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 721:

  A company has two departments X and Y. Y transferred goods to X at a profit margin of 25%. ₦10,000 worth of goods was not sold at the end of the accounting period.

  How much is the unrealized profit?

  Options:
  A) ₦2000
  B) ₦2500
  C) 12000
  D) 12500
  Show Answer
  The correct answer is A .
• Question 722:

  1. Direct materials

  11.Direct labour

  111.Direct expenses

  1V. Factory expensesPrime cost consist of

  Options:
  A) 1,11 and 111
  B) 1,11 and 1V
  C) 1,111 and 1V
  D) 11,111 and 1V
  Show Answer
  The correct answer is A .
• Question 723:

  Given:Balance as per cash book...................₦20,000

  Unpresented cheques........................₦5, 200

  Direct credit to the bank..................₦1, 000

  Direct debit from the bank.................₦1, 000

  Credit in the cash book....................₦500Calculate the balance as bank statement at the end of the year?

  Options:
  A) ₦24,700
  B) ₦25,200
  C) ₦26,200
  D) ₦27,700
  Show Answer
  The correct answer is A .
• Question 724: Replacement and renewal of fixed assets are? Options:
  A) revenue receipt
  B) capital receipt
  C) capital expenditure
  D) revenue expenditure
  Show Answer
  The correct answer is C .
• Question 725: The officer responsible for ascertaining whether all public expenditure and appropriation are in line with approved guidelines is the? Options:
  A) Acountant General
  B) Auditor General
  C) Finance Minister
  D) Permanent Secretary
  Show Answer
  The correct answer is B .
• Question 726: Use the information below to answer question .Adamu Stores bought accessories from Mu'azu Beverages for ₦400 on credit. A trade discount of 10% and a cash discount of 15% were provided.Calculate the cash discount? Options:
  A) ₦60
  B) ₦90
  C) ₦40
  D) ₦100
  Show Answer
  The correct answer is A .
• Question 727:

  A company goods sent to branch at invoiced price is ₦30,870 at cost plus 25%. The mark-up is

  Options:
  A) ₦20,000
  B) ₦6,000
  C) ₦6,174
  D) ₦10,000
  Show Answer
  The correct answer is C .
• Question 728:

  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 729:

  Use the information to answer the question

  Aminu and Sons credit purchases (Extract] as at February 1996.

  Feb 1Credit balances 40, 000

  Debit balances 1, 000

  Feb 28 Purchases journal totals 500,000

  Returns outwards journal totals 50,000

  Cheques paid to suppliers 400,000

  Promissory notes sent to suppliers 30,000

  Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000

  What is the balance c/d in the purchases ledger control account?

  Options:
  A) ₦2,000
  B) ₦8, 000
  C) ₦40, 000
  D) ₦49,000
  Show Answer
  The correct answer is D .
• Question 730: The expenses incurred in promoting a company are? Options:
  A) promoters' expenses
  B) floating expenses
  C) preliminary expenses
  D) the borad's expenses
  Show Answer
  The correct answer is C .