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 981: The ratio that gives the indication of the efficiency of a firm's sales with respect to cost of goods sold is a Options:
  A) return on capital employed
  B) gross profit margin
  C) net profit margin
  D) return on equity
  Show Answer
  The correct answer is A .
• Question 982: A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the? Options:
  A) weighted average method
  B) simple average method
  C) FIFO method
  D) LIFO method
  Show Answer
  The correct answer is C .
• Question 983:

  Use the information below to answer the question:

  Turnover...........................₦120 000
  Net profit before tax..............₦40 000
  Net profit b/f.....................₦68 000

  Proposed dividends:

  Ordinary shares....................₦8 000
  Preference shares..................₦6 000
  Corporate tax is 30%...............₦10 000

  What is the tax charged to the profit and loss account?

  Options:
  A) ₦14 000
  B) ₦60 000
  C) ₦34 000
  D) ₦20 000
  Show Answer
  The correct answer is D .
• Question 984: The principle of double entry developed from the axioms of accounting equation is given as Options:
  A) Assets + Liability = Equity
  B) Assets + Equity = Liabilities
  C) Liabilities + Equity = Asset
  D) Liabilities + Equity = Net assets
  Show Answer
  The correct answer is C .
• Question 985:

  Use the information below to answer this question

  Date.............QTY. .....RATE........TOTAL
  ...............(Units).....N...........N
  January 2nd.....500........25..........12500
  March 7th.......250........28..........7000

  Issues were made as follows:

  Date............QTY. (uNITS)
  January 9th .....200
  February 14th ...200
  March 11th ......200

  The value of closing stock as at February 14th by simple average method is

  Options:
  A) ₦3900
  B) ₦2500
  C) ₦4100
  D) ₦2700
  Show Answer
  The correct answer is A .
• Question 986: In preparing the final accounts, the bad debt account is closed by a transfer to the? Options:
  A) balance sheet
  B) provision for bad debt account
  C) profit and loss account
  D) trading account
  Show Answer
  The correct answer is C .
• Question 987: Which of the following methods gives a conservative closing stock value during a period of rising prices? Options:
  A) LIFO
  B) FIFO
  C) Simple average
  D) Periodic simple average
  Show Answer
  The correct answer is A .
• Question 988: The Partnership Deed normally specifies? Options:
  A) how profit or losses are to be shared
  B) the capital to be contributed annually
  C) how salaries are paid to employees
  D) the profit that should be earned annually
  Show Answer
  The correct answer is A .
• Question 989: 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 .
• Question 990:

  MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.Sales of drinks...................₦212 500

  Annual dues.......................₦112 000How much is the total receipt of the club?

  Options:
  A) ₦563 440
  B) ₦687 940
  C) ₦363 440
  D) ₦524 500
  Show Answer
  The correct answer is C .