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 1051:

  1. Cash sales

  11. Cash purchases

  111. Cash discount allowed

  1V. Cash payment

  V. Cash receiptsWhich of the following are recorded on the debit side of the cash book

  Options:
  A) 1 and 11
  B) 1 and 111
  C) 1 and V
  D) 1 and 1V
  Show Answer
  The correct answer is C .
• Question 1052: The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on? Options:
  A) 1st September, 1960
  B) 1st October, 1960
  C) 1st October, 1963
  D) 1st September, 1965
  Show Answer
  The correct answer is D .
• Question 1053: Th major feature of an invoice is that, it? Options:
  A) passes information through the sales day book
  B) has cash and bank column
  C) specifies the particular of goods bought
  D) indicates only the cash sales
  Show Answer
  The correct answer is C .
• Question 1054:

  

  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 1055: The issued share capital is the number of shares that are Options:
  A) authorized by share holders
  B) shared among the directors
  C) fully subscribed
  D) in the share certificate
  Show Answer
  The correct answer is A .
• Question 1056:

  One of the objective of maintaining the account of a branch at the head office is to

  Options:
  A) to access the performance of the branches
  B) check the excesses of customers
  C) record charges in shareholdings
  D) record charges in liabilities
  Show Answer
  The correct answer is A .
• Question 1057:

  What act generally includes completing unfinished partnership business, collecting and paying debts, collecting partnership assets to be turned into cash and taking inventory?

  Options:
  A) Formation
  B) dissolution
  C) winding up
  D) termination
  Show Answer
  The correct answer is B .
• Question 1058:

  A partnership’s internal regulation are set out by________---

  Options:
  A) A constitution
  B) A law
  C) A deed
  D) An article
  Show Answer
  The correct answer is C .
• Question 1059: The suspense account is used to correct book-keeping error where the Options:
  A) amount involved is quite significant
  B) item involved is not material
  C) item involved is unknown
  D) error does not affect the agreement of the trial balance
  Show Answer
  The correct answer is C .
• Question 1060:

  The interest on partner's loan is

  Options:
  A) credited in current account
  B) debited in profit and loss account
  C) credited in profit and loss account
  D) debited in current account
  Show Answer
  The correct answer is B .