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:

  An ordinary share of ₦100 was issued at ₦80. The share was issued at

  Options:
  A) premium
  B) par
  C) discount
  D) loss
  Show Answer
  The correct answer is C .
• Question 2: Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be? Options:
  A) surrendered to the consolidated revenue fund
  B) carried forward to the next financial year
  C) reserved to meetany deficits or contingencies
  D) returned to the taxpayer
  Show Answer
  The correct answer is A .
• Question 3: The main purpose of control account is to? Options:
  A) detect errors and irregularities
  B) assist purchases
  C) assist sales
  D) check management incompetence
  Show Answer
  The correct answer is A .
• Question 4: In a partnership account, conversation of non-cash assets into cash is referred to as? Options:
  A) realization
  B) disposal
  C) dissolution
  D) revaluation
  Show Answer
  The correct answer is A .
• Question 5: Use the following information to answer this question.Club building 400,000Subscription prepaid 3,000Sport kits 150,000Bar creditors 85,000Subscription owing 32,000What is the club’s accumulated fund? Options:
  A) ₦699, 000
  B) ₦641, 000
  C) ₦402, 000
  D) ₦605, 000
  Show Answer
  The correct answer is A .
• Question 6:

  	₦
  Plant and Machinery	190000
  Motor Vehicle	170000
  Stock	60000
  Current Liabilities	50000
  Purchase consideration	400000

  The goodwill is

  Options:
  A) ₦110,000
  B) ₦30,000
  C) ₦90,000
  D) ₦80,000
  Show Answer
  The correct answer is B .
• Question 7: The floor space occupied by manufacturing and administration departments in a company is 200 sqm and 300 sqm respectively. ₦20 000 rent incurred is shared using floor space occupied. How much is the rent chargeable to manufacturing? Options:
  A) ₦8 000
  B) ₦10 000
  C) ₦12 000
  D) ₦18 000
  Show Answer
  The correct answer is A .
• Question 8: In a departmental account, the expenses to be apportioned on the basis of turnover is Options:
  A) carriage inwards
  B) returns outwards
  C) discount recieved
  D) carriage outwards
  Show Answer
  The correct answer is A .
• Question 9: The rule of accounting equation requires that account payable should be placed under? Options:
  A) liabilities
  B) equities
  C) assets
  D) capital
  Show Answer
  The correct answer is A .
• Question 10: If stationery bought for ₦200 has been entered as ₦2000. To correct this error? Options:
  A) debit stationery with ₦2,200
  B) credit stationery with ₦1,800
  C) debit stationery with ₦1,800
  D) credit stationery with ₦2,200
  Show Answer
  The correct answer is B .