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 81:

  A company has two departments X and Y. Y transferred goods to X at a profit margin of 25%. ₦10,000 worth of goods was not sold at the end of the accounting period.

  How much is the unrealized profit?

  Options:
  A) ₦2000
  B) ₦2500
  C) 12000
  D) 12500
  Show Answer
  The correct answer is A .
• Question 82:

  Which of the following is found on the credit side of a profit and loss account?

  Options:
  A) advertising
  B) dividend received
  C) wages and salaries
  D) bank charges
  Show Answer
  The correct answer is B .
• Question 83:

  A pottery company had sales of ₦176,000 during the current period and a gross profit rate of 40%.

  The company's cost of merchandize available for sale during the period was ₦128,000. The company's ending inventory is?

  Options:
  A) ₦22,400
  B) ₦32,000
  C) ₦51,200
  D) ₦76,800
  Show Answer
  The correct answer is A .
• Question 84:

  The rules which govern the internal management of a firm and its financial affairs in a partnership business is a

  Options:
  A) memoransum
  B) deed
  C) financial regulation
  D) bye-law
  Show Answer
  The correct answer is B .
• Question 85:

  

  The value of the owner's equity is

  Options:
  A) ₦400,000
  B) ₦900,000
  C) ₦957,000
  D) ₦1,357,000
  Show Answer
  The correct answer is C .
• Question 86:

  The major feature of a journal is that it has

  Options:
  A) five columns, date, particulars, folio, debit and credit
  B) three columns, date, particulars, folio and amount
  C) Six columns, date. particulars, folio, amount debit and credit
  D) four columns, date, particulars, folio and amount
  Show Answer
  The correct answer is A .
• Question 87:

  Given:

  ....................January.............December

  Assets................₦28,320.............₦25,320

  Creditors.............₦5,620..............₦10,320

  The proprietor made drawings of ₦755 per month for personal use.

  The profit for the period is?

  Options:
  A) ₦3000
  B) ₦1,360
  C) ₦9060
  D) ₦7700
  Show Answer
  The correct answer is B .
• Question 88: The channel through which all government borrowing and domestic lending transactions pass is called? Options:
  A) special trust fund
  B) agency fund
  C) national loan fund
  D) contingency fund
  Show Answer
  The correct answer is D .
• Question 89: A source of revenue that is compulsory payment without any derived benefit is? Options:
  A) fees
  B) taxes
  C) fines
  D) royalties
  Show Answer
  The correct answer is C .
• Question 90:

  

  Equity shareholders' fund is

  Options:
  A) ₦133 000
  B) ₦120 000
  C) ₦113 000
  D) ₦100 000
  Show Answer
  The correct answer is A .