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 101:

  

  Determine the owners equity

  Options:
  A) ₦200,000
  B) ₦215,000
  C) ₦275,000
  D) ₦755,000
  Show Answer
  The correct answer is C .
• Question 102: One of the reasons for the existence of the public sector is to? Options:
  A) Take adequate care of the needy
  B) supplement the commerical sector
  C) provide cheap services to all citizens
  D) correct perceived inequalities
  Show Answer
  The correct answer is C .
• Question 103:

  (i) Profits and looses will be shared unequally.

  (ii) Interest is not allowed on capital.

  (iii) Salaries are not allowed.

  (iv) Interest is charged on drawings.

  From the above, which of the following would apply where there is no agreement during partnership formation?

  Options:
  A) i only
  B) i, ii and iii
  C) i, ii and iv
  D) ii and iii
  Show Answer
  The correct answer is C .
• Question 104:

  

  The value of x is

  Options:
  A) ₦4.00
  B) ₦5.00
  C) ₦5.50
  D) ₦6.00
  Show Answer
  The correct answer is D .
• Question 105:

  $\begin{array}{cc}& \text{N}\\ \text{Debtors opening}& 4000\\ \text{Debtors clsoing}& 1500\\ \text{Cash received from debtors}& 8500\\ \text{Bad debts written off}& 350\\ \text{Discount allowed}& 500\\ \text{Discount Received}& 1000\end{array}$

  What is the amount of sales of sales for the year?

  Options:
  A) ₦3850
  B) ₦6650
  C) ₦1550
  D) ₦6850
  Show Answer
  The correct answer is D .
• Question 106: A cash book had opening balance of ₦15,200 closing balance ₦18,400 and total cash received during the period ₦36,000. What was the amount of cash paid out during the same period? Options:
  A) ₦17,800
  B) ₦19,600
  C) ₦29,200
  D) ₦32,800
  Show Answer
  The correct answer is D .
• Question 107: The salary of a partner is usually debited to the? Options:
  A) sundry debtors' account
  B) appropriation account
  C) profit and loss account
  D) suncry current account
  Show Answer
  The correct answer is B .
• Question 108:

  Use this information below to answer this question

  ₦
  Capital: Opening balance 307,000
  Closing balance 342,000
  Net profit for the period 121,600
  Purchases 706,000
  Carriage inwards 17,500
  Cost of goods sold 740,700
  Total selling, general and
  administration expenses 526,000
  Discount received 9,650
  Opening stock 98,800

  Calculate the closing stock for the period.

  Options:
  A) ₦69,300
  B) ₦81,600
  C) ₦81,300
  D) ₦106,400
  Show Answer
  The correct answer is B .
• Question 109: Which of the following ratios gives an idea of the liquidity of a firm? Options:
  A) Turnover ratio
  B) Quick ratio
  C) Debit ratio
  D) Dividend yield
  Show Answer
  The correct answer is B .
• Question 110: Use the following information to answer this question.Club building 400,000Subscription prepaid 3,000Sport kits 150,000Bar creditors 85,000Subscription owing 32,000What is the club’s accumulated fund? Options:
  A) ₦699, 000
  B) ₦641, 000
  C) ₦402, 000
  D) ₦605, 000
  Show Answer
  The correct answer is A .