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 21: Granada Corporation has net assets of ₦600,000 and contributed capital of ₦180,000. The corporation has 30,000 shares of common stock outstanding with no preferred stock. This suggest that the corporation has? Options:
  A) a book value of ₦14 per share
  B) a book value of ₦20 per share
  C) a deficit of ₦420,000
  D) retained earnings of ₦600,000
  Show Answer
  The correct answer is B .
• Question 22:

  The accounting method that reports incomes when earned and expenses when incurred is called

  Options:
  A) accrual accounting
  B) cash accounting
  C) fund accounting
  D) commitment accounting
  Show Answer
  The correct answer is A .
• Question 23: when shares issued are paid for, accounting entry required is Options:
  A) debit bank or cash account and credit share capital and/or premium account
  B) credit bank or cash account and debit share capital and/or premium account
  C) debit shares account and credit capital account
  D) credit shares account and debit capital account
  Show Answer
  The correct answer is A .
• Question 24:

  Motor: ₦10 000
  Fixtures: ₦5 000
  Cash: ₦2 500
  Creditors: ₦7 000
  Loan: ?

  LOAN IS 30% OF CREDITORS.

  What is the capital balance?

  Options:
  A) ₦1000
  B) ₦2 100
  C) ₦900
  D) ₦1200
  Show Answer
  The correct answer is B .
• Question 25: Beginning and ending accounts receivable balances were ₦8,000 and ₦15,000 respectively. If collections from customers during the period were ₦36,000, then total sales on account would be Options:
  A) ₦23,000
  B) ₦29,000
  C) ₦36,000
  D) ₦43,000
  Show Answer
  The correct answer is D .
• Question 26:

  Adodo Enterprises and Loss Account (Extract)
  	₦		₦
  Opening stock	5,000	Sales	100,000
  Purchases	00?00
  	00?00
  Less closing stock	5,600
  Cost of goods sold	00?00
  Gross profit	00?00
  	100,000		100,000

  If the opening stock is 5% of sales. calculate the purchases

  Options:
  A) ₦95,600
  B) ₦95,000
  C) ₦9,600
  D) ₦85,000
  Show Answer
  The correct answer is C .
• Question 27:

  In order to make the cash book balance equal to the bank statement, it is usually to add?

  Options:
  A) uncredited cheques
  B) direct payments by bank
  C) bank charged
  D) unpresented cheques
  Show Answer
  The correct answer is D .
• Question 28:

  The amount paid by the new partner on admission as a compensation for the reputation built up by old partners is a

  Options:
  A) Bonus
  B) Good will
  C) Premium
  D) Commission
  Show Answer
  The correct answer is B .
• Question 29: Public sector accounting is based on Options:
  A) cash
  B) accrual
  C) budget
  D) consolidated fund
  Show Answer
  The correct answer is C .
• Question 30:

  A part of public company's profit belonging to the shareholders is

  Options:
  A) right issue
  B) bonus
  C) dividends
  D) public issue
  Show Answer
  The correct answer is C .