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:

  $\begin{array}{cc}& \text{N}\\ \text{Balance as per cashbook}& 5467\\ \text{Uncredited cheques}& 4410\\ \text{Unpresented cheque}& 19404\\ \text{Cheques wrongly debited by bank}& 1440\end{array}$

  Options:
  A) ₦4207
  B) ₦9527
  C) ₦6907
  D) ₦9877
  Show Answer
  The correct answer is B .
• Question 12:

  Which fund is used to meet unforeseen or urgent expenditure

  Options:
  A) special fund
  B) contigencies fund
  C) general reserve fund
  D) consolidated reserve fund
  Show Answer
  The correct answer is B .
• Question 13: In order to make the cash book balance equal to the bank statement, it is usual to add? Options:
  A) uncredited cheques
  B) direct payments by bank
  C) bank charges
  D) unpresented cheques
  Show Answer
  The correct answer is D .
• Question 14:

  In the absence of a partnership deed, the act stipulates that____________

  Options:
  A) An amount should be fixed as salaries for partners
  B) Profits and losses should not be shared equally
  C) Interest on partner’s loan should be 25%
  D) Interest should not be allowed on partners drawings
  Show Answer
  The correct answer is D .
• Question 15: Capital reserves includes the following except Options:
  A) revaluation surplus
  B) pre-incoporation profit
  C) share premium
  D) general reserves
  Show Answer
  The correct answer is D .
• Question 16:

  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 17:

  Use the information below to answer questions 11 and 12.

  The initial imprest as at July Ist was ₦500. Petty cash vouchers with the custodian by July 15th added up to ₦394. An IOU slip received from a co-worker was ₦65 and there was a shortage of ₦5 cash. The co-worker made refund on July 18th just before the imprest was replenished.What was the actual cash in the till as at 15th July?

  Options:
  A) ₦106
  B) ₦101
  C) ₦70
  D) ₦36
  Show Answer
  The correct answer is D .
• Question 18: The cost incurred by departments that support the production departments with such activities as maintenance, production control and storage are called? Options:
  A) autonomous costs
  B) service costs
  C) supporting cost
  D) subsidiary costs
  Show Answer
  The correct answer is B .
• Question 19:

  Use the information to answer below to answer questions 7 and 8.

  I Operating machines

  Ii Furniture

  Iii Fixtures and fitting

  Iv Loan from friends

  V Creditors

  What are the current liabilities?

  Options:
  A) i and ii
  B) iv and v
  C) iii and v
  D) ii and iv
  Show Answer
  The correct answer is B .
• Question 20: When a bill is negotiated to a bank, it is said be? Options:
  A) surrendered
  B) cashed
  C) discounted
  D) accepted
  Show Answer
  The correct answer is C .