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 21: Use the information below to answer question.Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of ₦19000 from the business tray and banked it.The transaction would be recorded in the cash book as debit? Options:
  A) cash and credit bank
  B) bank and credit cash
  C) cash and credit cash
  D) bank and credit bank
  Show Answer
  The correct answer is B .
• Question 22: What are the appropriate recording procedures for entries in the trial balance? Options:
  A) source documents, ledgers and trial balance
  B) Ledgers, trial balance and source documents
  C) Ledgers, source documents and trial balance
  D) Cash account, ledgers and trial balance
  Show Answer
  The correct answer is A .
• Question 23: Mayana Corporation uses special journals to record its transactions. If one of Mayana's customers returns merchandize purchased with cash (for a refund), it makes an entry in the? Options:
  A) cash receipts journal
  B) sales journal
  C) general journal
  D) cash disbursement journal.
  Show Answer
  The correct answer is D .
• Question 24: The financial plan of the government for a year is contained in the? Options:
  A) budget
  B) cash analysis book
  C) vote book
  D) gazette
  Show Answer
  The correct answer is A .
• Question 25:

  	₦		₦
  Bal. b/f	3,250	Bal. b/f.	215
  Sales	19,075	Bank	16,387.50
  Dishonoured cheque	625	Discount	862.50
  Stopped cheque	250	Returns inwards	325
  Bal c/d	230	Set off	900
  		Bal c/d	4740
  	23,430		23430
  Bal b/d	4740	Bal b/d	230

  Dr. Sales Ledger Control Account . Cr

  The amount ₦16,378.50 described as "Bank" represents

  Options:
  A) receipts from trade debtors only
  B) cash sales for the month including discount
  C) receipts from all debtors of the business
  D) cash sales for the month excluding discount
  Show Answer
  The correct answer is C .
• Question 26:

  Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.

  Drawings:	₦
  Dairo	12000
  Segun	18000
  Capital:
  Dairo	120000
  Segun	60000

  - Interest on drawings 10%

  - Interest on capital 5%

  - Profit for the year ₦36,000

  - Salary: Segun ₦10,000
  Segun's share of profit is

  Options:
  A) ₦12,000
  B) ₦21,400
  C) ₦14,600
  D) ₦16,400
  Show Answer
  The correct answer is A .
• Question 27: The tier of government that uses financial memorandum Options:
  A) Federal government
  B) state government
  C) local government
  D) municipal government
  Show Answer
  The correct answer is C .
• Question 28: If the partnership agreement does not specify how net profit is to be divided, the profit should be divided . Options:
  A) equally
  B) in accordance with an established
  C) in proportion of current account balances
  D) in proportion of weighted average of capital
  Show Answer
  The correct answer is A .
• Question 29: Journal proper is used in recording? Options:
  A) transactions that are not regular
  B) returns from customers
  C) credit sales
  D) the receipt and payment for money
  Show Answer
  The correct answer is A .
• Question 30: The ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------ Options:
  A) appreciation
  B) amortization
  C) provisions
  D) depreciation
  Show Answer
  The correct answer is D .