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:

  Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.

  Drawings:	₦
  Dairo	12000
  Segun	18000
  Capital:
  Dairo	120000
  Segun	60000

  - Interest on drawings 10%

  - Interest on capital 5%

  - Profit for the year ₦36,000

  - Salary: Segun ₦10,000
  Segun's share of profit is

  Options:
  A) ₦12,000
  B) ₦21,400
  C) ₦14,600
  D) ₦16,400
  Show Answer
  The correct answer is A .
• Question 2:

  Mrs. Okoro who lives in the riverine community of Rivers State makes her living through crabbing and fishing. This type of occupation is? 

  Options:
  A) commercial
  B) manufacturing
  C) service
  D) Extractive
  Show Answer
  The correct answer is A .
• Question 3:

  The authority warrant issued prior to the approval of the appropriate bill at the begining of the year

  Options:
  A) contigencies
  B) reserved expenditure warrant
  C) annual general warrant
  D) provisional general warrant
  Show Answer
  The correct answer is D .
• Question 4:

  Given:

  ...............................Jan.2003.........Dec. 2003
  Provision for bad debt........₦1000
  Debtors..........................................₦20000
  Bad debt to be written off.......................₦2000

  The provision for bad debt stands at 10% of debtors. How much is to be charged to the profit and loss account as provision for bad debt?

  Options:
  A) ₦800
  B) ₦1000
  C) ₦1800
  D) ₦2000
  Show Answer
  The correct answer is D .
• Question 5:

  Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?

  Options:
  A) ₦165,000
  B) ₦635,000
  C) ₦600,000
  D) ₦156,000
  Show Answer
  The correct answer is A .
• Question 6: Which accounting concept supports the assertion that economic reality takes precedence over legal issues? Options:
  A) Realization concept
  B) Substance over form
  C) Conservatism
  D) Measurement concept
  Show Answer
  The correct answer is B .
• Question 7: A partnership's internal regulations are set out by Options:
  A) a deed
  B) a law
  C) a constitution
  D) an article
  Show Answer
  The correct answer is A .
• Question 8: Asa Company bought a vehicle worth ₦20,000 and the vehicle is to be depreciated at 5%. Using the reducing balance method of depreciation, what would be the value of the asset after 3 years? Options:
  A) ₦19,000.00
  B) ₦18,050.50
  C) ₦17,147.50
  D) 16,290.13
  Show Answer
  The correct answer is C .
• Question 9:

  Use the information below were to answer questions

  ...................Stationary Dept.............Video Dept.

  Sales ..............₦10,600.....................₦15,175

  Cost of goods sold..₦5,247......................₦6704

  The expenses incurred were rent ₦4500, motor repairs ₦1200 and telephone ₦900.

  The basis of cost apportionment is 1/2 stationary 1/3 video.

  Find the total expenses allocated to the stationary department?

  Options:
  A) ₦3600
  B) ₦1400
  C) ₦4400
  D) ₦3800
  Show Answer
  The correct answer is C .
• Question 10:

  The main objective of accounting report is to provide information about?

  Options:
  A) the efficacy of assets
  B) a company's shareholding
  C) company's economic resources
  D) an entity's management
  Show Answer
  The correct answer is C .