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 161: Which of the following is a debit item in the purchases ledger control account. Options:
  A) Balance b/d
  B) Cheque dishonoured
  C) Purchases
  D) Balance c/d
  Show Answer
  The correct answer is D .
• Question 162: When the sum of money appears on the credit side of the cash book, but not on the debit side of the bank statement, the sum is regarded as Options:
  A) uncredited cheques
  B) dishonoured cheques
  C) direct remittance to the bank
  D) unpresented cheques
  Show Answer
  The correct answer is D .
• Question 163:

  Use the information below to answer question.

  Given:

  Fixed assets ₦85,600

  Sales ₦197,000

  Stock ₦34,300

  Salaries ₦37,000

  Purchases ₦127,700

  Share capital ₦120,000

  Creditors ₦16, 050

  Motor expenses ₦10,500

  Debtors ₦25,000

  Determine the total of the trial balance?

  Options:
  A) ₦335,050
  B) ₦333,050
  C) ₦323,050
  D) ₦230,550
  Show Answer
  The correct answer is B .
• Question 164: keeping records under the single entry system has the advantage of? Options:
  A) quality in terms of records
  B) completeness in terms of records
  C) accuracy in terms of operation
  D) simplicity in terms of operation
  Show Answer
  The correct answer is D .
• Question 165:

  A club received rent ₦10,000 and donation ₦30,000. It paid ₦6,000 for entertainment and is still owing ₦16,000.

  The balance of the payments account is?

  Options:
  A) ₦24,000
  B) ₦22,000
  C) ₦34,000
  D) ₦38,000
  Show Answer
  The correct answer is C .
• Question 166: 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 167: Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of ₦1.50k. Application and allotment were received for 900,000 shares at 25k each.The book value of issued share capital is Options:
  A) ₦675,000
  B) ₦975,000
  C) ₦1,350,000
  D) ₦1,950,000
  Show Answer
  The correct answer is D .
• Question 168:

  Given:

  1. The Memorandum of Association of the Company

  11.The Article of Association of the Company

  111. The Incorporation documentsFrom the above, which of the following is delivered to the Registrar of companies for incorporation

  Options:
  A) 1 and 11
  B) 1, 11 and 111
  C) 1 and 111
  D) 11 and 111
  Show Answer
  The correct answer is B .
• Question 169:

  The similarities between Receipts and payments and income and expenditure account is

  Options:
  A) Both accounts follows the principle of double entry
  B) They are summaries of financial statements
  C) Both include capital items
  D) Both are prepared by non-profit making concern
  Show Answer
  The correct answer is C .
• Question 170: The objective of a trading account is to establish the? Options:
  A) cost of goods sold
  B) gross profit
  C) manufacturing profit
  D) net profit
  Show Answer
  The correct answer is B .