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 81:

  

  Subscriptions received are always put at 125% of the total donations received and refreshment sales.

  Compute the subscriptions received.

  Options:
  A) ₦30000
  B) ₦28000
  C) ₦24000
  D) ₦20000
  Show Answer
  The correct answer is D .
• Question 82: X and Y are two departments that are to share 50% of all joint costs equally and the balance in ratio 2:1. If a sum of ₦150,000 is incurred jointly, what will be the portion attributable to X? Options:
  A) ₦37,500
  B) ₦62,500
  C) ₦87,500
  D) ₦100,000
  Show Answer
  The correct answer is B .
• Question 83: A powerful instrument of control over both the sales ledger and the clek whose duty is to post the ledger is the? Options:
  A) total debtors account
  B) purchase day book
  C) sales day book
  D) cash book
  Show Answer
  The correct answer is C .
• Question 84: The book of account in which information from the source documents are recorded consists of Options:
  A) debit and credit notes
  B) ledger and subsidiary books
  C) prepayments and accruals
  D) profit and loss and balance sheet
  Show Answer
  The correct answer is B .
• Question 85: According to the provisions of the 1999 Constitution, all revenues generated by the Federal Government must be paid into the? Options:
  A) Consolidated Revenue Fund
  B) Federation Account
  C) Revenue Mobilization Allocation and Fiscal Commission's Account
  D) Equalization Fund
  Show Answer
  The correct answer is A .
• Question 86:

  Which of the following indicate that a partnership business is in place?

  (i) There is a business

  (ii)It is run commonly by partners

  (iii)It has profit-making in view

  (iv) Partners' liability is limited

  Options:
  A) i and ii only
  B) i, ii and iii only
  C) i, iii and iv only
  D) ii, iii and iv only
  Show Answer
  The correct answer is C .
• Question 87:

  I. Members subscription

  II. Fines from members

  III. Donation

  IV. Loan from bank From the informaation above, sources of income for a Not-for-profit-making organization include

  Options:
  A) I,III,IV
  B) I,II,III
  C) I,II,IV
  D) I and IV
  Show Answer
  The correct answer is B .
• Question 88:

  Which of the following errors will affect the trial balance total?

  Options:
  A) omission of sales of ₦3000 and purchases of ₦2000
  B) Posting discount allowed to the debit side of discount allowed account
  C) omission of one account from the list when extracting the ledgers
  D) failure to post sales of ₦2000 and purchases of ₦2000
  Show Answer
  The correct answer is A .
• Question 89:

  (i) Meet growth and diversification need.

  (ii) Reach out to particular customers or markets

  (iii) Comply with some regulatory directives

  (iv) Increase employees' income.

  Which of the reasons above do companies consider in establishing branches?

  Options:
  A) i and ii
  B) i, ii and iii
  C) ii, iii and iv
  D) iii and iv
  Show Answer
  The correct answer is A .
• Question 90:

  I. A retailer when fixing his selling price adds one-quarter to the cost of the article
  II. The expenses of the retailer is 10% of his sales
  III. The total sales is ₦23,000
  IV. he turned over his stock five times in the year.

  The net profit for the year is

  Options:
  A) ₦5,750
  B) ₦5,650
  C) ₦3,200
  D) ₦2,300
  Show Answer
  The correct answer is C .