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 741: The income and expenditure account differs from receipts and payments account because it Options:
  A) accounts for notional charges
  B) records transactions that relate to the period on cash basis
  C) records transactions that relate to the period on accrual basis
  D) accounts for balance of cash at bank
  Show Answer
  The correct answer is B .
• Question 742: If goods are sent to to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000? Options:
  A) ₦130,000
  B) ₦125,000
  C) ₦80,000
  D) ₦75,000
  Show Answer
  The correct answer is D .
• Question 743:

  The advantage of double entry is that

  Options:
  A) it is easy to prepare the final account
  B) it increase assets
  C) has cash and bank column
  D) It disburses cash
  Show Answer
  The correct answer is A .
• Question 744:

  Given:

  Stock (1/4/94) N800
  Purchases of flour N2450
  Sales N4745
  Wages of bakery staff N675
  Carriage outwards N50
  Salary of administrative staff N225
  Stock (31/3/95) N940
  Capital N1540

  Determine the cost of goods sold?

  Options:
  A) ₦2575
  B) ₦2985
  C) ₦3250
  D) ₦3925
  Show Answer
  The correct answer is B .
• Question 745: The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ---------------------------- Options:
  A) conversion
  B) control
  C) allocation
  D) analysis
  Show Answer
  The correct answer is B .
• Question 746:

  Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled ₦800,000.

  A provision of 2% was made for discount and 5% provision for bad and doubtful debts.Find the amount for sundry debtors after provision?

  Options:
  A) ₦760,000
  B) ₦744,800
  C) ₦744,000
  D) ₦784,000
  Show Answer
  The correct answer is C .
• Question 747:

  Given:

  Depreciation of plant and machinery ₦1,600

  Factory rent ₦650

  Indirect wages ₦695

  General indirect expenses ₦726

  Lubricants ₦1235

  Carriage inwards ₦829

  Factory power ₦350

  Bank charges ₦612

  Carriage outwards ₦2,900

  Determine the total factory overhead cost?

  Options:
  A) ₦4,485
  B) ₦5,256
  C) ₦6,085
  D) ₦6,556
  Show Answer
  The correct answer is B .
• Question 748:

  Uju Nig. Ltd. Balance Sheet (Extract)
  	₦		₦
  Capital	200,000	Land and building	250,000
  Net profit	50,000	Stock	20,000
  5% debenture	100,000	Debtors	50,000
  Creditors	80,000	Bank	10,000
  	430,000		430,000

  Which of the following is true of Uju Nig.Ltd?

  Options:
  A) It is a highly geared company
  B) It has no liquidity problem in the short term
  C) It is adequately secured in fixed assets
  D) It's working capital is zero
  Show Answer
  The correct answer is D .
• Question 749:

  Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.

  Drawings:	₦
  Dairo	12000
  Segun	18000
  Capital
  Dairo	120000
  Segun	60000

  - Interest on drawings 10%

  - Interest on capital 5%

  - Profit for the year ₦36,000

  - Salary: Segun ₦10,000

  The interest on Dairo's drawings is

  Options:
  A) ₦1,600
  B) ₦1,200
  C) ₦1,400
  D) ₦1,800
  Show Answer
  The correct answer is B .
• Question 750:

  The amount of subscriptions accrued is reported in the balance sheet under

  Options:
  A) fixed cost
  B) current asset
  C) long term liability
  D) current liability
  Show Answer
  The correct answer is B .