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 1161:

  Gross profit in the branch adjustment account is transferred to the branch____________

  Options:
  A) Income and expenditure account
  B) profit and loss account
  C) receipt and payment account
  D) trading account
  Show Answer
  The correct answer is B .
• Question 1162:

  To account for expenses paid by head office on behalf of the branch, the branch should___________

  Options:
  A) Debit profit and loss account and credit head office account
  B) Debit head office account and credit cash
  C) Credit cash and debit profit and loss account
  D) Credit profit and loss account and debit head office account
  Show Answer
  The correct answer is A .
• Question 1163:

  Given:

  Capital...............................₦2375 000

  Debtors...............................₦495 000

  Motor vehicle.........................₦870 000

  Creditors.............................₦245 000

  Prepayment............................₦500 000

  Bills receivable......................₦505 000

  Furniture.............................₦150 000

  What is the total debit for the trial balance?

  Options:
  A) ₦4 690 000
  B) ₦2 620 000
  C) ₦2 520 000
  D) ₦1 565 000
  Show Answer
  The correct answer is C .
• Question 1164: Receipts and payments accounts is the summary of? Options:
  A) income and expenditure
  B) cash book
  C) balance sheet
  D) profit and loss
  Show Answer
  The correct answer is B .
• Question 1165: Which of the following is used to update the cash book in bank reconciliation? Options:
  A) Interest received and unpresented cheques
  B) Commission and debit note
  C) Unpresented cheques and direct credit
  D) Interest received and direct credit
  Show Answer
  The correct answer is D .
• Question 1166: A basic unifying concept in accounting implies that? Options:
  A) where creditors'account is zero, the assets are equal to the owners' equity
  B) there should be a balance in the creditors' account in order to measure total assets
  C) revenues should be supported by invested and owners'capital
  D) total assets can be less than liabilities and equity
  Show Answer
  The correct answer is A .
• Question 1167:

  Ii) Add up both side

  Iii)Take the difference to the smaller and add to the smaller figure The correct procedure for balancing account is?

  Options:
  A) ii, i and iii
  B) i, iii and ii
  C) ii, iii and i
  D) i, ii and iii
  E) Deducted the smaller side figure from the bigger side figure .
  Show Answer
  The correct answer is B .
• Question 1168: The tier of government that uses financial memorandum is the? Options:
  A) federal government
  B) state government
  C) local government
  D) municipal government
  Show Answer
  The correct answer is C .
• Question 1169:

  Given:

  ...............................Jan.2003.........Dec. 2003
  Provision for bad debt........₦1000
  Debtors..........................................₦20000
  Bad debt to be written off.......................₦2000

  The provision for bad debt stands at 10% of debtors. How much is to be charged to the profit and loss account as provision for bad debt?

  Options:
  A) ₦800
  B) ₦1000
  C) ₦1800
  D) ₦2000
  Show Answer
  The correct answer is D .
• Question 1170:

  Gbagada Social Club.
  Receipt and Payments Account for the year 1993

  Description	Amount (₦)	Description	Amount (₦)
  Balance b/d	720	Rent	180
  Subscriptions	14,300	Furniture	3,500
  Proceed from raffle draws	2,000	Rate	580
  		Stationery	120
  		Welfare expenses	1,000
  		Raffle prize	950
  Total	17,020	Balance c/d	10,690
  		Total	17,020

  Accumulated fund on 1st January 1993 is

  Options:
  A) ₦8 570
  B) ₦8 470
  C) ₦850
  D) ₦7 520
  Show Answer
  The correct answer is D .