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 measure of a company's ability to pays its debts quickly is called Options:
  A) Current ratio
  B) turnover ratio
  C) acid test ratio
  D) return of investment
  Show Answer
  The correct answer is C .
• Question 2:

  A proprietor withdraws cash from the business for private use, he

  Options:
  A) credits cash account and debits bank account
  B) credits cash account and debits drawing A/C
  C) debits cash account and credits drawings account
  D) debits bank account and credits drawings account
  Show Answer
  The correct answer is B .
• Question 3: The conventional sources of public revenue includes? Options:
  A) loans,taxation, foreign reserves and dividends
  B) interest, royalties, taxation and loans
  C) crude oil, interest, posted price and taxation
  D) taxtion, deficit budgeting, royalties and loans
  Show Answer
  The correct answer is B .
• Question 4:

  

  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 5: State Bank collected a note for A-Makura Company. This collection, not yet recorded in AL-Makura's books, appears on the bank reconciliation as? Options:
  A) an addition to balance per book
  B) a deduction from balance per bank statement
  C) an addition to balance per bank statement
  D) a deduction from balance per books
  Show Answer
  The correct answer is A .
• Question 6: Where closing stock is undervalued, the effect is? Options:
  A) an increase in gross profit
  B) a decrease in gross profit
  C) an increase in purchases
  D) a decrease in purchase
  Show Answer
  The correct answer is B .
• Question 7:

  Abelawo ltd operates a retail branch at Aba. All purchases are made by the head office in Onitsha and goods are charged to the branch at cost plus 50%. During the year ended. Goods sent to branch at invoiced price is ₦30,870, cash sales ₦13,020 and Bad debt amounted to 129. From the following, what is the profit?

  Options:
  A) 20,580
  B) 10,290
  C) 7980
  D) 30,870
  Show Answer
  The correct answer is B .
• 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: Which of the following is mostly used in treating partners' current earnings? Options:
  A) Savings account
  B) Current account
  C) Capital account
  D) Share capital account
  Show Answer
  The correct answer is B .
• Question 10: The tier of government that uses financial memorandum is the? Options:
  A) federal government
  B) state government
  C) local government
  D) municipal government
  Show Answer
  The correct answer is C .