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: What is the cardinal rule of the double entry system? Options:
  A) Debit the increasing account and credit the decreasing account
  B) Debit the receiving account and credit the giving account
  C) Debit the asset account and credit the liability account
  D) Debit the revenue account and credit the expenditure account
  Show Answer
  The correct answer is B .
• Question 2: The major source document which enables an employer to calculate the employee wages is the Options:
  A) nominal roll of employees
  B) record of number of hours worked
  C) effort of the employee
  D) record of number of dependants per employee
  Show Answer
  The correct answer is B .
• Question 3: A major factor that enhanced the early development of accounting is the? Options:
  A) Industrial Revolution
  B) growing of trade and commerce
  C) development of arithmetic
  D) invention of writing
  Show Answer
  The correct answer is B .
• Question 4: If a monthly insurance premium is remitted to a company by the state government, the initial deductions from employees are recorded in? Options:
  A) the general fund
  B) agency fund
  C) special fund
  D) general long-term fund
  Show Answer
  The correct answer is B .
• Question 5: which of the following factors has aided the development of accounting? Options:
  A) The emergence of nation states
  B) The discovery of mineral resources in commercial quantity
  C) the growth in size of businesses and separation of ownership and management
  D) the development and management of sophisticated monetary system
  Show Answer
  The correct answer is C .
• Question 6:

  Use the information below to answer question 25 and 26.

  Bar opening stock ₦10,000

  Amount owed to bar suppliers at

  The end the beginning of the year ₦10,000

  Bar sales ₦50,000

  Bar credit purchases ₦40,000

  Payment to suppliers ₦30,000

  Bar expenses ₦1,000

  Bar closing stock ₦15,000

  What is the bar profits?

  Options:
  A) ₦20,000
  B) ₦15,000
  C) ₦14,000
  D) ₦10,000
  Show Answer
  The correct answer is B .
• Question 7:

  Use the information below to this question

  Cost of raw materials consumed 300,600

  Carriage inwards 6,700

  Returns of raw materials 10,800

  Closing stock of raw materials 100,250

  Manufacturing wages 27,000

  Lighting, power, insurance and rent

  Relation to the factory are

  Apportioned 1/3,2/5, 1/6 and 17

  With totals ₦30,000; ₦75,000; ₦36,000 and ₦56,000 respectively.What is the cost of the opening raw materials?

  Options:
  A) ₦418,350
  B) ₦404,950
  C) ₦400,250
  D) ₦398,250
  Show Answer
  The correct answer is B .
• Question 8:

  A provision for bad debt account had N33,800 at the beginning of the year and N4,220 at the close of the year. If bad debts are calculated at the rate of 1/20% of annual credit sales, what was the credit sales for the period?

  Options:
  A) N210,000
  B) N844,400
  C) N840,000
  D) N500,000
  Show Answer
  The correct answer is B .
• Question 9: The medium of correcting errors whose differences are shown in the trial balance is by the use of? Options:
  A) debtors' account
  B) creditor's account
  C) suspense account
  D) ledger account
  Show Answer
  The correct answer is B .
• Question 10: The accuracy of journalist is checked by? Options:
  A) ensuring that debit totals equal credit totals
  B) posting all journal entries to ledger accounts
  C) adding all figures in the debit column
  D) comparing accounts in the ledger against the journals
  Show Answer
  The correct answer is D .