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 931: The current growth in the volume of trading and financial dealings in Nigeria is helped by? Options:
  A) increased financial activities
  B) government intervention
  C) credit as a factor in business
  D) payment for goods in cash
  Show Answer
  The correct answer is A .
• Question 932:

  Use the information below to answer this question:

  $\begin{array}{cc}\text{Stock}& 11,250\\ \text{Debtors}& 18,750\\ \text{Creditors}& 3,750\\ \text{Bank}& 4,000\\ \text{Net profit}& 7,500\\ \text{Net}& 60,000\end{array}$

  Determine the debtors collection period.

  Options:
  A) 114 days
  B) 68 days
  C) 37 days
  D) 41 days
  Show Answer
  The correct answer is A .
• Question 933: Which of the following ratios gives an idea of the liquidity of a firm? Options:
  A) Turnover ratio
  B) Quick ratio
  C) Debit ratio
  D) Dividend yield
  Show Answer
  The correct answer is B .
• Question 934:

  An ordinary share of ₦100 was issued at ₦80. The share was issued at

  Options:
  A) premium
  B) par
  C) discount
  D) loss
  Show Answer
  The correct answer is C .
• Question 935:

  Given:

  Sales ............................₦195,200
  Stock 1st January.................₦34,000
  Purchases ........................₦126,000
  Sales returns ....................₦1,200
  Purchases returns ................₦2,000

  If the gross profit is ₦66,000, what is the value of stock at 31st December?

  Options:
  A) ₦30,000
  B) ₦40,000
  C) 50,000
  D) ₦20,000
  Show Answer
  The correct answer is A .
• Question 936: Responsibility accounting is particularly concerned with? Options:
  A) histoical accounting
  B) controllable costs
  C) storekeeping
  D) valuation of stock
  Show Answer
  The correct answer is B .
• Question 937: A company operating a chain of retail provision stores invoices goods to the branches at cost plus a mark-up of 25%. What is the mark-up percentage on selling price? Options:
  A) 35%
  B) 30%
  C) 20%
  D) 15%
  Show Answer
  The correct answer is C .
• Question 938:

  Department K Y

  Opening stock #2,500 #800

  Purchases #120,000 #100,000

  Sales #180,000 #200,000

  Salaries #8,000 #30,000

  Closing stock #3,000 #1,500

  Rate expenses of #1,500 are apportioned in the ratio 1:2.What is he net profit of Y?

  Options:
  A) #52,000
  B) #68,300
  C) #68,800
  D) #69,700
  Show Answer
  The correct answer is D .
• Question 939: Discount allowed as represented in the control account appears on the? Options:
  A) credit side of the purchases control account
  B) debit side of the purchases control account
  C) credit side of the sales control account
  D) debit side of the sales control account
  Show Answer
  The correct answer is C .
• Question 940: Which of the following is a credit item in creditors ledger control account? Options:
  A) Purchases returns
  B) Bills payable
  C) Purchases
  D) Cash receipts
  Show Answer
  The correct answer is C .