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 1031: Accrual accounting differs from cash accounting because it recognizes? Options:
  A) cash and creditors
  B) debtors and creditors
  C) cash and debitors
  D) prepayment and cash
  Show Answer
  The correct answer is B .
• Question 1032: Which of these is the main source document for recording cash paid into bank? Options:
  A) invoice
  B) cheque book
  C) credit note
  D) pay-in-slip
  Show Answer
  The correct answer is D .
• Question 1033: The founders of a company are? Options:
  A) promoters
  B) shareholders
  C) canvassers
  D) stakeholders
  Show Answer
  The correct answer is A .
• Question 1034:

  Kakaku limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/2106. The company's policy, provides for 15%bad debt annually. Which of the following represents the total balance of debtors before adjustment?

  Options:
  A) N6,120,000
  B) N8,280,000
  C) N6,120,300
  D) N8,820,000
  Show Answer
  The correct answer is B .
• Question 1035: To compute gearing ratio, divide? Options:
  A) profit by capital employed
  B) current assets by current liability
  C) profit by total assets
  D) long-term debts by equity capital
  Show Answer
  The correct answer is D .
• Question 1036:

  A credit balance on a receipt and payments account indicates that the non-profit making organization?

  Options:
  A) had more revenues than expenses during the period
  B) did not owe much liabilities during the period
  C) received more cash than it paid out during the period
  D) made more cash payments than it received during the period
  Show Answer
  The correct answer is C .
• Question 1037:

  In trial balance, income and liabilities are

  Options:
  A) credited
  B) credited and debited respectively
  C) debited and credited respectively
  D) debited
  Show Answer
  The correct answer is A .
• Question 1038:

  Which of the following is not charged to manufacturing account?

  Options:
  A) Direct expenses
  B) Factory wages
  C) Distribution expenses
  D) Raw materials
  Show Answer
  The correct answer is C .
• Question 1039: The market value of goods produced is? Options:
  A) ₦30,500
  B) ₦30,600
  C) ₦31,600
  D) ₦31,620
  Show Answer
  The correct answer is B .
• Question 1040:

  Given:

  Liabilities..............₦23,700
  Current assets...........₦20,300
  Fixed assets.............₦64,500

  What is the capital introduced by the proprietor?

  Options:
  A) ₦40,800
  B) ₦61,100
  C) ₦88,200
  D) ₦108 500
  Show Answer
  The correct answer is B .