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 101:

  The assumption that a business will continue to exist into the foreseeanle future is recognized by a concept called

  Options:
  A) matching
  B) business entity
  C) going concern
  D) historical cost
  Show Answer
  The correct answer is C .
• Question 102:

  	₦
  Stock at branch 1st January at cost	400
  Goods sent to branch at cost	8000
  Returns to head office	340
  Cash sales	9160
  Stock at branch 31st December at cost	720

  Use the information below to answer the question.

  Adex Ltd. Issues stock to its retail branches at cost price.

  Calculate the cost of goods credited to the head office trading account.

  Options:
  A) ₦7200
  B) ₦7460
  C) ₦7500
  D) ₦7660
  Show Answer
  The correct answer is D .
• Question 103:

  Use the information below to answer the question

  Gross profit b/d Less: Salaries and wages Electricity Depreciation Net profit c/d

  Dept A ₦ 6,000 1,800 ? 600 ? 6,000

  Dept B ₦ 4,000 1,200 ? ? 1,600 4,000

  Total ₦ 10,000 3,000 2,000 1,000 4,000 10,000

  It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.

  What is the net profit made by department A?

  Options:
  A) ₦2000
  B) ₦3600
  C) ₦3000
  D) ₦2400
  Show Answer
  The correct answer is D .
• Question 104: Which of the following is true in public sector accounting? Cost of assets is Options:
  A) depreciated on straight line method
  B) expensed in the year of purchase
  C) charged to federation account
  D) depreciated on reducing balance method
  Show Answer
  The correct answer is B .
• Question 105:

  Use this information below to answer this question

  ₦
  Capital: Opening balance 307,000
  Closing balance 342,000
  Net profit for the period 121,600
  Purchases 706,000
  Carriage inwards 17,500
  Cost of goods sold 740,700
  Total selling, general and
  administration expenses 526,000
  Discount received 9,650
  Opening stock 98,800

  What is the gross profit for the period?

  Options:
  A) ₦535,650
  B) ₦628,300
  C) ₦647,600
  D) ₦106,400
  Show Answer
  The correct answer is C .
• Question 106:

  A credit balance on a receipt and payments account indicates that the non-profit making organization?

  Options:
  A) had more revenues than expenses during the period
  B) did not owe much liabilities during the period
  C) received more cash than it paid out during the period
  D) made more cash payments than it received during the period
  Show Answer
  The correct answer is C .
• Question 107: Bariga, a stock broker bought stationery for ₦12000 by cash. To record this transaction, debit? Options:
  A) cash and credit stationery
  B) purchase and credit stationery
  C) stationery and credit cash
  D) stationery and credit purchases
  Show Answer
  The correct answer is C .
• Question 108: The main objective of bookkeeping is to record economic? Options:
  A) transactions systematically for routine managerial decision-making
  B) events clearly to ensure adequate checks and balances
  C) events clearly to facilitate strategic managerial desicion-making
  D) transaction systematically to ascertain the financial position of a business
  Show Answer
  The correct answer is D .
• Question 109:

  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 110:

  Use the information below to answer question .

  Prime cost..................₦12 100

  Lighting....................₦10 000

  Heating.....................₦15 000

  Factory overhead............?

  The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.

  The factory overhead is?

  Options:
  A) ₦5050
  B) ₦7250
  C) ₦2750
  D) ₦5500
  Show Answer
  The correct answer is D .