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 111:

  Which of the following accounting records are source documents?

  Options:
  A) journals and ledgers
  B) sales invoice and debit note
  C) sales invoice and cashbook
  D) cashbook and debit note
  Show Answer
  The correct answer is B .
• Question 112: In analyzing incomplete records, which of the following should be investigated? Options:
  A) the general ledger
  B) the purchases day book and sales day book
  C) the nature of trading activities and the basis on which goods are sold
  D) the asset register together with the depreciation schedule
  Show Answer
  The correct answer is C .
• Question 113: The process of bookkeeping includes records produced from? Options:
  A) ledgers
  B) source documents
  C) minutes of meeting
  D) imtuitive reasoning
  Show Answer
  The correct answer is C .
• Question 114:

  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 115: Goodwill can be valued in partnership when? Options:
  A) a partners make profits
  B) large losses are made
  C) a partner retires
  D) a new branch is opened
  Show Answer
  The correct answer is D .
• Question 116: The major objective of departmental accounts is to ascertain the? Options:
  A) contribution of each department to profit
  B) materials sold in each department
  C) insurance premium payable on employees
  D) number of employees in each department
  Show Answer
  The correct answer is A .
• Question 117: Which of the following errors will affect the trial balance total? Options:
  A) posting disscount allowed to the debit side of the discount allowed account
  B) omision of one account from the list when extracting from the ledger
  C) failure to post sales of ₦2,000 and purchases of ₦2,000 from the subsidiiary ledger
  D) omission of sales of ₦3,000 and purchases of ₦2,000
  Show Answer
  The correct answer is D .
• Question 118: The main advantage of a departmental account is that its Options:
  A) expenses are shared
  B) gross profit is computed
  C) net profit is computed
  D) balance sheet is obtained
  Show Answer
  The correct answer is A .
• Question 119:

  (i) Fixtures account
  (ii) Machinery account
  (iii) Wages accounts
  (iv) Rent account

  Which of the above are nominal account?

  Options:
  A) iii and iv
  B) i and ii
  C) i and iii
  D) ii and iii
  Show Answer
  The correct answer is A .
• Question 120: A powerful instrument of control over both the sales ledger and the clek whose duty is to post the ledger is the? Options:
  A) total debtors account
  B) purchase day book
  C) sales day book
  D) cash book
  Show Answer
  The correct answer is C .