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 1171: The summary of receipts ans payments account represent? Options:
  A) cash at hand
  B) journal proper
  C) general journal
  D) ledger accounts
  Show Answer
  The correct answer is A .
• Question 1172: Receipt and payments account of a non-profit making organization is principally a summary of the? Options:
  A) bak entries
  B) cash bok entries
  C) expenditure entries
  D) balance sheet entries
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  The correct answer is B .
• Question 1173: which of the following factors has aided the development of accounting? Options:
  A) The emergence of nation states
  B) The discovery of mineral resources in commercial quantity
  C) the growth in size of businesses and separation of ownership and management
  D) the development and management of sophisticated monetary system
  Show Answer
  The correct answer is C .
• Question 1174:

  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 1175: An organization which has records of only personal accounts is said to be operating on the basis of Options:
  A) single entry
  B) real accounts
  C) nominal accounts
  D) double entry
  Show Answer
  The correct answer is A .
• Question 1176: Bariga, a stock broker bought stationery for ₦12000 by cash. To record this transaction, debit? Options:
  A) cash and credit stationery
  B) purchase and credit stationery
  C) stationery and credit cash
  D) stationery and credit purchases
  Show Answer
  The correct answer is C .
• Question 1177:

  Goodwill can be introduced when

  Options:
  A) the business suffers high loss
  B) the business is being expanded
  C) the partnership experience super profit
  D) a new member is admitted
  Show Answer
  The correct answer is D .
• Question 1178: Didi Ltd offered 10,000 ordinary shares of ₦1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above? Options:
  A) shares are never offered at a discount; the offer is invalid
  B) the value of shares in the capital account will be lowered by 2%
  C) the company incurs a loss to the tune of 2% of the offer
  D) each of the subscribers loses 2% of investment
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  The correct answer is C .
• Question 1179: According to the provisions of the 1999 Constitution, all revenues generated by the Federal Government must be paid into the? Options:
  A) Consolidated Revenue Fund
  B) Federation Account
  C) Revenue Mobilization Allocation and Fiscal Commission's Account
  D) Equalization Fund
  Show Answer
  The correct answer is A .
• Question 1180:

  Which of the following is found on the credit side of a profit and loss account?

  Options:
  A) advertising
  B) dividend received
  C) wages and salaries
  D) bank charges
  Show Answer
  The correct answer is B .