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 971: The objective of a trading account is to establish the? Options:
  A) cost of goods sold
  B) gross profit
  C) manufacturing profit
  D) net profit
  Show Answer
  The correct answer is B .
• Question 972: In manufacturing account, the work-in-progress at the end of the year is Options:
  A) deducted from the cost of goods completed during this year
  B) added to the cost of goods completed
  C) stated in the profit and loss account
  D) stated in the prime cost section
  Show Answer
  The correct answer is A .
• Question 973:

  Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?

  Options:
  A) ₦165,000
  B) ₦635,000
  C) ₦600,000
  D) ₦156,000
  Show Answer
  The correct answer is A .
• Question 974: 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.Determine the amount received on application and allotment Options:
  A) ₦224,950
  B) ₦225,000
  C) ₦324,950
  D) ₦325,000
  Show Answer
  The correct answer is B .
• Question 975: Which of the following is a debit item in the purchases ledger control account. Options:
  A) Balance b/d
  B) Cheque dishonoured
  C) Purchases
  D) Balance c/d
  Show Answer
  The correct answer is D .
• Question 976: Apart from the common control accounts, a control account can also be opened for? Options:
  A) sales account
  B) purchases account
  C) cash account
  D) wages account
  Show Answer
  The correct answer is C .
• Question 977: Given that the balance as per cash book after necessary adjustment was ₦4,315, unpresented cheques were ₦1,688 and the bank statement balance was ₦4,791, what was the balance of uncredited cheques? Options:
  A) ₦1,223
  B) ₦1,212
  C) ₦1,202
  D) ₦1,115
  Show Answer
  The correct answer is B .
• Question 978:

  	₦		₦
  Stock 1/1	20,000	Net sales	370,000
  Add purchases	250,000
  Cost of goods available for sale	270,000
  Less stock 31/12	40,000
  Cost of goods sold			230,000
  Rent expenses	35,000

  Use the information above to answer the question:

  Calculate the net profit.

  Options:
  A) ₦35,000
  B) ₦40,000
  C) ₦105,000
  D) ₦115,000
  Show Answer
  The correct answer is C .
• Question 979: Given that 1/3 of the ₦6000 stock held by a branch is purchased from outsiders. If goods are invoiced to branch at 25% on cost, the provision for unrealized profit is? Options:
  A) ₦1000.00
  B) ₦333.33
  C) ₦666.66
  D) ₦800.00
  Show Answer
  The correct answer is D .
• Question 980: The records of wages due but not yet paid is an example of an adjustment for Options:
  A) apportionment of revenue between two periods
  B) recognizing accrued expenses
  C) recognizing unaccounted revenue
  D) recognizing prepaid expenses
  Show Answer
  The correct answer is B .