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 1141: If goods are invoiced to the branch at cost and the invoice par value is ₦2 000 with 5%discount rate, can remitted to the head office is Options:
  A) ₦2 100
  B) ₦200
  C) ₦1 900
  D) ₦100
  Show Answer
  The correct answer is C .
• Question 1142:

  The document which is legal charter of a company that defines the limits of a company's field of operation is known as

  Options:
  A) articles of association
  B) equity share certificate
  C) prospectus
  D) memorandum of association
  Show Answer
  The correct answer is D .
• Question 1143: Which fund is used to meet unforeseen or urgent expenditure Options:
  A) General reserve fund
  B) Consolidated Reserve Fund
  C) contingencies fund
  D) special fund
  Show Answer
  The correct answer is B .
• Question 1144:

  Balance sheet (extract)

  	N
  Creditors	7,940
  Prepaid expenses	290
  Accrual expenses	323
  Stock	4,500
  Cash balances	4,956
  Debtors	905

  Use the information in the above table to answer the question.

  Determine the current liabilities.

  Options:
  A) N8,553
  B) N8,263
  C) N7,940
  D) N1,228
  Show Answer
  The correct answer is B .
• Question 1145:

  Using the following:

  Balance as par overdraft of the cashbook is ₦4000, uncredited cheque is ₦2300, bank charges ₦300, unpresented cheque ₦5000.

  What is the adjusted cashbook balance?

  Options:
  A) 4000
  B) 300
  C) 4300
  D) 5000
  Show Answer
  The correct answer is C .
• Question 1146: The corresponding entry of personal accounts found in the debit side of the cash is to Options:
  A) credit real accounts
  B) debit real accounts
  C) credit the ledger
  D) debit the ledger
  Show Answer
  The correct answer is C .
• Question 1147: If the capital of the partnership is unfixed, what is K's current accounts? Options:
  A) ₦11,950
  B) ₦10,950
  C) ₦20
  D) ₦0
  E) NO OPTION
  Show Answer
  The correct answer is E .
• Question 1148: A non-profit-making organization differs from a profit-making one in that? Options:
  A) it does not earn income
  B) proceeds from sale of shares form part of its income
  C) all its income is committed
  D) annual subscriptions and levies form part of its income
  Show Answer
  The correct answer is D .
• Question 1149: Salaries in arrears is treated in the balance sheet as a Options:
  A) current asset
  B) current liability
  C) fixed asset
  D) long term liability
  Show Answer
  The correct answer is B .
• Question 1150: In dealing with incomplete records, fixed assets are posted to? Options:
  A) opening profit and loss as brought forward figures
  B) closing balance sheet as carried forward figures
  C) closing balance sheets as brought forward figures
  D) closing profit and loss as brought forward figures
  Show Answer
  The correct answer is C .