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 771: Manufacturing costs can be classified based on? Options:
  A) timing of charges degree of averaging and size of capital
  B) degree of averaging, ease of traceability and timing of charges
  C) degree of averaging, size of floor space occupied and cost accounts
  D) number of employees, timing of charges and management style
  Show Answer
  The correct answer is D .
• Question 772: When goods are sent to the branch at cost plus mark-up, it means that the branch should sell at Options:
  A) a price above or below the stipulated price
  B) any price but not below the transfer price
  C) cost price
  D) a price that is equal to the mark-up
  Show Answer
  The correct answer is A .
• Question 773:

  

  Miscellaneous expense is 10% of revenue.

  Calculate the net income.

  Options:
  A) ₦583,000
  B) ₦563,000
  C) ₦483,000
  D) ₦583,000
  Show Answer
  The correct answer is A .
• Question 774:

  Use the following information to answer this question.

  Provision for bad debt 1500

  Additional information

  1. Bad debt written off amount to 3000

  2. Debtors balance as at the end of the year is 28,000

  3. Provision for bad debts stand at 10%

  How much is to be charged to profit and loss account as provision for bad debt?

  Options:
  A) ₦2, 800
  B) ₦1, 000
  C) ₦2, 500
  D) ₦3, 000
  Show Answer
  The correct answer is B .
• Question 775: Gamji Memorial Club carried out an activity which yield a profit of ₦10 000. This amount is to be transferred to the? Options:
  A) debit side of its profit and loss account
  B) credit side of its profit and loss account
  C) debit side of its income and expenditure account
  D) credit side of its income and expenditure account
  Show Answer
  The correct answer is D .
• Question 776: A business organization prepares departmental account in order to Options:
  A) asertian the contribution of each department to the organization
  B) ascertain interdepartmental transfer
  C) build other branches
  D) know the number of departments in the organization
  Show Answer
  The correct answer is A .
• Question 777: Which of the foloowing is a credit item in creditors ledger control account? Options:
  A) Returns outwards
  B) Discount Received
  C) Bad debts
  D) Purchases
  Show Answer
  The correct answer is D .
• Question 778: Processed data is only useful to user if it is Options:
  A) complex
  B) quantitative
  C) relevant
  D) qualitative
  Show Answer
  The correct answer is C .
• Question 779: A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the? Options:
  A) weighted average method
  B) simple average method
  C) FIFO method
  D) LIFO method
  Show Answer
  The correct answer is C .
• Question 780: In a control account, provision for bad debts is found on the? Options:
  A) debit side of the purchases ledger control account
  B) debit side of the sales ledger control account
  C) credit side of the purchases ledger control account
  D) credit side of the sales ledger control account
  Show Answer
  The correct answer is D .