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 11: 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 12:

  Use the information below to answer questions

  Given:

  Returns inwards............₦1500
  Cash.......................₦1550
  Discount...................₦2850
  Capital....................₦3800
  Debtors....................₦900
  Sundry.....................N?

  The value of sundry expenses is 150% of returns inwards plus 50% of debtors

  The total of the trial balance is?

  Options:
  A) ₦6600
  B) ₦6650
  C) ₦5600
  D) ₦5900
  Show Answer
  The correct answer is B .
• Question 13:

  Use the information below to answer the question

  Statement of assets and liabilities as at 31st December, 2001.

  Shareholders' interest ₦240
  Current liabilities ₦20
  Current assets ₦110
  Fixed assets ₦140

  What is the networking capital?

  Options:
  A) ₦90m
  B) ₦70m
  C) ₦100m
  D) ₦80m
  Show Answer
  The correct answer is A .
• Question 14: Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results? Options:
  A) Conservatism
  B) Historical
  C) Monetary
  D) Cost
  Show Answer
  The correct answer is A .
• Question 15:

  In dealing with incomplete record, fixed assets are posted to___________-

  Options:
  A) Profit and loss account as brought forward figure
  B) Closing balance sheet as carried forward figure
  C) Closing balance sheet as brought forward figure
  D) Profit and loss as carried forward figure
  Show Answer
  The correct answer is C .
• Question 16: For the purpose of conversion of a partnership to a company, a total purchase consideration of ₦3.6m was paid. If 30% of the purchase consideration was in cash and the rest by 50k shares, how many shares issued? Options:
  A) ₦1080 000
  B) ₦2 160 000
  C) ₦3 600 000
  D) ₦5 040 000
  Show Answer
  The correct answer is D .
• Question 17:

  Use the information below to answer questions 9 and 10.

  The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.

  Creditors N50,000
  Debtors N46,000
  Loan N100,000
  Stock N20,000
  Motor vehicle N120,000
  Building N70,000
  Accrued wages 30,000
  Bank N25 ,000

  The liabilities of Udo Co. Ltd is?

  Options:
  A) ₦180,000
  B) ₦181,000
  C) ₦177,000
  D) ₦110,000
  Show Answer
  The correct answer is A .
• Question 18: The income and expenditure account of a club is the same as Options:
  A) single entry account
  B) a profit and loss account
  C) a trading account
  D) a cash book
  Show Answer
  The correct answer is B .
• Question 19: A rapidly growing business organization with multiple units that is interested in comparing the performances and weaknesses of each unit should adopt? Options:
  A) manufacturing accounts
  B) consolidated accounts
  C) departmental accounts
  D) joint venture accounts
  Show Answer
  The correct answer is C .
• Question 20: An expenses account is closed by a debit to? Options:
  A) an asset account and a credit to the expenses account
  B) the expenses account and a credit to an asset account
  C) profit and loss account and a creit to the expenses account
  D) the expenses account and a credit to profit and loss account
  Show Answer
  The correct answer is C .