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 1421:

  Department K Y

  Opening stock #2,500 #800

  Purchases #120,000 #100,000

  Sales #180,000 #200,000

  Salaries #8,000 #30,000

  Closing stock #3,000 #1,500

  Rate expenses of #1,500 are apportioned in the ratio 1:2.What is he net profit of Y?

  Options:
  A) #52,000
  B) #68,300
  C) #68,800
  D) #69,700
  Show Answer
  The correct answer is D .
• Question 1422: Benefit enjoyed for which payments have not been made are? Options:
  A) accruals
  B) prepayments
  C) acquisitions
  D) provisions
  Show Answer
  The correct answer is A .
• Question 1423:

  The authority warrant issued prior to the approval of the appropriate bill at the begining of the year

  Options:
  A) contigencies
  B) reserved expenditure warrant
  C) annual general warrant
  D) provisional general warrant
  Show Answer
  The correct answer is D .
• Question 1424: Adama's bank account showed an overdraft of ₦600 on 31st march. On going through the account, it was discovered that the ₦1,080 paid into the account on 29th March had not been credited. what should be the balance in Adama's cash accounts? Options:
  A) ₦1,680 Dr
  B) ₦1,080 Cr
  C) ₦600 Dr
  D) ₦480 Cr
  Show Answer
  The correct answer is D .
• Question 1425: In the public sector, the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called? Options:
  A) fund accounting
  B) commitment accounting
  C) cash accounting
  D) accrual accounting
  Show Answer
  The correct answer is C .
• Question 1426: The balance on a purchase ledger control account represents the? Options:
  A) present amount that a business owes its suppliers at date
  B) total credit avaiable to the end of the year to be utilized in future
  C) total credit the business enjoyed for the particular year from its suppliers
  D) total credit owd the business by its customers
  Show Answer
  The correct answer is A .
• Question 1427:

  The amount of subscriptions accrued is reported in the balance sheet under

  Options:
  A) fixed cost
  B) current asset
  C) long term liability
  D) current liability
  Show Answer
  The correct answer is B .
• Question 1428: The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are Options:
  A) sales income
  B) receipt from debtors
  C) fixtures and fittings
  D) rent paid
  Show Answer
  The correct answer is C .
• Question 1429:

  (i) Facilitating the preparation of final accounts

  (ii) Making the existence of error easy to detect

  (iii)Checking the accuracy of positions periodically.From the above, which of the following are among the uses of control accounts?

  Options:
  A) i, ii and iii
  B) i and iii
  C) ii and iii
  D) i and ii
  Show Answer
  The correct answer is C .
• Question 1430:

  An ordinary share of ₦100 was issued at ₦80. The share was issued at

  Options:
  A) premium
  B) par
  C) discount
  D) loss
  Show Answer
  The correct answer is C .