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 11: Which of the following accounting records are source documents? Options:
  A) Journal and ledgers
  B) Sales invoice and cash book
  C) Cash book and debit note
  D) sales invoice and debit note
  Show Answer
  The correct answer is D .
• Question 12: When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such money is to debit Options:
  A) application and allotment account and credit unsubscribed shares
  B) application and allotment account and credit cash
  C) oversubscribed shares and credit allotment account
  D) oversubscribed shares and credit allotment account
  Show Answer
  The correct answer is B .
• Question 13: In a control account, discount received is found on the? Options:
  A) debit side of the purchase ledger control account
  B) debit side of the sales ledger control account
  C) credit side of the purchase ledger control account
  D) credit side of the sales ledger control account
  Show Answer
  The correct answer is A .
• Question 14:

  Use the information below to answer question

  Given: 31/12/98 31/12/99

  Assets: Plant and Mach. ₦1,500 ₦1,200

  Fixtures ₦700 ₦520

  Stock ₦500 ₦600

  Debtors ₦900 ₦400

  Cash ₦200 ₦300

  Liabilities: Creditor ₦500 ₦600

  Loan ₦600 ₦400

  What is the capital from the opening balance sheet?

  Options:
  A) ₦3,600
  B) ₦2,700
  C) ₦2,070
  D) ₦1,520
  Show Answer
  The correct answer is B .
• Question 15:

  Khalifa's Cash Book
  Date	Particulars	Cash  ₦	Bank ₦	Discount ₦	Date	Particulars	Cash ₦	Bank ₦	Discount ₦
  1/1	Bal. b/d	4 000	5 000		1/11	A. Lisco	200
  1/3	Khadijah		3 000		1/15	NEPA bill		500
  1/10	Sales	1 000	1 500	400	1/28	Purchases	1 500		200
  1/29	Sales		800

  What was the bank balance at the end of the month?

  Options:
  A) ₦7 000
  B) ₦6 500
  C) ₦7 500
  D) ₦9 000
  Show Answer
  The correct answer is B .
• Question 16:

  In a petty cash book the imprest is ₦1380.

  Expenses:

  Stationery ₦350
  Cleaning material ₦335
  General expenses ₦265

  How much was received to maintain the imprest at the ends of the month?

  Options:
  A) ₦950
  B) ₦970
  C) ₦430
  D) ₦380
  Show Answer
  The correct answer is A .
• Question 17: In a cash book, the opening balance was ₦7,600, closing balance ₦9,200 and the total cash received during the period was ₦18,000. What was the amount of cash paid out during the period? Options:
  A) ₦8,900
  B) ₦9,800
  C) ₦14,600
  D) ₦16,400
  Show Answer
  The correct answer is D .
• Question 18: Umar and Ahemed share profit and losses equally and have capital balances of ₦40,000 and ₦60,000 respectively. If bdullahi purchases one-third interest with no bonus, how much will he have to contribute to the partnership? Options:
  A) ₦33,333
  B) ₦40,000
  C) ₦44,444
  D) ₦50,000
  Show Answer
  The correct answer is A .
• Question 19: To realize an asset means to Options:
  A) mortgage it
  B) open its account in the ledger
  C) turn it to cash
  D) give it out as a collateral
  Show Answer
  The correct answer is C .
• Question 20: Antics Electronic Company recently bought six generators. Which of the following is the correct method of recording this transaction? Options:
  A) Debit generator account and credit cash account
  B) Debit purchases account and credit cash account
  C) Debit cash accounts and credit purchases account
  D) Debit cash account and credit generator account
  Show Answer
  The correct answer is A .