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 1261:

  The value of the sales ledger control account is derived from the summation of the

  Options:
  A) total creditors control account
  B) total debtors control account
  C) all day books
  D) both the debtors and creditors accounts
  Show Answer
  The correct answer is B .
• Question 1262: Capital and revenue expenditures of government are usually accounted for under funds which include? Options:
  A) A personal advances, technical, special trust and
  B) technical, special trusth and commercial funds
  C) personal advances, treasury clearance and special trusth funds
  D) commercial loans and treasury clearance funds
  Show Answer
  The correct answer is A .
• Question 1263:

  Purchasers - #44,880

  Sales - #85,850

  Trade creditors - #12,250

  Trade debtors - #24,000

  Accrued expenses - # 350

  Prepaid expenses - # 700

  Stock 1/1/2006 - #25,120

  Stock 31/12/2006 - #27,840Calculate the acid test ration

  Options:
  A) 1:94:1
  B) 1:96:1
  C) 1:1:94
  D) 1:1:96
  Show Answer
  The correct answer is B .
• Question 1264:

  Income and Expenditure account is the same as the --------- of a sole trader

  Options:
  A) balance sheet
  B) trading account
  C) profit and loss account
  D) cash book
  Show Answer
  The correct answer is C .
• Question 1265: The cash bass of accounting requires the recognition of revenue only when they are Options:
  A) due
  B) earned
  C) paid
  D) received
  Show Answer
  The correct answer is D .
• Question 1266: The accounting convention which states that profit must not be recognized until realized while all losses should be adequately provided for it termed Options:
  A) materiality
  B) objectivity
  C) consistency
  D) conservatism
  Show Answer
  The correct answer is D .
• Question 1267: Cash discount is often recorded on? Options:
  A) the debit side of the cash book
  B) the credit side of the cash book
  C) the folio column of the cash book
  D) both credit and debit side of the cash book
  Show Answer
  The correct answer is D .
• Question 1268: One of the reasons for the existence of the public sector is to? Options:
  A) Take adequate care of the needy
  B) supplement the commerical sector
  C) provide cheap services to all citizens
  D) correct perceived inequalities
  Show Answer
  The correct answer is C .
• Question 1269:

  Use the following information to answer this question

  Year	₦
  1991 1992 1993 1994	14,000 24,000 10,000 16,000

  It has been decided to value goodwill at 2 years purchase of average profit for the past 4 years. The value of goodwill is

  Options:
  A) 32,000
  B) 16000
  C) 30000
  D) 64,000
  Show Answer
  The correct answer is A .
• Question 1270: The standing order is a payment instruction given by a? Options:
  A) customer to the bank
  B) bank to the customer
  C) bank to an employee
  D) customer to a fellow customer
  Show Answer
  The correct answer is A .