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 711: The net profit or loss for the year is determined in profit and loss account after Options:
  A) deducting purchases from sales
  B) deducting cost of goods sold from sales and adding administrative expenses
  C) adding commissions received to gross profit
  D) eliminating all expenses from gross profit and adding any other income
  Show Answer
  The correct answer is D .
• Question 712: If a partner pays a premium of ₦500 for 1/5 share of profit, then the total value of goodwill is? Options:
  A) ₦500
  B) ₦2,000
  C) ₦2,500
  D) ₦3,000
  Show Answer
  The correct answer is A .
• Question 713:

  Use the information below to answer questions

  Purchase:

  Raw materials.................₦15 000
  Finished goods...........................₦11 400

  Stock:....(1/7/01)

  Raw materials..........₦2 250
  Work-in-progress.........................₦1 875

  Wages:

  Direct........................₦17 100
  Indirect.................................₦5 400

  Stock:.....(30/06/02)

  Raw materials.......₦3 000
  Work-in-progress.........................₦3 375

  Determine the accumulated fund value.

  Options:
  A) ₦9360
  B) ₦6320
  C) ₦4200
  D) ₦3000
  Show Answer
  The correct answer is D .
• Question 714:

  Given:

  I. Settlement of debts
  II. Cessation of business
  III. Introduction of assets
  IV. Disposal of assets

  Which of these constitutes dissolution of partnership?

  Options:
  A) I,II and III only
  B) I,II and IV only
  C) II and IV only
  D) II and III and IV only
  Show Answer
  The correct answer is B .
• Question 715:

  Use the information below to answer this question.A business has three departments x, y and zYou are given the following information Selling and distribution expenses ₦5200

  Rent for the year₦6000

  Department turnover floor space in square metres X ₦60,000 80 Y ₦80,000 60 Z ₦100,000 60How much rent is apportioned to department Z?

  Options:
  A) ₦1, 500
  B) ₦3, 000
  C) ₦1, 800
  D) ₦2, 000
  Show Answer
  The correct answer is C .
• Question 716:

  The accumulated fund of a non-trading concern can equally be referred to as?

  Options:
  A) members equity
  B) share capital
  C) general fund
  D) surplus fund
  Show Answer
  The correct answer is C .
• Question 717:

  Retained profits is an example of

  Options:
  A) Revenue reserve
  B) Capital reserves
  C) General reserves
  D) Loan capital
  Show Answer
  The correct answer is A .
• Question 718:

  Zakari started a business in January 2000. He bought a shop costing ₦54,000 and stock worth ₦7,600. Profit for the year amounted to 22,100. His closing capital was ₦73,800.

  Zakari's personal drawings amounted to?

  Options:
  A) ₦2,300
  B) ₦9,900
  C) ₦17,100
  D) ₦19,500
  Show Answer
  The correct answer is A .
• Question 719:

  Use the information below to answer questions

  The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.

  Creditors N50,000
  Debtors N46,000
  Loan N100,000
  Stock N20,000
  Motor vehicle N120,000
  Building N70,000
  Accrued wages 30,000
  Bank N25 ,000

  The value of capital invested by the owners is?

  Options:
  A) ₦110,000
  B) ₦105,000
  C) ₦101,000
  D) ₦100,000
  Show Answer
  The correct answer is C .
• Question 720: Which of the following is credited to the consolidated revenue fund? Options:
  A) Recurrent expenditure
  B) Capital expenditure
  C) Transfer to revenue fund
  D) International revenue
  Show Answer
  The correct answer is A .