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 1: The major function of accounting bodies in Nigeria is to? Options:
  A) provide proper financial management of businesses
  B) provide good remuneration to the members
  C) promote the ethics of the profession
  D) show the dynamic nature of the profession
  Show Answer
  The correct answer is C .
• Question 2: In the not-for-profit-making organization, the excess of income over expenditure is Options:
  A) deducted from the capital
  B) added to the accumulated fund
  C) added to the capital
  D) deducted from the the accumulated fund
  Show Answer
  The correct answer is B .
• Question 3: The cost method of charging goods to branch is used where? Options:
  A) branch stock adjustment account is in use
  B) the retention of branch trading account is in addition to the cost of goods sold
  C) goods are sent without invoice or any source documents
  D) goods are of a perishable nature on which a pre-determined price is inapplicable
  Show Answer
  The correct answer is A .
• Question 4: The purpose of a trading account is to ascertain Options:
  A) sales
  B) carriage outwards
  C) gross profit or loss
  D) net profit or loss
  Show Answer
  The correct answer is C .
• Question 5: The income and expenditure account differs from receipts and payments account because it Options:
  A) accounts for notional charges
  B) records transactions that relate to the period on cash basis
  C) records transactions that relate to the period on accrual basis
  D) accounts for balance of cash at bank
  Show Answer
  The correct answer is B .
• Question 6: Which of the following bank reconciliation items should not be added or subtracted from the bank statement balance to determine the adjusted cash balance? Options:
  A) Outstanding cheques
  B) Bank service charges
  C) Deposit in the mail not yet received by the bank
  D) Bank error, charging a company for another company's cheque
  Show Answer
  The correct answer is D .
• Question 7: 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 8: The concept that has much influence over asset valuation and income determination is? Options:
  A) entity
  B) realization
  C) conversactism
  D) matching
  Show Answer
  The correct answer is B .
• Question 9: What was the cost of materials available for use during the period? Options:
  A) ₦487,100
  B) ₦449,500
  C) ₦448,500
  D) ₦440,300
  Show Answer
  The correct answer is D .
• Question 10: When the invoice of a customer is overcast, the supplier will send to him a Options:
  A) debit note
  B) cheque
  C) credit note
  D) payment voucher
  Show Answer
  The correct answer is C .