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 11: Which of the following errors will affect the trial balance total? Options:
  A) posting disscount allowed to the debit side of the discount allowed account
  B) omision of one account from the list when extracting from the ledger
  C) failure to post sales of ₦2,000 and purchases of ₦2,000 from the subsidiiary ledger
  D) omission of sales of ₦3,000 and purchases of ₦2,000
  Show Answer
  The correct answer is D .
• Question 12: Income and expenditure account is more informative than receipts and payments account because it discloses? Options:
  A) cash
  B) cheques
  C) debtors
  D) stocks
  Show Answer
  The correct answer is C .
• Question 13:

  A statement in a double entry system in which are recorded all the transactions of one specific class, which takes place during the period is called

  Options:
  A) Double entry system
  B) Ledger
  C) Cash Book
  D) Petty Cash Book
  Show Answer
  The correct answer is B .
• Question 14:

  

  The capital employed is

  Options:
  A) ₦13 000
  B) ₦9 900
  C) ₦8 400
  D) ₦9 000
  Show Answer
  The correct answer is C .
• Question 15:

  Use the information to answer the question

  Aminu and Sons credit purchases (Extract] as at February 1996.

  Feb 1Credit balances 40, 000

  Debit balances 1, 000

  Feb 28 Purchases journal totals 500,000

  Returns outwards journal totals 50,000

  Cheques paid to suppliers 400,000

  Promissory notes sent to suppliers 30,000

  Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000

  What is the balance c/d in the purchases ledger control account?

  Options:
  A) ₦2,000
  B) ₦8, 000
  C) ₦40, 000
  D) ₦49,000
  Show Answer
  The correct answer is D .
• Question 16:

  Khalifa's Cash Book
  Date	Particulars	Cash  ₦	Bank ₦	Discount ₦	Date	Particulars	Cash ₦	Bank ₦	Discount ₦
  1/1	Bal. b/d	4 000	5 000		1/11	A. Lisco	200
  1/3	Khadijah		3 000		1/15	NEPA bill		500
  1/10	Sales	1 000	1 500	400	1/28	Purchases	1 500		200
  1/29	Sales		800

  On Jan. 30 Khalifa withdraw ₦2500 from the bank for office use.

  The cash balance at end of the month was

  Options:
  A) ₦1 600
  B) ₦4 100
  C) ₦6 600
  D) ₦6 100
  Show Answer
  The correct answer is B .
• Question 17:

  The instrument isued by the Minister who authorized an officer to incure expenditure is a/an

  Options:
  A) warrant
  B) budget
  C) imprest
  D) consolidated fund
  Show Answer
  The correct answer is A .
• Question 18:

  In trial balance, income and liabilities are

  Options:
  A) credited
  B) credited and debited respectively
  C) debited and credited respectively
  D) debited
  Show Answer
  The correct answer is A .
• Question 19: A business transaction is recorded in the books of account when the? Options:
  A) owner of the business invests his ₦10,000 in another company
  B) business retains part of ofits profits for future expansion purposes
  C) business invest applies for overdraft facilities from its bankers
  D) owner of the business collects ₦5,000 from the accountant
  Show Answer
  The correct answer is A .
• Question 20:

  The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is

  Options:
  A) FIFO
  B) LIFO
  C) SAP
  D) WAP
  Show Answer
  The correct answer is D .