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 881: Which of the following stock valuation methods is suitable under inflationary conditions? Options:
  A) FIFO
  B) LIFO
  C) Simple average
  D) Weighted average
  Show Answer
  The correct answer is A .
• Question 882:

  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 883:

  The account where the profit are distributed to the partner in their profit sharing ratio in partnership

  Options:
  A) appropriation account
  B) profit and loss account
  C) balance sheet
  D) trading account
  Show Answer
  The correct answer is A .
• Question 884:

  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

  What is the subscription to be charged to income and expenditure account?

  Options:
  A) ₦36,000
  B) ₦34,000
  C) ₦30,000
  D) ₦20,000
  Show Answer
  The correct answer is D .
• Question 885: Determine the net profit ? Options:
  A) ₦5 000
  B) ₦3 960
  C) ₦1 040
  D) ₦8 960
  Show Answer
  The correct answer is D .
• Question 886: Which of the following accounts for the highest revenue to Nigeria? Options:
  A) Import duties
  B) Personal income tax
  C) Petroleum income tax
  D) Company tax
  Show Answer
  The correct answer is C .
• Question 887: 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 888:

  Use the following information to answer this question

  The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8

  	₦	₦
  Sales Less: cost of goods sold		233,000 170,000
  		63,000
  less: Overhead Expenses Admin expenses Selling expenses Other overhead expenses	16,800 15,000 6,200
  Net profit		25,000

  Calculate the net profit on percentage of expenses.

  Options:
  A) 60%
  B) 25%
  C) 13%
  D) 65.7%
  Show Answer
  The correct answer is D .
• Question 889: Sai Baba made sales of ₦10,000 having computed his gross profit % to sales to be 20. His opening stock was ₦250 and ending stock is ₦200. Calculate his purchases. Options:
  A) ₦7950
  B) ₦8050
  C) ₦7050
  D) ₦8950
  Show Answer
  The correct answer is A .
• Question 890:

  Social Club Subscription (Extract)31/12/2009 Subscription accrued #18,900

  Subscription received in advance #16,400

  Subscription received during

  The year 2009 #38,570Determine the amount of subscription for the year

  Options:
  A) #57,470
  B) #41,070
  C) #40,210
  D) #35,300
  Show Answer
  The correct answer is A .