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 fund in which all government receipt are paid is? Options:
  A) consolidated revenue fund
  B) development fund
  C) trust fund
  D) contingency fund
  Show Answer
  The correct answer is A .
• Question 2:

  The partners capital are: Modibbo #60,000

  And Jakata #90,000. The partners share

  Profit and losses in the ratio of their capital

  Contributions.

  The net profit for the year is #12,000.What is Jakata's sharing profit?

  Options:
  A) 3:5
  B) 1:2
  C) 2:5
  D) 1:5
  Show Answer
  The correct answer is D .
• Question 3:

  Use the information below to answer questions

  The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.

  Creditors N50,000
  Debtors N46,000
  Loan N100,000
  Stock N20,000
  Motor vehicle N120,000
  Building N70,000
  Accrued wages 30,000
  Bank N25 ,000

  The value of capital invested by the owners is?

  Options:
  A) ₦110,000
  B) ₦105,000
  C) ₦101,000
  D) ₦100,000
  Show Answer
  The correct answer is C .
• Question 4: Investment at cost of a company is to be disclosed under Options:
  A) trading accounts
  B) profit and loss account
  C) balance sheet
  D) source and application of fund
  Show Answer
  The correct answer is C .
• Question 5: The accounting principle that is applied to check arbitrary actions on the part of accountants is? Options:
  A) consistency
  B) materiality
  C) objectivity
  D) realization
  Show Answer
  The correct answer is A .
• Question 6:

  Use the information below to answer questions 9 and 10.

  The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.

  Creditors N50,000
  Debtors N46,000
  Loan N100,000
  Stock N20,000
  Motor vehicle N120,000
  Building N70,000
  Accrued wages 30,000
  Bank N25 ,000

  The liabilities of Udo Co. Ltd is?

  Options:
  A) ₦180,000
  B) ₦181,000
  C) ₦177,000
  D) ₦110,000
  Show Answer
  The correct answer is A .
• Question 7: Books of original entry are used for Options:
  A) recording business transactions
  B) the adjustment of accounts
  C) reminding the book keeping to post transactions in the ledger
  D) informing the bookkeeper about the state of affairs
  Show Answer
  The correct answer is A .
• Question 8: 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 .
• Question 9:

  Use the information below to answer this question
  Zahki Plc balance sheet (extract) as at 31st December 1997.

  ₦ ₦
  Paid up capital 200,000 Fixed assets 300,000
  Share premium 15,000
  Profit and loss account 60,000 Investment 180,000
  Long-term loan 180,000 Stock 28,000
  Debtors 90,000
  Creditors 200,000 provision(3000) 87,000
  Other current liabilities 100,000 Cash 60,000
  Bank 100,000
  755,000755,000

  The quick ratio is

  Options:
  A) 0.82:1
  B) 1:53:1
  C) 0.95:1
  D) 0.91:1
  Show Answer
  The correct answer is C .
• Question 10: The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the? Options:
  A) prime cost
  B) indirect cost
  C) total cost
  D) direct cost
  Show Answer
  The correct answer is B .