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 power to appoint the Auditor General of the Federation is vested in the

  Options:
  A) National Assembly
  B) Civil Service Commission
  C) Judicial Service Commission
  D) President
  Show Answer
  The correct answer is D .
• Question 2: The net profit or loss for the year is determined in profit and loss account after Options:
  A) deducting purchases from sales
  B) deducting cost of goods sold from sales and adding administrative expenses
  C) adding commissions received to gross profit
  D) eliminating all expenses from gross profit and adding any other income
  Show Answer
  The correct answer is D .
• Question 3:

  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 4: The course of discrepancies between the bank statement and the cash book that overstates the cash book is the? Options:
  A) dividend received
  B) uncredited expenses
  C) uncredited cheques
  D) interest on lodgement
  Show Answer
  The correct answer is C .
• Question 5: When the invoice of a customer is overcast, the supplier will send to him a Options:
  A) debit note
  B) cheque
  C) credit note
  D) payment voucher
  Show Answer
  The correct answer is C .
• Question 6:

  Given:Total cash received from debtors 30,000

  Total purchases for the period 21,000

  Amount owed by debtors at the beginning of the period 4,000

  Equipment bought 2,500

  Amount owed by debtors at the end of the period 3,000

  Determine the value of sales for the period

  Options:
  A) ₦29,000
  B) ₦31,500
  C) ₦46,500
  D) ₦50,000
  Show Answer
  The correct answer is A .
• Question 7: In the absence of a sales day book or sales account the credit for sales can be computed from Options:
  A) creditors control account
  B) debtors control account
  C) opening figures of the balance sheet
  D) closing figures of the balance sheet
  Show Answer
  The correct answer is A .
• Question 8:

  Halal Limited with three departments has a total of ₦7,200,000 as net debtors for the year ended 31/12/97.

  The company's policy provides for 15% bad debt annually. Which of the following represents the total balance of debtors before adjustment?

  Options:
  A) ₦6,120,000
  B) ₦6,120,300
  C) ₦8,280,000
  D) 8,820,000
  Show Answer
  The correct answer is A .
• Question 9: Which of the following is shown in the profit and loss appropriation account of a company Options:
  A) interest charges
  B) depreciation
  C) directors emoluments
  D) dividends
  Show Answer
  The correct answer is D .
• Question 10:

  The following is a draft balance sheet as at 31/12/92:
  	Cost (N)	Accumulated Depreciation (N)	Net (N)
  Fixed Assets (Tan.)	200 000	100 000	100 000
  Current Assets:
  Stock in trade		10 000
  Trade debtors		4 500
  Cash at bank		22 800
  Cash in hand		9 700
  Trade creditors		?
  Capital		?

  What was the balance showed wages, ₦2 500 and a note stated that ₦500 wages were due but unpaid when preparing final accounts and loss account with

  Options:
  A) ₦3 000 and show wages accrued ₦500 in the balance sheet
  B) ₦2 000 and show wages accrued ₦500 in the balance sheet
  C) ₦3 000 and show wages perpaid ₦500 in the balance sheet
  D) ₦2000 and show wages paid in advance ₦500 in the balace sheet
  Show Answer
  The correct answer is C .