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: In the absence of a partnership deed, the act stipulates that Options:
  A) an amount should be fixed as salary for partners
  B) interest on partners loan should be 25%
  C) interest should not be allowed on partners drawings
  D) profits and losses should not be shared equally
  Show Answer
  The correct answer is D .
• Question 12:

  A club received rent ₦10,000 and donation ₦30,000. It paid ₦6,000 for entertainment and is still owing ₦16,000.

  The balance of the payments account is?

  Options:
  A) ₦24,000
  B) ₦22,000
  C) ₦34,000
  D) ₦38,000
  Show Answer
  The correct answer is C .
• Question 13:

  The advantage of double entry is that

  Options:
  A) it is easy to prepare the final account
  B) it increase assets
  C) has cash and bank column
  D) It disburses cash
  Show Answer
  The correct answer is A .
• Question 14:

  Use the information below to answer the question:

  Statement of assets and liabilities as at 31st December, 2001.

  Shareholders' interest ₦240
  Current liabilities ₦20
  Current assets ₦110
  Fixed assets ₦140

  Determine the value of the trade investment?

  Options:
  A) ₦8m
  B) ₦10m
  C) ₦15m
  D) ₦20m
  Show Answer
  The correct answer is B .
• Question 15: Goods stolen at the branch is debited to Options:
  A) branch stock account
  B) defalcations account
  C) branch debtors account
  D) branch adjustment account
  Show Answer
  The correct answer is D .
• Question 16: When there is no basis of apportionment in an organization, the expenses should be apportioned based on Options:
  A) sales
  B) purchases
  C) equality
  D) floor space
  Show Answer
  The correct answer is C .
• Question 17: The basic role of accounting is to? Options:
  A) detect fraud
  B) attest to finacial statements
  C) measure performance
  D) protect sharehlders
  Show Answer
  The correct answer is B .
• Question 18: Processed data is only useful to user if it is Options:
  A) complex
  B) quantitative
  C) relevant
  D) qualitative
  Show Answer
  The correct answer is C .
• Question 19: The major objective of departmental accounts is to ascertain the? Options:
  A) contribution of each department to profit
  B) materials sold in each department
  C) insurance premium payable on employees
  D) number of employees in each department
  Show Answer
  The correct answer is A .
• Question 20: Provision for discount allowed can be recorded as debit to? Options:
  A) the profit and loss account and a credit to provision for discount allowed
  B) provision for discount allowed and a credit to the profit and loss account
  C) discount allowed and a credit to the profit and loss account
  D) expenses and a credit to customers' account
  Show Answer
  The correct answer is A .