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:

  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 2: The financial plan of the government for a year is contained in the? Options:
  A) budget
  B) cash analysis book
  C) vote book
  D) gazette
  Show Answer
  The correct answer is A .
• Question 3: Find the fixed assets? Options:
  A) i, ii and v
  B) i, ii and iv
  C) i, ii and iii
  D) iii, iv and v
  Show Answer
  The correct answer is C .
• Question 4:

  The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of

  Options:
  A) capital reserve
  B) net loss
  C) revenue reserve
  D) net income
  Show Answer
  The correct answer is A .
• Question 5:

  Given:

  Authorized Capital: N

  100,000 ordinary shares of ₦1 eash

  Issued and fully paid:

  50,000 ordinary shares of ₦1 each 50,000

  10, 000 8% perference shares

  Of ₦1 each

  Reserves 10,000

  Creditors 25,000

  Debtors 13 000

  Cash in hand 5000

  Calculate the shareholders fund

  Options:
  A) ₦60,000
  B) ₦75,000
  C) ₦85,000
  D) ₦185,000
  Show Answer
  The correct answer is C .
• Question 6: The major distinguishing element between the final account of a partnership and that of a sole trader is the Options:
  A) drawing A/C
  B) capital A/C
  C) Creditor A/C
  D) Appropriation A/C
  Show Answer
  The correct answer is D .
• Question 7:

  A proprietor withdraws cash from the business for private use, he

  Options:
  A) credits cash account and debits bank account
  B) credits cash account and debits drawing A/C
  C) debits cash account and credits drawings account
  D) debits bank account and credits drawings account
  Show Answer
  The correct answer is B .
• Question 8: When the factory cost of production has been ascertained, manufactured goods are transferred to trading account by? Options:
  A) debting manufacturing account and crediting trading acccount
  B) crditing sales account and debtiting trading account
  C) debiting sales account and crediting trading account
  D) crediting manufacturing account and debiting trading account
  Show Answer
  The correct answer is D .
• Question 9:

  Mamsa Nigeria Limited issued 20 000 ordinary shares of ₦1.50 per share on 2nd July 2002.

  1500 ordinary shares were fully subscribed for and their monies received as below:On application .........................₦0.40

  On allotment ...........................₦0.20

  First call (including premium of₦0.50)..₦0.70What is the balance of the ordinary share capital account after the first call was received?

  Options:
  A) ₦300
  B) ₦1050
  C) ₦1200
  D) 1950
  Show Answer
  The correct answer is C .
• Question 10: When shares are issued at a discount, entries are to debit Options:
  A) application allotment account and credit discount accoun
  B) discount account and credit
  C) cash account and credit discount account
  D) discount account and credit bank account
  Show Answer
  The correct answer is A .