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 101:

  

  Equity shareholders' fund is

  Options:
  A) ₦133 000
  B) ₦120 000
  C) ₦113 000
  D) ₦100 000
  Show Answer
  The correct answer is A .
• Question 102: One of the reasons for the existence of the public sector is to? Options:
  A) Take adequate care of the needy
  B) supplement the commerical sector
  C) provide cheap services to all citizens
  D) correct perceived inequalities
  Show Answer
  The correct answer is C .
• Question 103: If an organization maintains a periodic stock system, the stock quantities are? Options:
  A) updated at the end of the accounting year
  B) not considered inthe updating process
  C) updated continuously
  D) updated at the beginning of the accounting year
  Show Answer
  The correct answer is A .
• Question 104:

  

  Credit sales is given at 160% of cash received.

  What is the balance c/d?

  Options:
  A) ₦333 000
  B) ₦234 000
  C) ₦343 000
  D) ₦243 000
  Show Answer
  The correct answer is D .
• Question 105:

  A source document is used for verifying the

  Options:
  A) amount due from debtors
  B) amount due to creditors
  C) selling price of goods
  D) actual cost of an asset
  Show Answer
  The correct answer is C .
• Question 106: The main features of the single system are that? Options:
  A) books of accounts are not maintained and business relies only on bank statement
  B) the journal records are absent and only the main ledger is kept 7
  C) there are incomplete classifications and recording procedures
  D) only credit sales transactions and credit purchase are recorded
  Show Answer
  The correct answer is C .
• Question 107:

  

  Use the information below to answer the question

  The quick ratio is

  Options:
  A) 0.82:1
  B) 0.91:1
  C) 0.95:1
  D) 1.53:1
  Show Answer
  The correct answer is D .
• Question 108: Capital and revenue expenditures of government are usually accounted for under funds which include? Options:
  A) A personal advances, technical, special trust and
  B) technical, special trusth and commercial funds
  C) personal advances, treasury clearance and special trusth funds
  D) commercial loans and treasury clearance funds
  Show Answer
  The correct answer is A .
• Question 109: Calculate the provision to be taken to the balance sheet? Options:
  A) ₦780
  B) ₦800
  C) 1200
  D) ₦200
  Show Answer
  The correct answer is B .
• Question 110: In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is Options:
  A) virement
  B) fund accounting
  C) consolidated fund
  D) financial regulation
  Show Answer
  The correct answer is D .