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 121:

  Halidu and Hamed are business partners with ₦30,000 and ₦20,000 capital respectively. At the end of the financial year, a profit of ₦12,000, which included Halidu's salary of ₦3,000 was made.

  Halidu's share of the profit is

  Options:
  A) ₦7,500
  B) ₦6,000
  C) ₦5,400
  D) ₦4,500
  Show Answer
  The correct answer is C .
• Question 122: If a trail balance is in agreement, one of the statement is untrue Options:
  A) the accounting system is error free
  B) equal debit entries and credit entries were recorded for each transaction
  C) the debit and credit from the journal were posted to the accounts
  D) account balances were correctly computed
  Show Answer
  The correct answer is A .
• Question 123:

  Under which of the following conditions is a partnership dissolved?

  Options:
  A) change of the partnership's head office
  B) purchase of a large quantity of fixed assets
  C) admission of a new partner
  D) retirement of a manager who is not a partner
  Show Answer
  The correct answer is C .
• Question 124:

  In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover

  Options:
  A) carriage inwards
  B) carriage outwards
  C) discount received
  D) returns outwards
  Show Answer
  The correct answer is B .
• Question 125: The necessary accounts to be opened on the issue of ordinary share capital are? Options:
  A) preference share capital, cash and allotment accounts
  B) bank and ordinary share capital accounts
  C) cash and ordinary share capital accounts
  D) nominal value and ordinary share capital accounts
  Show Answer
  The correct answer is B .
• Question 126: Akirika bought a motor van for his business by cash. The entries are to debit Options:
  A) motor van and credit Akirika
  B) sales and credit Akrika
  C) motor van and credit cash
  D) cash and credit motor van
  Show Answer
  The correct answer is C .
• Question 127: Apart from the common control accounts, a control account can also be opened for? Options:
  A) sales account
  B) purchases account
  C) cash account
  D) wages account
  Show Answer
  The correct answer is C .
• Question 128: The effect of the payment of liability is that it Options:
  A) increase both assets and liabilities
  B) increase assets and decrease liabilities
  C) decrease assets and increase liabilities
  D) decrease both assets and liabilities
  Show Answer
  The correct answer is D .
• Question 129: One major advantage of ledger is that it Options:
  A) is a book of original entry
  B) is only accessible to share holders during liquidation
  C) removes the need for preparing a balance sheet after each transaction
  D) can be used by any type of business
  Show Answer
  The correct answer is D .
• Question 130:

  Stock 1/1/2002..................................₦40 000

  Goods received from head office.................₦800 000

  Goods returned to head office...................₦34 000

  Sales...........................................₦916000

  Stock 31/12/2000................................₦72 000

  From the data above determine the cost of goods credited to the head office trading account.

  Options:
  A) ₦766 000
  B) ₦840 000
  C) ₦734 000
  D) ₦806 000
  Show Answer
  The correct answer is C .