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: 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 12: The major distinguishing element between the final accounts of a partnership and a sole trader is the Options:
  A) drawings account
  B) appropriation account
  C) capital account
  D) creditors account
  Show Answer
  The correct answer is B .
• Question 13:

  The Accounting term used to describe a partnership firm that stops operation and disposes its assets is

  Options:
  A) Amortization
  B) Revaluation
  C) Realization
  D) Dissolution
  Show Answer
  The correct answer is D .
• Question 14:

  Use the information to answer this question

  Receipts and Payment Account (Extract)

                                 N

  Bal b/f                   3650       Insurance   900

  Subscription   (99) 7500       Rate          11,700

                     (2000) 1000      Bal c/d        8,050

  Fees                      8500

                              20,650                       20,650

  The following information were given:

  Rates owing Insurance prepaid Subscription in arrears

  1/199 3,600 50 700

  31/12/99 2000 1000 600

  Calculate the subscriptions in the Income and expenditure account

  Options:
  A) 8400
  B) 7400
  C) 6400
  D) 7200
  Show Answer
  The correct answer is B .
• Question 15:

  In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover

  Options:
  A) carriage inwards
  B) carriage outwards
  C) discount received
  D) returns outwards
  Show Answer
  The correct answer is B .
• Question 16:

  Use the information below to answer the question

  ........................1/7/2005............30/6/2006

  Drawings.....................................₦3 000

  Capital.................25 000...............₦42 500

  Furniture...............6 500...............₦10 200

  Additional capital during the year amounts to 300% of the drawings.

  Calculate the net profit or loss made during the year.

  Options:
  A) ₦15 100 profit
  B) ₦15 100 loss
  C) ₦11 500 profit
  D) ₦11 500 loss
  Show Answer
  The correct answer is D .
• Question 17: The factory cost of producing goods is made up of Options:
  A) prime cost and factory overhead
  B) prime cost and office overhead
  C) raw materials consumed and fixed cost
  D) Raw materials and administrative overhead
  Show Answer
  The correct answer is A .
• Question 18: The amount of individual items on a government budget is called Options:
  A) vote
  B) deposit
  C) loan
  D) grant
  Show Answer
  The correct answer is A .
• Question 19: Which of the should not be added or subtracted from the bank statement balance to determine the adjust cash balance? Options:
  A) Error by the bank
  B) Undercasting of the cash book
  C) Overcasting of the cash book
  D) Bank service charges
  Show Answer
  The correct answer is A .
• Question 20:

  The excess of income over expenditure is usually transferred to the

  Options:
  A) current assets in the balance sheet
  B) profit and loss account
  C) accumulated fund
  D) current liabilities in the balance sheet
  Show Answer
  The correct answer is C .