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 101: The law that currently regulates the registration of companies in Nigeria is the? Options:
  A) Constitution of the Federal Republic of Nigeria, 1999
  B) Nigeria Enterprises Promotion Decree, 1972
  C) Companies and Allied Matters Decree, 1990
  D) Companies Decree, 1968
  Show Answer
  The correct answer is C .
• Question 102: The ledger entries to be made if cash sales is banked is debit Options:
  A) cash, credit sales
  B) sales, credit cash
  C) bank, credit cash
  D) bank, credit sales
  Show Answer
  The correct answer is D .
• Question 103:

  Motor: ₦10 000
  Fixtures: ₦5 000
  Cash: ₦2 500
  Creditors: ₦7 000
  Loan: ?

  LOAN IS 30% OF CREDITORS.

  A company has departments S,T and U. The sales are ₦20 000,20 000, ₦40 000 AND ₦60 000 respectively if the sales commission paid is ₦12 000, how much is T's share?

  Options:
  A) ₦8000
  B) ₦2000
  C) ₦4000
  D) ₦6000
  Show Answer
  The correct answer is C .
• Question 104:

  Kola and Sunday are in partnership sharing profits and losses equally. If Kemi is admitted as a new partner to take 1/5 as her share, what is the new profit or loss sharing ratio?

  Options:
  A) Kola 1/3, Sunday 1/3 and Kemi 1/3
  B) Kola 1/5, Sunday 1/5 and Kemi 3/5
  C) Kola 2/5, Sunday 1/5 and Kemi 2/5
  D) Kola 2/5, Sunday 2/5 and Kemi 1/5
  Show Answer
  The correct answer is D .
• Question 105:

  A company has departments X, Y and Z. Department X occupies a space of Y while Z occupies half the space of Y. If the company pays ₦70 000 on rent, what is the amount of rent that should be allocated to Y?

  Options:
  A) ₦38 000
  B) ₦40 000
  C) ₦28 000
  D) ₦10 000
  Show Answer
  The correct answer is C .
• Question 106: If a bad debt previously written off is subsequently repaid, the amount collected is recorded as an Options:
  A) income in the profit and loss account
  B) income in the balance sheet
  C) additional cash in the profit and loss account
  D) expense in the balance sheet
  Show Answer
  The correct answer is A .
• Question 107:

  N	N
  Capital                                         39,000	Land  20,000
  Long Term Loan      15, 000	Building 30,000
  Creditors                                       9,000	Stock  40,000
  	Debtors  6,000
  Accrued wages                             5,000	Cash  8, 000
  68,000	68,000

  Use the information above to answer the question:

  The acid test ratio in the company is ___________

  Options:
  A) 1:1
  B) 2:3
  C) 1:2
  D) 3:2
  Show Answer
  The correct answer is A .
• Question 108: What is the correct entry in the head office books at the point of initial transfer of the goods? Options:
  A) Branch stock account would be credited with
  B) Branch stock account would be debited with ₦12,000
  C) Goods sent to branch account would be debited with ₦10,800
  D) Goods sent to branch account would be credited with ₦12,000
  Show Answer
  The correct answer is D .
• Question 109:

  Use the information below to answer question 4 and 5.Sales ₦20,000

  Cost sales ₦10,000

  Operating expenses ₦2,500

  Expenses prepaid included

  In operating expenses ₦500Calculate the net profit?

  Options:
  A) ₦12,500
  B) ₦10,000
  C) ₦8,000
  D) ₦7,500
  Show Answer
  The correct answer is C .
• Question 110: When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added Options:
  A) Unpresented cheque
  B) Dividend
  C) Uncredited cheque
  D) credit transfer
  Show Answer
  The correct answer is C .