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: In partnership dissolution, an asset taken over by a partner is debited to? Options:
  A) partners capital account and credited to realization account
  B) Partners capital account and credited to asset account
  C) asset account and credited to realization account
  D) realization account and credited to capital account
  Show Answer
  The correct answer is A .
• Question 2:

  Which of these will not appear in the preparation of control account.

  I. Bad debts

  II. Discounts

  III. Returns

  IV. Provision for bad debts

  Options:
  A) I only
  B) II and III
  C) I and III only
  D) IV only
  Show Answer
  The correct answer is D .
• Question 3:

  Given:

  Capital:..G...........₦5 000

  ..........T...........₦8 000

  Drawings: G...........₦2 000

  ..........T..........₦1 000

  Interest on capital..10%

  Interest on Drawings..5%

  Find the interest on drawings of G?

  Options:
  A) ₦50
  B) ₦100
  C) ₦200
  D) ₦250
  Show Answer
  The correct answer is B .
• Question 4: Payment for shares in excess of amount offered gives rise to Options:
  A) subscription in advance
  B) revenue reserves
  C) capital reserves
  D) calls-in-advance
  Show Answer
  The correct answer is C .
• Question 5:

  Use the information below to answer the question

  Liabilities                     ₦	Assets                                   ₦
  Capital                        40,000	Furnishing                               10,000
  	Ceiling Fan                               1,500
  	Cash in Hand                         28,500
  40,000	40,000

  If at 31/1/95 the following information was ascertained;

  (i) rent for shop ₦12,000 paid for the year

  (ii) Total purchases ₦15,000

  (iii) Total sales ₦8,200

  (iv) Stock of goods left ₦10,000

  (v) paid sales boy ₦500

  If at 31/1/95 the following information was ascertained;

  (i) rent for shop ₦12,000 paid for the year

  (ii) Total purchases ₦15,000

  (iii) Total sales ₦8,200

  (iv) Stock of goods left ₦10,000

  (v) paid sales boy ₦500

  Options:
  A) ₦22,800
  B) ₦9,200
  C) ₦800
  D) ₦21,200
  Show Answer
  The correct answer is B .
• Question 6:

  In the absence of partnership agreement, a loan by a partner attracts interest at

  Options:
  A) 20%
  B) 5%
  C) 10%
  D) 15%
  Show Answer
  The correct answer is B .
• Question 7:

  $\begin{array}{cc}& N\\ \text{Stock Jan 1}& 2600\\ \text{Purchases}& 4000\\ \text{Carriage inwards}& 500\\ \text{Sales}& 9000\\ \text{Carriage outwards}& 500\end{array}$

  Determine the net profit.

  Options:
  A) ₦4,000
  B) ₦4,500
  C) ₦5,000
  D) ₦1,400
  Show Answer
  The correct answer is D .
• Question 8:

  Given:

  I. It records subscription in arrears

  II. Payments of liabilities is effected

  III. The account does not show if cash payment is revenue or capital expenditure

  IV. It performs the same function as cashbook

  The features of receipts and payment account includes

  Options:
  A) I,II and IV
  B) II,III and IV
  C) III and IV
  D) I,II and III
  Show Answer
  The correct answer is B .
• Question 9:

  Given:

  Subscriptions received.........₦200 000

  Subscriptions owed.............₦10 000

  Subscriptions in advance.......₦25 000

  Calculate the subscription in the income and expenditure account?

  Options:
  A) ₦200 000
  B) ₦235 000
  C) ₦185 000
  D) ₦225 000
  Show Answer
  The correct answer is C .
• Question 10: If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made? Options:
  A) #4,500
  B) #8,550
  C) #9,000
  D) #9,450
  Show Answer
  The correct answer is B .