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 type of expense charged against administration of a firm is the? Options:
  A) repairs on building
  B) interesr paid on loan
  C) discount allowed
  D) tax expense
  Show Answer
  The correct answer is A .
• Question 2: You add the following when starting with the balance as per cash book when preparing the bank reconciliation statement except Options:
  A) Unpresented
  B) Dividend
  C) Uncredited cheque
  D) credit transfer
  Show Answer
  The correct answer is C .
• Question 3:

  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 4: What is the consolidated revenue fund balance? Options:
  A) ₦1100,000
  B) ₦680,000
  C) ₦440,000
  D) ₦410,000
  Show Answer
  The correct answer is A .
• Question 5:

  Given:Drawings - #3,500

  Net loss - #2,500

  Capital 1/1/2007 - #35,000

  Additional capital - #10,000The adjusted capital as at 31/1/2007 is

  Options:
  A) #35,000
  B) #39,000
  C) #45,000
  D) #46,000
  Show Answer
  The correct answer is C .
• Question 6:

  Use the information below to answer questions.

  Entrance fees.........................₦1200

  Subscriptions(including ₦850 arrears).₦4310

  Donations received....................₦1500

  Proceeds from sales...................₦2300

  Total payments........................₦8200

  Depreciation..........................₦2100

  Closing cash balance..................₦1110

  The club deposited 200% of the closing cash balance in he bank during the period.

  Calculate the total figure for the receipt and payments account?

  Options:
  A) ₦11 410
  B) ₦13 630
  C) ₦9 310
  D) ₦11 530
  Show Answer
  The correct answer is D .
• Question 7: Subscription in arrears are Options:
  A) Credited to the income and expenditure account and shown as a liability in the balance sheet
  B) debited to the income and expenditure account and shown as an asset in the balance sheet
  C) credited to the income and expenditure account and shown as a liability in the balance sheet
  D) debited to the income and expenditure account and shown as a liability in the balance sheet
  Show Answer
  The correct answer is B .
• Question 8:

  Three Column Cash Book (Extract)

  Date	Particulars	Cash (₦)	Bank (₦)	Particulars	Date	Cash (₦)	Bank (₦)
  1.	Bal b/d	3000	4000	Electricity	5	200	300
  2.	Cash Sales	1000		Purchases	6	3000
  3.	Fatima	2000		Ahmad	7		500
  4.	Baffa	200	300	Khadiga	8	200

  Calculate the cash balance after the discount.

  Options:
  A) ₦2760
  B) ₦4 300
  C) ₦6 200
  D) ₦2.400
  Show Answer
  The correct answer is A .
• Question 9:

  The standing order is a payment instruction given by a

  Options:
  A) customer to a fellow customer
  B) bank to an employee
  C) customer to the bank
  D) bank to the customers
  Show Answer
  The correct answer is C .
• Question 10:

  A partnership deed is used to____________

  Options:
  A) Promote mutual understanding
  B) Enhance mistrust
  C) Encourage discrepancy
  D) Control funds
  Show Answer
  The correct answer is A .