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 amount paid by a new partner on admission as a compensation for the reputation built up by old partners is a Options:
  A) bonus
  B) commission
  C) premium
  D) goodwill
  Show Answer
  The correct answer is D .
• Question 2: In converting a partnership into a limited liability company, the necessary accounts to be opened in the books of the company are Options:
  A) business purchase account and ordinary share capital account
  B) Business purchase account, vendor account and ordinary share capital account
  C) business purchase account and vendor account
  D) ordinary share capital account, vendor account and unpaid share capital account
  Show Answer
  The correct answer is B .
• Question 3:

  One of the major features of book keeping is that it

  Options:
  A) is futuristic in nature
  B) accepts responsibility for all wrong postings
  C) provides permanent records for all financial transactions
  D) does not give room for double entry procedure
  Show Answer
  The correct answer is C .
• Question 4: Cost classification in relation to charges is determined by the level of? Options:
  A) raw materials
  B) labour
  C) activity
  D) profitability
  Show Answer
  The correct answer is C .
• Question 5:

  Receipts and Payments Account
  	₦		₦
  Bal. b/f	1,000	Salaries	5,000
  Donations	5,000	Secretariat expenses	5,000
  Subscriptions	7,000	Dance expenses	5,000
  Sales of refreshments	11,000	Refreshments	15,000
  Entertainment	21,000	Bal. c/d	15,000
  	45,000		45,000

  Given:

  Calculate the surplus income.

  Options:
  A) ₦45 000
  B) ₦44 000
  C) ₦30 000
  D) ₦14 000
  Show Answer
  The correct answer is D .
• Question 6:

  Use the information below to answer question .

  Capital.....................N?

  Profit and loss.............₦3500

  Current assets..............N?

  Current liabilities.........₦2000

  Fixed assets................₦11000

  Determine the current assets?

  Options:
  A) ₦7 000
  B) ₦6 000
  C) ₦8 000
  D) ₦9 000
  Show Answer
  The correct answer is B .
• Question 7:

  A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as

  Options:
  A) Estimate
  B) Depreciation
  C) Asset
  D) Useful Life
  Show Answer
  The correct answer is B .
• Question 8:

  MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.Sales of drinks...................₦212 500

  Annual dues.......................₦112 000How much is the total receipt of the club?

  Options:
  A) ₦563 440
  B) ₦687 940
  C) ₦363 440
  D) ₦524 500
  Show Answer
  The correct answer is C .
• Question 9: Where the debit side of the income and expenditure account is higher than the credit side, the difference is a? Options:
  A) deflicit
  B) surplus
  C) gain
  D) loss
  Show Answer
  The correct answer is A .
• Question 10: Control accounts help to verify the arithmetic accuracy of the postings from the? Options:
  A) subsidiary books into the trial balance
  B) ledger into the trial balance
  C) journals into the ledgers
  D) subsidiary books into the ledgers
  Show Answer
  The correct answer is D .