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 1061: A financial analyst needs accounting information to? Options:
  A) maintain the production section of the business
  B) know why transactions cause increase and decreases in assets
  C) advise on how to manage the business
  D) know how to record transaction in T account
  Show Answer
  The correct answer is C .
• Question 1062: An item credited in the bank statement but yet to be recorded in the firm's cash book is Options:
  A) bank loan
  B) contract payment
  C) standing order
  D) direct deposit
  Show Answer
  The correct answer is D .
• Question 1063:

  Given:

  Rent..............₦10,000
  Rates.............₦5,000
  Capital...........₦50,000
  Salaries..........₦14,000
  Cash..............₦26,000
  Creditors..........₦5,000

  The total trial balance is?

  Options:
  A) ₦110,000
  B) ₦65,000
  C) ₦55,000
  D) ₦45,000
  Show Answer
  The correct answer is C .
• Question 1064: Why are adjustments in the profit and loss account necessary? Options:
  A) To cover some expenses of the following year
  B) To ascertain the actual expenses incurred and income earned during the year
  C) To show the provision made during the year
  D) To show the total expenses paid and income received during the year
  Show Answer
  The correct answer is B .
• Question 1065:

  (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 1066: What is the figure for purchases? Options:
  A) ₦2,400
  B) ₦2,500
  C) ₦4,200
  D) ₦5,200
  E) No option indicated
  Show Answer
  The correct answer is E .
• Question 1067: The two accounts that are normally opened in the head office when goods are transferred to a branch are? Options:
  A) branch supplies and branch receipts
  B) branch stock account and goods sent to branch accounts
  C) goods sent to brannch account and branch receipt account
  D) goods sent to branch accounts and branch supplies
  Show Answer
  The correct answer is B .
• Question 1068: 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 1069: Use the information below to answer this question.

  A limited liability company has an authorized shares capital of 50 million split into 100 millions shares. 80million shares are offered for subscriptions at 60k per share in full on application. These have been fully subscribed on issue

  What is the nominal value of each share

  Options:
  A) ₦2
  B) ₦0.80
  C) ₦0.60
  D) ₦0.50
  Show Answer
  The correct answer is D .
• Question 1070:

  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
  Show Answer
  The correct answer is A .