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 81: A government accounting systems must make sure that Options:
  A) revenue exceeds expenditure
  B) all applicable legal provisions are complied with
  C) capital expenditure is equal to revenue
  D) capital project fund is tied to recurrent expenditure
  Show Answer
  The correct answer is B .
• Question 82: Use the information below to answer question Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, ₦200 on March 31 and ₦300 on September 30. Joy, ₦100 on April 1 and ₦240 on July 1.The interest on joy's drawing is? Options:
  A) ₦6.00
  B) ₦7.25
  C) ₦9.00
  D) ₦9.75
  Show Answer
  The correct answer is D .
• Question 83: Receipts and payments accounts is the summary of? Options:
  A) income and expenditure
  B) cash book
  C) balance sheet
  D) profit and loss
  Show Answer
  The correct answer is B .
• Question 84:

  Use the information below to answer the question

  Jide and Haruna contribute ₦12000 each as capital and share profit equally. Jide draws ₦1500 and Haruna ₦1700 half-yearly. The profit for the year is ₦10000. Jide receives a salary of ₦2000.

  The balances of current accounts of Jide and Haruna are respectively?

  Options:
  A) ₦6000 and ₦5000
  B) ₦3000 and ₦3400
  C) ₦4000 and ₦4000
  D) ₦3000 and ₦600
  Show Answer
  The correct answer is D .
• Question 85: In a three-column cash book,the discount allowed is shown on the? Options:
  A) debit side
  B) credit side
  C) folio column
  D) memorandum column
  Show Answer
  The correct answer is A .
• Question 86: Cost reports for the intention of management should reflect? Options:
  A) as much details as possible
  B) summary figures only
  C) details of non-controllable expenses
  D) cost and comparable data useful in decision-making
  Show Answer
  The correct answer is D .
• Question 87: When a partner makes a drawing of stock items from a partnership, the accounting impact of the drawing is to increase the partner's? Options:
  A) goodwill account balance
  B) current account credit balance
  C) current account debit balance
  D) profit and loss credit balance
  Show Answer
  The correct answer is C .
• Question 88: Which of these is the subsidiary book for return inwards? Options:
  A) Sales day book
  B) Sales return journal
  C) Purchases day journal
  D) Cash book
  Show Answer
  The correct answer is B .
• Question 89: When the debit side total of an account, t means that the account has Options:
  A) been overdrawn
  B) been understand
  C) debit balance
  D) credit balance
  Show Answer
  The correct answer is C .
• Question 90: Under which of the following conditions is a partnership dissolved? Options:
  A) Change of partnership's head office
  B) admission of a new partner
  C) Purchase of a large quantity of fixed asset
  D) Retirement of a manager who is not a partner
  Show Answer
  The correct answer is B .