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 601: The income and expenditure account of a club is the same as Options:
  A) single entry account
  B) a profit and loss account
  C) a trading account
  D) a cash book
  Show Answer
  The correct answer is B .
• Question 602:

  Mrs. Okoro who lives in the riverine community of Rivers State makes her living through crabbing and fishing. This type of occupation is? 

  Options:
  A) commercial
  B) manufacturing
  C) service
  D) Extractive
  Show Answer
  The correct answer is A .
• Question 603: Faruk and Osawe are in partnership sharing profits and losses in the ratio of 3:7. Faruk is to receive a salary of ₦9 000. In one accounting period, the business recorded a loss of ₦1 500 (before deduction of Faruk's salary). The appropriate distribution of the net loss would be? Options:
  A) Faruk, (₦450); Osawe, (₦1 050)
  B) Faruk, (₦3 150); Osawe, (₦7350)
  C) Faruk, (2 250); Osawe, (₦7 350)
  D) Faruk, (₦450); Osawe, (₦1 050)
  Show Answer
  The correct answer is D .
• Question 604: Didi Ltd offered 10,000 ordinary shares of ₦1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above? Options:
  A) shares are never offered at a discount; the offer is invalid
  B) the value of shares in the capital account will be lowered by 2%
  C) the company incurs a loss to the tune of 2% of the offer
  D) each of the subscribers loses 2% of investment
  Show Answer
  The correct answer is C .
• Question 605: One of the major features of bookkeeping is that it? Options:
  A) provides permanent records for all financial transactions
  B) is futuristic in nature
  C) accpets responsibility for all wrong postings
  D) does not give room for double entry procedures
  Show Answer
  The correct answer is A .
• Question 606:

  

  Credit sales is given at 160% of cash received.

  What is the balance c/d?

  Options:
  A) ₦333 000
  B) ₦234 000
  C) ₦343 000
  D) ₦243 000
  Show Answer
  The correct answer is D .
• Question 607:

  Given:

  Balance at 31st December ............N14,744m
  Treasury Bills issued Jan-Dec........N7124m
  Revenue for the year ................N6387m
  Expenditure .........................N8767m

  What is the opening balance on the consolidated revenue fund account?

  Options:
  A) ₦10,000m
  B) ₦12,000m
  C) ₦90,000m
  D) ₦11,000m
  Show Answer
  The correct answer is A .
• Question 608: Which of these is a content of a master file? Options:
  A) All records relevant to the organisation.
  B) Records of assets of the organisation
  C) A collection of data items
  D) All records relating to employees
  Show Answer
  The correct answer is A .
• Question 609: In the head office ledger, the value of goods sent to the branch are Options:
  A) debited to the head office current account
  B) debited to the branch current account
  C) credited to the head office current account
  D) credited to the branch current account
  Show Answer
  The correct answer is A .
• Question 610:

  Use the information below to answer the question that follows:

  Given:

  Fixed assets	₦85,600
  Sales	₦197,000
  Stock	₦34,300
  Salaries	₦37,000
  Purchases	₦127,700
  Share capital	₦120,000
  Creditors	₦16,050
  Motor expenses	₦10,500
  Debtors	₦25,000

  Determine the total of the trial balance.

  Options:
  A) ₦335,050
  B) ₦333,050
  C) ₦323,050
  D) ₦230,550
  Show Answer
  The correct answer is B .