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 1: If goods are sent to to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000? Options:
  A) ₦130,000
  B) ₦125,000
  C) ₦80,000
  D) ₦75,000
  Show Answer
  The correct answer is D .
• Question 2: The interest on partners' loans is? Options:
  A) debited in current account
  B) credited in profit and loss account
  C) debited in profit and loss account
  D) credited in current account
  Show Answer
  The correct answer is C .
• Question 3:

  The partners capital are: Modibbo #60,000

  And Jakata #90,000. The partners share

  Profit and losses in the ratio of their capital

  Contributions.

  The net profit for the year is #12,000.What is Jakata's sharing profit?

  Options:
  A) 3:5
  B) 1:2
  C) 2:5
  D) 1:5
  Show Answer
  The correct answer is D .
• Question 4: 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 5:

  The debenture issued at par above the nominal value is Said to be issued at a

  Options:
  A) margin
  B) premium
  C) cost price
  D) mark-up
  Show Answer
  The correct answer is B .
• Question 6: One of the purposes of maintaining the account of a branch at the head office is to? Options:
  A) record charges in shareholdings
  B) record charges in liabilities
  C) check the excesses of customers
  D) check the excesses of members of staff
  Show Answer
  The correct answer is D .
• Question 7:

  Use the information below to answer questions:

  Purchase:

  Raw materials.................₦15 000
  Finished goods...........................₦11 400

  Stock:....(1/7/01)

  Raw materials..........₦2 250
  Work-in-progress.........................₦1 875

  Wages:

  Direct........................₦17 100
  Indirect.................................₦5 400

  Stock:.....(30/06/02)

  Raw materials.......₦3 000
  Work-in-progress.........................₦3 375

  What is the cost of manufactured goods?

  Options:
  A) ₦49 125
  B) ₦48 750
  C) ₦37 625
  D) ₦35 250
  Show Answer
  The correct answer is D .
• Question 8: The major distinguishing element between the final account of a partnership and that of a sole trader is the Options:
  A) drawing A/C
  B) capital A/C
  C) Creditor A/C
  D) Appropriation A/C
  Show Answer
  The correct answer is D .
• Question 9: Adaobi mistakenly entered ₦7000 as credit sales in Abba's account. This is? Options:
  A) an error of principles
  B) a compensating error
  C) an error of commission
  D) an error omission
  Show Answer
  The correct answer is C .
• Question 10: An item credited in the bank statement but yet to be recorded in the firm's cash book is Options:
  A) bank loan
  B) contract payment
  C) standing order
  D) direct deposit
  Show Answer
  The correct answer is D .