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: Which of the following items is a capital expenditure? Options:
  A) Maintenance of office machine
  B) Purchase of office stationery
  C) Carriage inwards
  D) Purchase of office machinery
  Show Answer
  The correct answer is D .
• Question 2: Beginning and ending accounts receivable balances were ₦8,000 and ₦15,000 respectively. If collections from customers during the period were ₦36,000, then total sales on account would be Options:
  A) ₦23,000
  B) ₦29,000
  C) ₦36,000
  D) ₦43,000
  Show Answer
  The correct answer is D .
• Question 3:

  Given:

  Bank overdraft..............₦2000

  Cash........................₦2000

  Furniture...................₦4000

  Calculate the total amount on the credit side of the trial balance?

  Options:
  A) ₦4000
  B) ₦2000
  C) ₦6000
  D) ₦8000
  Show Answer
  The correct answer is B .
• Question 4:

  Marhumu and Yusuf are in partnership sharing profits and losses in the ratio of 2:1. On 31/3/2000, the partnership decided to admit Idris who is to take 1/4 of future profits without changing the ratio of Marhumu and Yusuf.

  What is the new profit-sharing ratio of Marhumu and Yusuf?

  Options:
  A) 50% : 25%
  B) 50% : 20%
  C) 25% : 50%
  D) 25% :25%
  Show Answer
  The correct answer is A .
• Question 5: Boro Limited apportion 1/6 of its rent for factory and 10% of the balance for warehouse. If rent paid is ₦48 600, how much is paid for warehouse? Options:
  A) ₦4000
  B) ₦6000
  C) ₦10000
  D) ₦8000
  Show Answer
  The correct answer is D .
• Question 6: A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of Options:
  A) imprest system only
  B) direct purchase by branch
  C) separate accountant for the branch
  D) credit sales by only the headquarters
  Show Answer
  The correct answer is D .
• Question 7:

  The following was extracted from the books of MEGA COMPANY NIG. LTD

  	₦
  Trade debtors	350,000
  Fixtures and fittings	600,000
  Cash at bank	25,000
  Cash in hand	5,500
  Trade creditors	116,500
  Bank overdraft	7,500
  Building	950,000
  Motor van	35,000

  The working capital of the company is

  Options:
  A) ₦156,000
  B) ₦280,000
  C) ₦565,000
  D) ₦256,500
  Show Answer
  The correct answer is D .
• Question 8: Which of the following is an item of special assets? Options:
  A) Fixed assets
  B) Current assets
  C) Trademark
  D) Gratuity
  Show Answer
  The correct answer is C .
• Question 9:

  Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called

  Options:
  A) entity
  B) accrual
  C) realization
  D) materiality
  Show Answer
  The correct answer is D .
• Question 10: Discount allowed as represented in the control account appears on the? Options:
  A) credit side of the purchases control account
  B) debit side of the purchases control account
  C) credit side of the sales control account
  D) debit side of the sales control account
  Show Answer
  The correct answer is C .