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 1181: Verifiability in accounting is only possible when there are? Options:
  A) minutes of meetings
  B) payment vouchers
  C) source documents
  D) audit certificates
  Show Answer
  The correct answer is C .
• Question 1182: A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the? Options:
  A) weighted average method
  B) simple average method
  C) FIFO method
  D) LIFO method
  Show Answer
  The correct answer is C .
• Question 1183:

  An evidence of payment issued to a government ministry by a revenue collector is

  Options:
  A) treasury card
  B) payment voucher
  C) treasury receipt
  D) receipt voucher
  Show Answer
  The correct answer is D .
• Question 1184:

  The accounting method that reports incomes when earned and expenses when incurred is called

  Options:
  A) accrual accounting
  B) cash accounting
  C) fund accounting
  D) commitment accounting
  Show Answer
  The correct answer is A .
• Question 1185:

  	₦
  Balance as per cash book	5467
  Uncredited cheques	4410
  Unpresented cheques	19404

  The balance as per bank statement is

  Options:
  A) ₦20,461
  B) ₦21,091
  C) ₦21,109
  D) ₦19,021
  Show Answer
  The correct answer is A .
• Question 1186: Which of these is the main source document for recording cash paid into bank? Options:
  A) invoice
  B) cheque book
  C) credit note
  D) pay-in-slip
  Show Answer
  The correct answer is D .
• Question 1187: The authority warrant issued prior to the approval of the appropriate bill at the beginning of the year Options:
  A) provisional general warrant
  B) annual general warrant
  C) Reserved expenditure warrant
  D) contigencies
  Show Answer
  The correct answer is A .
• Question 1188: which of the following is source of document for the preparation of debtors' ledger account? Options:
  A) Debit note
  B) General journal
  C) Purchases invoice
  D) Sales invoice
  Show Answer
  The correct answer is D .
• Question 1189:

  Use the information to answer the question

  Aminu and Sons credit purchases (Extract] as at February 1996.

  Feb 1Credit balances 40, 000

  Debit balances 1, 000

  Feb 28 Purchases journal totals 500,000

  Returns outwards journal totals 50,000

  Cheques paid to suppliers 400,000

  Promissory notes sent to suppliers 30,000

  Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000

  The Total for the purchases ledger control account is

  Options:
  A) ₦480,000
  B) ₦490000
  C) ₦500,000
  D) ₦540,000
  Show Answer
  The correct answer is D .
• Question 1190: Benefit enjoyed for which payments have not been made are? Options:
  A) accruals
  B) prepayments
  C) acquisitions
  D) provisions
  Show Answer
  The correct answer is A .