180,000 it is however discovered that revenue of
  ₦15,000 is recorded as expenses while expenses of
  ₦4,000 is recorded as revenue.

  The revenue to be added as an adjustment is

  Options:
  A) ₦34,000
  B) ₦4,000
  C) ₦30,000
  D) ₦15,000
  Show Answer
  The correct answer is C .
• Question 686:

  The partners capital are: Modibbo #60,000

  And Jakata #90,000. The partners share

  Profit and losses in the ratio of their capital

  Contributions.

  The net profit for the year is #12,000.What is Jakata's sharing profit?

  Options:
  A) 3:5
  B) 1:2
  C) 2:5
  D) 1:5
  Show Answer
  The correct answer is D .
• Question 687: The item on the credit side of the trading account is the? Options:
  A) returns outwards
  B) caarriage on sales
  C) sales
  D) purchases
  Show Answer
  The correct answer is C .
• Question 688:

  A charitable club has the following figures:

  N
  Subscriptions received in 1991 2 800
  Subscriptions unpaid in 1990 300
  Subscriptions paid for 1992 150
  Subscriptions due 1991 180

  How much should be charged to the income and expenditure of this club as subscription for 1991?

  Options:
  A) ₦2 530
  B) ₦2 680
  C) ₦2 830
  D) ₦2 980
  E) ₦3 130
  Show Answer
  The correct answer is E .
• Question 689:

  Use the information below to answer question An asset was purchase for ₦343m in 2003.

  The estimated life of the asset was 3 years with a residual value of ₦28m.Using the straight method. The depreciation of the asset in the first year was?

  Options:
  A) ₦210m
  B) ₦343m
  C) ₦105m
  D) ₦270m
  Show Answer
  The correct answer is C .
• Question 690: Goodwill is determined using? Options:
  A) capital contribution
  B) number of partnerd admitted
  C) the business and customer relations
  D) number of active partners
  Show Answer
  The correct answer is B .