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 31: The equivalent of a club's receipts and payment account is the? Options:
  A) trading account
  B) revenue account
  C) cash account
  D) suspense account
  Show Answer
  The correct answer is C .
• Question 32: Which of the following is the capital reserve of a company Options:
  A) Share premium
  B) Retained profit
  C) Accumulated depreciation
  D) Loss on forfeited shares
  Show Answer
  The correct answer is A .
• Question 33: An instrument which allows public officers to increase expenditure within a year is Options:
  A) statutory allocation
  B) supplementary budget
  C) virement
  D) warrant
  Show Answer
  The correct answer is B .
• Question 34:

  Bala ltd acquired the business of bello ltd and caused the separate existence of the latter company to terminate. 

  Options:
  A) conversion
  B) dissolution
  C) merger
  D) absorption
  Show Answer
  The correct answer is C .
• Question 35: The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is Options:
  A) periodicity
  B) business entity
  C) dual aspect
  D) going concern
  Show Answer
  The correct answer is D .
• Question 36: In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover? Options:
  A) carriage outwards
  B) carriage inwards
  C) discounts received
  D) returns outwards
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  The correct answer is A .
• Question 37:

  	N
  Purchase ledger opening balance	4,000
  sales ledger opening balance	6,000
  credit purchase	25,000
  Discounts allowed	1,000
  Returns inwards	2,000
  Credit sales during the year	10,000
  Return outwards	6,000

  Use the information above to answer the following question;

  What is the purchase ledger balance?

  Options:
  A) N29,000
  B) N24,000
  C) N4,000
  D) N23,000
  Show Answer
  The correct answer is D .
• Question 38:

  Accounts can be classified into

  Options:
  A) cash and credit transactions
  B) cash and credit accounts
  C) personal and private account
  D) personal and impersonal account
  Show Answer
  The correct answer is D .
• Question 39:

  

  Equity shareholders' fund is

  Options:
  A) ₦133 000
  B) ₦120 000
  C) ₦113 000
  D) ₦100 000
  Show Answer
  The correct answer is A .
• Question 40: The gross profit disclosed in the branch stock adjustment account represents? Options:
  A) head office profit
  B) unrealized profit
  C) estimated profit
  D) branch profit
  Show Answer
  The correct answer is D .