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 171: Use the information below to this question Cost of raw materials consumed 300,600 Carriage inwards 6,700 Returns of raw materials 10,800 Closing stock of raw materials 100,250 Manufacturing wages 27,000 Lighting, power, insurance and rent relation to the factory are apportioned 1/3,2/5, 1/6 and 17 with totals ₦30,000; ₦75,000; ₦36,000 and ₦56,000 respectively. The production cost of finished goods is Options:
  A) ₦524,600
  B) n408,600
  C) n381,600
  D) n327,600
  Show Answer
  The correct answer is A .
• Question 172:

  Given:

  Bank overdraft..............₦2000

  Cash........................₦2000

  Furniture...................₦4000

  Calculate the total amount on the credit side of the trial balance?

  Options:
  A) ₦4000
  B) ₦2000
  C) ₦6000
  D) ₦8000
  Show Answer
  The correct answer is B .
• Question 173: The two accounts that are normally opened in the head office when goods are transferred to a branch are? Options:
  A) branch supplies and branch receipts
  B) branch stock account and goods sent to branch accounts
  C) goods sent to brannch account and branch receipt account
  D) goods sent to branch accounts and branch supplies
  Show Answer
  The correct answer is B .
• Question 174: The main objective of accounting report is to provide information about? Options:
  A) a company's shareholding
  B) an entity's management
  C) the efficacy of assets
  D) a company's economic resources
  Show Answer
  The correct answer is B .
• Question 175: The principle use of control accounts is to Options:
  A) localize error within the ledger
  B) prevent fraud
  C) increase sales
  D) record assets and liabilities
  Show Answer
  The correct answer is A .
• Question 176: Partners' share of profit is credited to Options:
  A) a partner's current account
  B) a partner's capital account
  C) the profit and loss account
  D) the profit and loss appropriation account
  Show Answer
  The correct answer is A .
• Question 177:

  In departmental accounting, which is not a transfer pricing_________

  Options:
  A) cost based transfer price
  B) market based transfer pricing
  C) Dual pricing system
  D) peak pricing
  Show Answer
  The correct answer is D .
• Question 178: The estimated profit or loss for a period is calculated by Options:
  A) closing capital less opening capital add drawings
  B) opening capital less closing capital add drawings
  C) opening capital less drawings add closing capital
  D) opening capital add closing add drawings
  Show Answer
  The correct answer is A .
• Question 179:

  The purchases ledger control account showed a credit balance of ₦525 000 on April 30, 2006.

  This amount shows?

  Options:
  A) what the debtor of a business enterprise owed the business
  B) the total amount which each debtor owed the business
  C) what a business enterprise owed its creditors
  D) the amount whicih a business enterprise owed creditor
  Show Answer
  The correct answer is C .
• Question 180:

  Given:

  ..............Rich Social Club...........

  Cash.........................₦100,000

  Loan ........................₦30,000

  Subscription in arrears......₦5,000

  Subscription in advance......₦15,000

  What is the accumulation fund?

  Options:
  A) ₦60,000
  B) ₦80,000
  C) ₦90,000
  D) ₦110,000
  Show Answer
  The correct answer is A .