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: When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added Options:
  A) Unpresented cheque
  B) Dividend
  C) Uncredited cheque
  D) credit transfer
  Show Answer
  The correct answer is C .
• Question 2:

  

  The capital employed is

  Options:
  A) ₦13 000
  B) ₦9 900
  C) ₦8 400
  D) ₦9 000
  Show Answer
  The correct answer is C .
• Question 3: Determine the opening cash balance of the club? Options:
  A) ₦3 070
  B) ₦2 220
  C) ₦5 710
  D) ₦4 320
  Show Answer
  The correct answer is B .
• Question 4:

  Use the information below to answer this question:

  $\overline{\begin{array}{ccc}& \text{Dept A}& \text{Dept B}\\ \text{Sales}& 180,000& 150,000\\ \text{Cost of sales}& 79,000& 85,000\\ \text{Expense}& 28,000& 40,000\end{array}}$

  How much is the gross profit for department A?

  Options:
  A) ₦101,000
  B) ₦73,000
  C) ₦79,000
  D) ₦152,000
  Show Answer
  The correct answer is A .
• Question 5: Which of the should not be added or subtracted from the bank statement balance to determine the adjust cash balance? Options:
  A) Error by the bank
  B) Undercasting of the cash book
  C) Overcasting of the cash book
  D) Bank service charges
  Show Answer
  The correct answer is A .
• Question 6:

  Use the information below to answer questions 40 and 41.

  Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2.

  Capital - Keme.............₦20 000

  ........ - Kemi.............₦10 000

  Drawings - Keme.............₦2 000

  ........ - Kemi.............₦3 000

  Profit......................₦6 000

  Interest on capital.........5%

  Interest on drawings........10%

  The interest on Kemi's capital is?

  Options:
  A) ₦1 000
  B) ₦2 000
  C) ₦500
  D) ₦3 000
  Show Answer
  The correct answer is C .
• Question 7:

  Use the information below to answer this question.

  Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively.

  Extract from their books for the year ended are

  Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950

  Ojo's share of profit is

  Options:
  A) 2475
  B) 1322.5
  C) 4950
  D) 6000
  Show Answer
  The correct answer is B .
• Question 8: What is the figure for purchases? Options:
  A) ₦2,400
  B) ₦2,500
  C) ₦4,200
  D) ₦5,200
  E) No option indicated
  Show Answer
  The correct answer is E .
• Question 9:

  

  It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.

  What is the amount to be written off as other expenses?

  Options:
  A) ₦4500
  B) ₦6000
  C) ₦4000
  D) ₦5000
  Show Answer
  The correct answer is D .
• Question 10: 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 .