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:

  Use the information below to answer this question

  Capital..................N............N........

  Land and building.......18470........24000....

  Mortgage on premises...................11090...

  Drawings...............3000...................

  Profit and loss........................3600...

  Furniture and fittings...5120.................

  Motor Vehicles...........3462................

  Closing Stock............3000................

  Debtors..................11474...............

  Creditors..............................7354.

  Cash.....................1518................

  ..........................46044.........46044

  Calculate the value of fixed assets

  Options:
  A) ₦15 992
  B) ₦18 470
  C) ₦27 000
  D) ₦27 052
  Show Answer
  The correct answer is D .
• Question 3:

  Use the information below to answer questions 39 and 40.Jumoke and Kunle have an original investment of ₦25,000 and ₦15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of ₦1,500 and ₦1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.

  Miscellaneous expenses of ₦2,500 were incurred with gross profit of ₦6,500 during the financial year.The balance of profit and loss account will be?

  Options:
  A) ₦4,000
  B) ₦2,800
  C) ₦1,500
  D) 300
  Show Answer
  The correct answer is A .
• Question 4: the receipt and payment s acpunt of a not-for-profit-making organization plays a similar role in a profit-making organization as? Options:
  A) a cash acount
  B) a balance sheet
  C) an income account
  D) an expenses account
  Show Answer
  The correct answer is B .
• Question 5:

  The two legally recognized professional accounting bodies in Nigeria are the

  Options:
  A) Nigerian Accounting Association and the Executive Cost and Management Accountants of Nigeria
  B) Institute of Certified Public Accountants of Nigeria and the Institute of Cost and Management Accountants
  C) Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
  D) Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
  Show Answer
  The correct answer is C .
• Question 6:

  Profit expressed in relation to cost of goods sold is

  Options:
  A) turnover
  B) cost price
  C) margin
  D) mark -up
  Show Answer
  The correct answer is D .
• Question 7:

  Use the information below to answer questions 23 and 24.

  Incomplete Record (Extract)

  Sales......................................₦10,600

  Rent...........................₦200

  Depreciation of vehicle (cost ₦5000) 10%

  Gross profit margin is 20%

  Calculate the net profit? Options:
  A) ₦1 620
  B) ₦1 920
  C) ₦1 420
  D) 2 120
  Show Answer
  The correct answer is C .
• Question 8: An advantage of using accounting ratios is that Options:
  A) can be easily calculated
  B) show errors and frauds
  C) facilitate decision making
  D) are stipulated by law
  Show Answer
  The correct answer is C .
• Question 9: Which of the following bank reconciliation items should not be added or subtracted from the bank statement balance to determine the adjusted cash balance? Options:
  A) Outstanding cheques
  B) Bank service charges
  C) Deposit in the mail not yet received by the bank
  D) Bank error, charging a company for another company's cheque
  Show Answer
  The correct answer is D .
• Question 10:

  The part of capital issued only at the time of liquidation of the company is

  Options:
  A) issued capital
  B) called-up capital
  C) paid-up capital
  D) reserved capital
  Show Answer
  The correct answer is D .