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 1411: The difference between the closure of the books of a branch and those of a separate company is that? Options:
  A) there is retained earnings account on the branch books
  B) the revenue and expenses account is closed to branch current account
  C) there is no retained earnings account on the branch
  D) the revenue and expenses account is not closed to the home office current account
  Show Answer
  The correct answer is A .
• Question 1412: In the trading and profit and loss account of a manufacturing organization, purchases are? Options:
  A) always the same amount as the total factory overhead cost
  B) given separately
  C) equivalent to the total cost of goods manufactured
  D) always the same as the prime cost
  Show Answer
  The correct answer is B .
• Question 1413: As evidence of payments to a government ministry, the revenue collectors will issue Options:
  A) treasury receipt
  B) receipts voucher card
  C) treasury card
  D) stores receipts voucher
  Show Answer
  The correct answer is A .
• Question 1414: The double principle of accounting was developed by? Options:
  A) Frank Wood
  B) Luca Pacioli
  C) Akintola Williams
  D) William Pickles
  Show Answer
  The correct answer is B .
• Question 1415:

  Use the information below to answer question .

  .........................31 Dec. 05........31 Dec. 06

  Total fixed assets.........₦7 800............₦6 600

  Total current assets.......₦12 100............₦17800

  Total current liabilities..₦4 700............₦3 800

  Drawings for 2006 is ₦5 200.

  Determine the capital balance as at Dec. 31,2005?

  Options:
  A) ₦20 600
  B) ₦15 200
  C) ₦13 800
  D) ₦11 600
  Show Answer
  The correct answer is B .
• Question 1416: The profit of a branch is usually credited to the Options:
  A) adjustment account
  B) head office sales
  C) head office goods account
  D) head office current account
  Show Answer
  The correct answer is C .
• Question 1417: The book into which all types of a ministry's expenditure are recorded is the Options:
  A) ledger book
  B) payment book
  C) vote book
  D) expenditure book
  Show Answer
  The correct answer is C .
• Question 1418: The major distinguishing element between the final accounts of a partnership and a sole trader is the Options:
  A) drawings account
  B) appropriation account
  C) capital account
  D) creditors account
  Show Answer
  The correct answer is B .
• Question 1419:

  Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

  Options:
  A) Selling price
  B) Fixed percentage on cost
  C) Cost price
  D) Invoice price
  Show Answer
  The correct answer is C .
• Question 1420: 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 .