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 1231: The major advantage of an imprest system is that it Options:
  A) ensures a proper accountability for every expenditure
  B) trains the young accountants in preparation for greater responsibilities
  C) relieves the cheif cashier of the numerous petty cash payments
  D) serves as an analysis column for every expenses
  Show Answer
  The correct answer is C .
• Question 1232:

  Current assets are shown in the balance sheet in order of performance as

  Options:
  A) debtors, stock, bank and cash
  B) stock, debtors, bank and cash
  C) stock, bank, debtors and cash
  D) debtors, stock, cash and bank
  Show Answer
  The correct answer is B .
• Question 1233: 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 1234:

  The document issued by a revenue collector as evidence of payment to a government ministry is a

  Options:
  A) receipt voucher card
  B) stores receipt voucher
  C) treasury receipt
  D) payment voucher
  Show Answer
  The correct answer is A .
• Question 1235:

  	₦
  Manufacturing wages	42,000
  Factory rent	880
  Raw materials: Stock 1/1/16	1,000
  Purchases	16,000
  Stock 31/12/16	1,400
  Depreciation of Plants and Machinery	800
  Royalties	300
  Indirect wages	18,000
  General indirect expenses	620

  What is the value of the indirect manufacturing cost?

  Options:
  A) ₦57,900
  B) ₦18,200
  C) ₦20,300
  D) ₦23,000
  Show Answer
  The correct answer is C .
• Question 1236: The budget statement presented to the legislature by the Chief Executive is called? Options:
  A) an appropriation act
  B) a budget bill
  C) an appropriation bill
  D) a budget proposal
  Show Answer
  The correct answer is A .
• Question 1237: Provision for bad and double debts in companies final accounts is treated in? Options:
  A) trading account
  B) profit and loss account
  C) fund flow statement
  D) cash flow statement
  Show Answer
  The correct answer is B .
• Question 1238:

  Given:

  ..............Rich Social Club...........

  Cash.........................₦100,000

  Loan ........................₦30,000

  Subscription in arrears......₦5,000

  Subscription in advance......₦15,000

  What is the accumulation fund?

  Options:
  A) ₦60,000
  B) ₦80,000
  C) ₦90,000
  D) ₦110,000
  Show Answer
  The correct answer is A .
• Question 1239: An entry made in bank column of cash book to record movement of cash between the office and the bank is the? Options:
  A) real entry
  B) special entry
  C) direct entry
  D) contra entry
  Show Answer
  The correct answer is D .
• Question 1240: Use the following information to answer this question.

  Club building 400,000

  Subscription prepaid 3,000

  Sport kits 150,000

  Bar creditors 85,000

  Subscription owing 32,000

  What is the club’s total liabilities

  Options:
  A) ₦11, 700
  B) ₦26, 700
  C) ₦88, 000
  D) ₦85, 000
  Show Answer
  The correct answer is C .