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 is not a feature of accounting information? Options:
  A) timeliness
  B) accuracy
  C) completeness
  D) affordability
  Show Answer
  The correct answer is D .
• Question 2: If Aboki Holdings Limited issued 120, 000 ordinary share of ₦2.00 each at market value of 5.50k each, the share premium would? Options:
  A) ₦500 000
  B) ₦450 000
  C) ₦550 000
  D) ₦420 000
  Show Answer
  The correct answer is D .
• Question 3: Sule and Ahmad are in partnership sharing profits and losses equally. If Khadija is admitted as new partner tot take 1/5 as her share, what is the new partner to take 1/5th as share, what is the new profit or loss sharing ratio? Options:
  A) Sule 1/3, Ahmad 1/3 and Khadija 1/3
  B) Sule 1/5, Ahmad 15 and Khadija 3/5
  C) Sule 2/5, Ahmad 2/5 and Khadija 1/5
  D) Sule 2/5, Ahmad 1/5 and Khadija 2/5
  Show Answer
  The correct answer is C .
• Question 4:

  Departmental Trading Account (Extract)
  	Total (₦)	P (₦)	Q (₦)		Total (₦)	P (₦)	Q (₦)
  Stock	3,000	2,000	1,000	Sales	10,000	6,000	4,000
  Purchases	4,000	2,500	1,500	Closing stock	2,000	1,500	500

  Goods worth ₦300 was transferred from department Q to P Similarly, P's total expenses for the period was ₦200.

  What was department Q's gross profit?

  Options:
  A) ₦2 500
  B) ₦2 300
  C) ₦2 200
  D) ₦1700
  Show Answer
  The correct answer is B .
• Question 5:

  1. The amount of the imprest is the same from one organization to another

  11.At the end of a fixed period, the petty cashier received a fixed sum of money.

  111. At the end of a period, the petty cashier is reimbursed with the amount spent in that period.

  1V. The system is a method by which a measure of control is kept on petty cash expenses.Which of the above is correct about the imprest system?

  Options:
  A) 1, 11 and 111
  B) 1, 111 and 1V
  C) 11 and 1V
  D) 111 and 1V
  Show Answer
  The correct answer is C .
• Question 6: Under which of these conditions can a company issue shares at discount? (i)A resolution must be passed at a general meeting (ii) The amount of discount must be stated in the resolution (iii) The share must have existed for at least six years (iv) On the order of a court. Options:
  A) i, ii and iii only
  B) i, ii and iv only
  C) i, iii, and iv only
  D) ii, iii and iv only
  Show Answer
  The correct answer is A .
• Question 7:

  

  Credit sales is given at 160% of cash received.

  What is the balance c/d?

  Options:
  A) ₦333 000
  B) ₦234 000
  C) ₦343 000
  D) ₦243 000
  Show Answer
  The correct answer is D .
• Question 8:

  Use the information below to answer the question:

  Trading account for the year ended 31st December 2009

  ₦	₦
  Opening Stock                                               32,000	Sales                48,000
  Purchases                           40,000	Less Return       2,000
  Carriage inwards                   1,000
  41,000
  Less Return                          2,000                 39,000
  Cost of goods available                                     ??
  Less closing stock                                            9,000
  Cost of goods sold                                            ??

  Calculate the cost of goods sold

  Options:
  A) ₦61,000
  B) ₦62,000
  C) ₦58,000
  D) ₦57,000
  Show Answer
  The correct answer is B .
• Question 9: The discount column on the left-hand side of cashbook represents a discount Options:
  A) received from a creditor
  B) allowed to a debtor
  C) received from a debtor
  D) allowed to a creditor
  Show Answer
  The correct answer is B .
• Question 10:

  Use the information below to answer question 28 and 29.

  Raw materials inventory at the beginning of a period was ₦46,800 and at the close of the period there was a balance of ₦38,600. From the purchases made during the period, defective materials costing ₦9,200 were returned. Cost of materials consumed during the period was ₦448,500.

  What was the total purchases made during the period?

  Options:
  A) ₦497,100
  B) ₦457,700
  C) ₦449,500
  D) ₦440,300
  Show Answer
  The correct answer is C .