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 1: In bank reconciliation process, discrepancies cause by timing arises as a result of? Options:
  A) cash book bank statement
  B) bank statement only
  C) cash book, bank statement and other incidental records
  D) cash book only
  Show Answer
  The correct answer is A .
• Question 2:

  Given:

  I. Cash refunds

  II. Debit note issued

  III. Dishonored cheque

  IV. Purchases

  The item on the credit side of purchases ledger control account includes

  Options:
  A) I,II and III only
  B) I and II only
  C) III and IV only
  D) I, III and IV only
  Show Answer
  The correct answer is D .
• Question 3:

  Use the information to answer the question.

  A piece of equipment costing ₦120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. It was sold on 30/6/1999 for ₦31,500.

  The net book value of the piece of equipment at the time of sale was

  Options:
  A) ₦96 000
  B) ₦48 000
  C) ₦36 000
  D) ₦24 000
  Show Answer
  The correct answer is C .
• Question 4:

  Date	Particulars	Folio	Details	Total
  1/6/02	2 bags of maize	SL	1,800	1,800
  12/6/02	3 bags of salt
  	less 5% discount		7,000	7,000
  				8,800

  The 5% discount shown above indicates

  Options:
  A) trade discount
  B) cash discount
  C) discount allowed
  D) discount received
  Show Answer
  The correct answer is A .
• Question 5:

  I. Members subscription

  II. Fines from members

  III. Donation

  IV. Loan from bank From the informaation above, sources of income for a Not-for-profit-making organization include

  Options:
  A) I,III,IV
  B) I,II,III
  C) I,II,IV
  D) I and IV
  Show Answer
  The correct answer is B .
• Question 6: If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made? Options:
  A) #4,500
  B) #8,550
  C) #9,000
  D) #9,450
  Show Answer
  The correct answer is B .
• Question 7: The federal government approved ₦140m to local governments W, X, Y and Z. The amount is to be shared on the basis of 40% equality, 35% population and 25% internal revenue generation. Calculate the share of local government W on equality? Options:
  A) ₦35m
  B) ₦14m
  C) ₦56m
  D) ₦28m
  Show Answer
  The correct answer is C .
• Question 8:

  Kakaku limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/2106. The company's policy, provides for 15%bad debt annually. Which of the following represents the total balance of debtors before adjustment?

  Options:
  A) N6,120,000
  B) N8,280,000
  C) N6,120,300
  D) N8,820,000
  Show Answer
  The correct answer is B .
• Question 9:

  Given:

  Capital at the beginning...............₦20 000
  Drawings...............................₦3 000
  Capital................................₦30 000
  New capital introduced.................₦8 000

  What is the profit for the period?

  Options:
  A) ₦4 000
  B) ₦5 000
  C) ₦6 000
  D) ₦8 000
  Show Answer
  The correct answer is B .
• Question 10:

  Use the information below to answer question.

  Given:

  Fixed assets: ₦85,600
  Sales: ₦197,000
  Stock: ₦34,300
  Salaries: ₦37,000
  Purchases: ₦127,700
  Share capital: ₦120,000
  Creditors: ₦16,050
  Motor expenses: ₦10,500
  Debtors: ₦25,000

  What is the cash balance?

  Options:
  A) ₦12,095
  B) ₦12,590
  C) ₦12,905
  D) ₦12,950
  Show Answer
  The correct answer is D .