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 961:

  Use the information below to answer the question

  Goods from head office................₦13,400

  Returns to head office ...............₦118

  Rates and insurance paid .............₦188

  Wages paid ...........................₦913

  Cash remitted to head office..........₦16,625

  Stock at 1/1/2000.....................₦1,875

  Rents paid ...........................₦325

  Stock at 31/12/2000 ..................₦1,975

  Sundry expenses ......................₦200

  The profit realized from the trade is?

  Options:
  A) ₦4 069
  B) ₦1 817
  C) ₦1 440
  D) ₦1 328
  Show Answer
  The correct answer is A .
• Question 962:

  If goods are sent 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) ₦75,000
  C) ₦80,000
  D) ₦125,000
  Show Answer
  The correct answer is B .
• Question 963: Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of ₦1.50k. Application and allotment were received for 900,000 shares at 25k each.The book value of issued share capital is Options:
  A) ₦675,000
  B) ₦975,000
  C) ₦1,350,000
  D) ₦1,950,000
  Show Answer
  The correct answer is D .
• Question 964: When a partner makes a drawing of stock items from a partnership, the accounting impact of the drawing is to increase the partner's? Options:
  A) goodwill account balance
  B) current account credit balance
  C) current account debit balance
  D) profit and loss credit balance
  Show Answer
  The correct answer is C .
• Question 965: The capital contribution by the partners is treated in the? Options:
  A) current account
  B) capital account
  C) trading account
  D) balance sheet
  Show Answer
  The correct answer is B .
• Question 966: Which of the following is a debit item in the sales ledger control account Options:
  A) Cheque reciepts
  B) Dishonoured cheques
  C) Discount allowed
  D) Bills recievable
  Show Answer
  The correct answer is B .
• Question 967:

  Five hundred naira monthly is allowed on an imprest system. The following transactions took place.

  Period 1:

  Cash advanced to petty cashier......₦500
  Petty cashier paid out: stamp.......₦200
  Newspaper...........................₦250

  Period 2:

  Cash to petty cashier...............₦450
  Cashier paid for writing materials..₦350

  What was the balance of cash with the petty cashier ata the end of period 1?

  Options:
  A) ₦50
  B) ₦200
  C) ₦300
  D) ₦450
  Show Answer
  The correct answer is A .
• Question 968:

  Given:

  (i) Cost price (ii) Selling price (iii) Cost plus fixed percentage (iv) Price above cost and selling price

  From the information above, the prices used in charging goods to the branches are?

  Options:
  A) i and ii
  B) i, ii and iii
  C) i, ii, iii and iv
  D) iii and iv
  Show Answer
  The correct answer is B .
• Question 969:

  Use the question to answer this question:

  Opening stock	₦
  Department A B	100 800
  Purchases: A B Wages of workers Salaries	1500 2000 50 100
  Sales A B	3000 5000

  Expenses are to be shared in the ratio of sales.

  What was the cost of goods sold?

  Options:
  A) ₦25,000
  B) ₦35,000
  C) ₦50,000
  D) ₦75,000
  Show Answer
  The correct answer is D .
• Question 970:

  $\begin{array}{cc}& N\\ \text{Stock Jan 1}& 2600\\ \text{Purchases}& 4000\\ \text{Carriage inwards}& 500\\ \text{Sales}& 9000\\ \text{Carriage outwards}& 500\end{array}$

  Determine the net profit.

  Options:
  A) ₦4,000
  B) ₦4,500
  C) ₦5,000
  D) ₦1,400
  Show Answer
  The correct answer is D .