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 1021: The basic role of accounting is to? Options:
  A) detect fraud
  B) attest to finacial statements
  C) measure performance
  D) protect sharehlders
  Show Answer
  The correct answer is B .
• Question 1022: The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as Options:
  A) credit note
  B) debit note
  C) invoice
  D) voucher
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  The correct answer is A .
• Question 1023:

  The main difference between the ordinary and preference shareholders is that?

  Options:
  A) the former have voting rights while the latter do not
  B) in the case of winding up, the former are paid first before the latter
  C) the latter are not members of the company while the former are
  D) the former receives dividends while the latter do not
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  The correct answer is A .
• Question 1024: The objective of the purchase ledger control account is to established the? Options:
  A) credit purchases
  B) net profit
  C) total purchases
  D) gross profit
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  The correct answer is A .
• Question 1025: The book into which all types of a ministry's expenditure are recorded is the Options:
  A) ledger book
  B) payment book
  C) vote book
  D) expenditure book
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  The correct answer is C .
• Question 1026:

  The two recognised accounting bases are

  Options:
  A) cash and credit
  B) personal and impersonal
  C) Accrual and Cash
  D) Drawings and Private
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  The correct answer is C .
• Question 1027:

  The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight line method, what is the amount of depreciation charged per annum?

  Options:
  A) 6000
  B) 1000
  C) 1500
  D) 2500
  Show Answer
  The correct answer is C .
• Question 1028:

  The advantage of double entry is that

  Options:
  A) it is easy to prepare the final account
  B) it increase assets
  C) has cash and bank column
  D) It disburses cash
  Show Answer
  The correct answer is A .
• Question 1029: An increase in government expenditure within a year is taken care of by means of? Options:
  A) financial regulations
  B) virement
  C) warrant
  D) supplementary estimate
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  The correct answer is D .
• Question 1030: four broad classifications of overheads are? Options:
  A) production, selling, distribution and material
  B) production, selling, distribution and administration
  C) selling, distribution and production and wages
  D) distribution, selling, administration and material
  Show Answer
  The correct answer is B .