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 1101: The item that are contained in the bought ledger control account are? Options:
  A) discount allowed, bad debts and purchases
  B) dishonoured cheques, returns inwards and sales
  C) returns outwards, bad debts outewards and sales
  D) discount received, returns outwards and purchases
  Show Answer
  The correct answer is C .
• Question 1102:

  Stationary which will be used over a long period of time is usually recorded as an expense instead of an asset.

  This concept is called?

  Options:
  A) entity
  B) materiality
  C) realization
  D) accrual
  Show Answer
  The correct answer is B .
• Question 1103: The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is? Options:
  A) accruals
  B) materiality
  C) objectivity
  D) periodicity
  Show Answer
  The correct answer is A .
• Question 1104: The necessary accounts to be opened on the issue of ordinary share capital are? Options:
  A) preference share capital, cash and allotment accounts
  B) bank and ordinary share capital accounts
  C) cash and ordinary share capital accounts
  D) nominal value and ordinary share capital accounts
  Show Answer
  The correct answer is B .
• Question 1105: Goods invoiced to a branch can be sent using? Options:
  A) cost price, selling price and fixed percentage on selling price
  B) cost price, selling price and fixed percentage on cost price
  C) cost priceand fixed percentage on cost price
  D) cost price and fixed percentage on selling price
  Show Answer
  The correct answer is B .
• Question 1106: The accumulation fund of a non-trading concern can equally be referred to as? Options:
  A) members' equity
  B) share capital
  C) general fund
  D) surplus fund
  Show Answer
  The correct answer is A .
• Question 1107:

  Use the information to answer the question.

  ..........................30/9/06.......30/9/07.....

  ............................N.............N.........

  Accrued insurance premium...600...........710.......

  Prepaid rent income.........490............630......The cash book includes ₦1,850 and N,2,100 in respect of insurance premium and rent income respectively.What amount is to be credited to the profit and loss account in respect of rent income?

  Options:
  A) ₦1,710
  B) ₦1760
  C) ₦2000
  D) ₦2240
  Show Answer
  The correct answer is D .
• Question 1108:

  Given:

  (i) the consolidation revenue fund balance b/d..₦650 000

  (ii) issue from contingency fund amount to......₦240 000

  (iii) amount transferred to contingency fund is.₦210 000

  What is the consolidation revenue fund balance?

  Options:
  A) ₦1, 100 000
  B) ₦680 000
  C) ₦440 000
  D) ₦410 000
  Show Answer
  The correct answer is B .
• Question 1109: Discount allowed as represented in the control account appears on the? Options:
  A) credit side of the purchases control account
  B) debit side of the purchases control account
  C) credit side of the sales control account
  D) debit side of the sales control account
  Show Answer
  The correct answer is C .
• Question 1110:

  	N
  Purchase ledger opening balance	4,000
  sales ledger opening balance	6,000
  credit purchase	25,000
  Discounts allowed	1,000
  Returns inwards	2,000
  Credit sales during the year	10,000
  Return outwards	6,000

  Use the information above to answer the following question;

  Calculate the sales ledger balance.

  Options:
  A) N13,000
  B) N10,000
  C) N6,000
  D) N3,000
  Show Answer
  The correct answer is A .