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: A typical example of a real account is? Options:
  A) prepayment
  B) expenses
  C) plant
  D) income
  Show Answer
  The correct answer is C .
• Question 2:

  Appropriation Account
  TAYO TOPE
  ₦ ₦
  interest on capital 750 550
  Salaries 800 600
  Share of profit 3,300 3,300
  Determine the net profits of the partnership

  Options:
  A) ₦6,600
  B) ₦9,300
  C) ₦4,450
  D) ₦4,850
  Show Answer
  The correct answer is B .
• Question 3: Where the debit side of the income and expenditure account is higher than the credit side, the difference is a? Options:
  A) deflicit
  B) surplus
  C) gain
  D) loss
  Show Answer
  The correct answer is A .
• Question 4: If the inventory at the end of the current year is understated and the error is not caught during the following year, the effect is to? Options:
  A) overstate income this year and understate in next year
  B) understate income this year and overstate in next year
  C) understate this year's income with no effect on the next year's
  D) overstate the income for the two-year period
  Show Answer
  The correct answer is A .
• Question 5:

  The major advantages of an imprest system is that it ?

  Options:
  A) ensures a proper accountability for every expenditure
  B) trains the young accountants in the preparation for greater responsibility
  C) relieves the chief cashier of the numerous petty cash payments
  D) serves as an analysis column for every expenses
  Show Answer
  The correct answer is A .
• Question 6: What is the net working capital? Options:
  A) ₦2,600
  B) ₦1,800
  C) ₦800
  D) ₦600
  Show Answer
  The correct answer is C .
• Question 7: The gross profit on manufactured goods is the difference between the cost of goods manufactured and the? Options:
  A) market value of goods produced
  B) prime cost of production
  C) indirect cost of production
  D) goods produced
  Show Answer
  The correct answer is A .
• Question 8:

  One of the options below have the same features as the profit and loss account in non-profit organization

  Options:
  A) non profit account
  B) profit and loss account
  C) income and expenditure account
  D) receipts and payment account
  Show Answer
  The correct answer is C .
• Question 9:

  Kakaku limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/2106. The company's policy, provides for 15%bad debt annually. Which of the following represents the total balance of debtors before adjustment?

  Options:
  A) N6,120,000
  B) N8,280,000
  C) N6,120,300
  D) N8,820,000
  Show Answer
  The correct answer is B .
• Question 10:

  Given:

  Assets and Liabilities of a Local Government

  Bank balance #6,484,000

  Cash ₦900,000

  General revenue balances #9,774,500

  Accrued salaries #1,220,000

  Investment in shares #1,480,000

  Vehicles #7,620,000

  Calculate the liabilities of the local government

  Options:
  A) #10,994,500
  B) #17,394,500
  C) #18,774,500
  D) #18,874,500
  E) #1,220,000
  Show Answer
  The correct answer is E .