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 purpose of a trading account is to ascertain Options:
  A) sales
  B) carriage outwards
  C) gross profit or loss
  D) net profit or loss
  Show Answer
  The correct answer is C .
• Question 2:

  The issued share capital is the number of shares that are

  Options:
  A) shared among the directors
  B) authorised by the shareholders
  C) fully subscribed
  D) in the share certificate
  Show Answer
  The correct answer is B .
• Question 3:

  Use the information below to answer questions 17 and 18.Total current assets..................₦2,000

  Total fixed assets....................₦4,000

  Current liabilities...................₦1,200

  Drawings..............................₦200

  Long-term loan........................₦2,000Determine the capital of the business?

  Options:
  A) ₦9,400
  B) ₦6,000
  C) ₦3,400
  D) ₦3,000
  Show Answer
  The correct answer is D .
• Question 4:

  $\begin{array}{cc}& \text{N}\\ \text{Stock Jan 1}& 2000\\ \text{Purchases}& 4000\\ \text{Carriage inwards}& 500\\ \text{Sales}& 9000\\ \text{Carriage outwards}& 500\end{array}$

  Carriage outwards

  Options:
  A) ₦9,000
  B) ₦2,500
  C) ₦3,000
  D) ₦1,500
  Show Answer
  The correct answer is B .
• Question 5:

  

  The working capital of the club is

  Options:
  A) ₦5000
  B) ₦4000
  C) ₦3000
  D) ₦7000
  Show Answer
  The correct answer is C .
• Question 6: The excess of sales over cost of goods sold is Options:
  A) gross sales
  B) gross profit
  C) net profit
  D) net sales
  Show Answer
  The correct answer is B .
• Question 7: The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as Options:
  A) credit note
  B) debit note
  C) invoice
  D) voucher
  Show Answer
  The correct answer is A .
• Question 8:

  Recurrent expenditures are expenses for the period not exceeding

  Options:
  A) 10years
  B) 2years
  C) 5years
  D) 1year
  Show Answer
  The correct answer is D .
• Question 9: A trail balance is usually prepared by an accountant from account balances in the ledger for the purpose of Options:
  A) classifying accounts in the ledger
  B) testing arithmetical accuracies of the ledger account balances
  C) identifying the balance sheet items
  D) providing a basis for establishing the accountant's competence
  Show Answer
  The correct answer is B .
• Question 10: From which of the following sources are creditors control account most likely to be posted? Options:
  A) supplier's invoices
  B) cash disbursements journal
  C) subsidiary debtors ledger
  D) purchases journal
  Show Answer
  The correct answer is D .