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 821:

  Adodo Enterprises and Loss Account (Extract)
  	₦		₦
  Opening stock	5,000	Sales	100,000
  Purchases	00?00
  	00?00
  Less closing stock	5,600
  Cost of goods sold	00?00
  Gross profit	00?00
  	100,000		100,000

  If the gross profit margin is 10% what is the value of the cost of goods sold?

  Options:
  A) ₦10,000
  B) ₦90,000
  C) ₦105,600
  D) ₦110,000
  Show Answer
  The correct answer is B .
• Question 822:

  Use the information below to answer questions

  Subscription received during the year ₦30,000

  Subscription owed last year ₦4,000

  Subscription received for next year ₦6,000

  The ₦6,000 subscription received is?

  Options:
  A) current asset
  B) current liability
  C) fixed asset
  D) capital
  Show Answer
  The correct answer is B .
• Question 823:

  The value of the sales ledger control account is derived from the summation of the

  Options:
  A) total creditors control account
  B) total debtors control account
  C) all day books
  D) both the debtors and creditors accounts
  Show Answer
  The correct answer is B .
• Question 824: When a business incurs labour cost in installing a fixed asset, the cost is treated as Options:
  A) additional cost to the asset
  B) business wages and salaries
  C) installation cost of the asset
  D) business cost of the asset
  Show Answer
  The correct answer is A .
• Question 825: 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 826:

  Use the information to answer this question

  Receipts and Payment Account (Extract)

                                 N

  Bal b/f                   3650       Insurance   900

  Subscription   (99) 7500       Rate          11,700

                     (2000) 1000      Bal c/d        8,050

  Fees                      8500

                              20,650                       20,650

  The following information were given:

  Rates owing Insurance prepaid Subscription in arrears

  1/199 3,600 50 700

  31/12/99 2000 1000 600

  The figure ₦1000 represent what in the balance sheet.

  Options:
  A) Assets
  B) Liability
  C) capital
  D) Subscription
  Show Answer
  The correct answer is B .
• Question 827: The power to appoint the Auditor General of the Federation is vested in the Options:
  A) National Assembly
  B) President
  C) Judicial Service Commission
  D) Civil Service Commission
  Show Answer
  The correct answer is B .
• Question 828: When the factory cost of production has been ascertained, manufactured goods are transferred to trading account by? Options:
  A) debting manufacturing account and crediting trading acccount
  B) crditing sales account and debtiting trading account
  C) debiting sales account and crediting trading account
  D) crediting manufacturing account and debiting trading account
  Show Answer
  The correct answer is D .
• Question 829:

  

  The quick ratio is

  Options:
  A) 1:2
  B) 1:3:1
  C) 1.7:1
  D) 3:1
  Show Answer
  The correct answer is B .
• Question 830: In a departmental account, where no basis of apportionment exist, apportionment is Options:
  A) on profit basis
  B) according to employee decision
  C) according to material available
  D) on equal basis
  Show Answer
  The correct answer is D .