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 1361: The limitations of the receipts and payments account arise mainly because of the reliance on? Options:
  A) cash movement as evidence of transaction
  B) the acconuting officer to report
  C) the capital account of the organization
  D) the transaction papers as evidence of transaction
  Show Answer
  The correct answer is A .
• Question 1362:

  The authority to transfer fund from one head to another within the same organization is called

  Options:
  A) fund
  B) warrant
  C) vote
  D) virement
  Show Answer
  The correct answer is D .
• Question 1363: In a bank reconciliation statement, interest charged for overdrawn balances should be added to the? Options:
  A) balance as per bank statement
  B) bank balance as per adjusted cash book
  C) aggregate balance as per cash book
  D) bank balance as per cash book
  Show Answer
  The correct answer is A .
• Question 1364:

  Given:

  I. It records subscription in arrears
  II. Payments of liabilities is effected
  III. The account does not show if cash payment is revenue or capital expenditure
  IV. It performs the same function as cash book

  The features of receipts and payment account includes:

  Options:
  A) III and IV
  B) I, II and IV
  C) II, III and IV
  D) I, II and III
  Show Answer
  The correct answer is C .
• Question 1365:

  Given:

  Opening cash balance ₦20,000

  Sales of match tickets ₦15,000

  Clearing of pitch ₦1,200

  Refreshments ₦3,500

  Referees' allowance ₦1,000

  Cost of petrol ₦1,120

  Donation from local government ₦3,800

  The club's balance is

  Options:
  A) ₦39,180
  B) ₦34,830
  C) ₦34,380
  D) ₦31,980
  Show Answer
  The correct answer is D .
• Question 1366: Calculate the provision to be taken to the balance sheet? Options:
  A) ₦780
  B) ₦800
  C) 1200
  D) ₦200
  Show Answer
  The correct answer is B .
• Question 1367:

  The manufacturing account is prepared to ascertain

  Options:
  A) cost of goods sold
  B) cost of production
  C) Gross profit
  D) Finished goods
  Show Answer
  The correct answer is B .
• Question 1368:

  The major advantages of an imprest system is that it ?

  Options:
  A) ensures a proper accountability for every expenditure
  B) trains the young accountants in the preparation for greater responsibility
  C) relieves the chief cashier of the numerous petty cash payments
  D) serves as an analysis column for every expenses
  Show Answer
  The correct answer is A .
• Question 1369: Clifford pays rent of #200 per month for premises He paid #2,800 within the year. Computer the prepayment. Options:
  A) #300
  B) #400
  C) #600
  D) #200
  Show Answer
  The correct answer is B .
• Question 1370:

  The purchases ledger control account is also known as

  Options:
  A) bill payable control account
  B) credit purchase control account
  C) creditors control account
  D) total purchase
  Show Answer
  The correct answer is C .