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 1191: A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a Options:
  A) original entry
  B) contra entry
  C) prime entry
  D) contract entry
  Show Answer
  The correct answer is B .
• Question 1192: In a period of inflation, which of the following method normally gives a closing closing stock? Options:
  A) FIFO
  B) LIFO
  C) Sinple average
  D) periodic simple average
  Show Answer
  The correct answer is A .
• Question 1193: The salary of the chief Justice of the Federation is paid from the? Options:
  A) consolidated revenue fund
  B) development fund
  C) contigency fund
  D) special fund
  Show Answer
  The correct answer is A .
• Question 1194: Expense paid during the conversion of a partnership to a company are Options:
  A) debited to the partners' capital account
  B) debited to the realization account
  C) debited to the cash account
  D) credited to the realization account
  Show Answer
  The correct answer is D .
• Question 1195: The historical development of accounting reveals that it? Options:
  A) deals with debit and credit of items
  B) is a product of financial development
  C) is a product of its own evironmnent
  D) is an ideal subject for finacial development
  Show Answer
  The correct answer is A .
• Question 1196: Which of the following is a debit item in the sales ledger control account Options:
  A) Cheque reciepts
  B) Dishonoured cheques
  C) Discount allowed
  D) Bills recievable
  Show Answer
  The correct answer is B .
• Question 1197:

  Receipts and Payments Account
  	₦		₦
  Balance b/d	?	Rent and rates	30 000
  Subscriptions received	?	General expenses	10 000
  Gate-fee collections	50 000	Electricity	20 000
  		Insurance	150 000
  	?	Balance c/d	?

  The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.

  The subscriptions received would be

  Options:
  A) ₦200 000
  B) ₦240 000
  C) ₦300 000
  D) ₦24 000
  Show Answer
  The correct answer is B .
• Question 1198: A book of account that possesses the features of both day book and ledger is Options:
  A) sales day book
  B) cash book
  C) purchases day book
  D) returns day book
  Show Answer
  The correct answer is B .
• Question 1199: Which of the following is an item of special assets? Options:
  A) Fixed assets
  B) Current assets
  C) Trademark
  D) Gratuity
  Show Answer
  The correct answer is C .
• Question 1200: The financial position of an organization at a particular time can be ascertained from the Options:
  A) statement of sources and application of funds
  B) statement of retained earnings
  C) balance sheet
  D) profit and loss account
  Show Answer
  The correct answer is C .