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 211: Accrual accounting differs from cash accounting because it recognizes? Options:
  A) cash and creditors
  B) debtors and creditors
  C) cash and debitors
  D) prepayment and cash
  Show Answer
  The correct answer is B .
• Question 212: The accounting convention which states that profit must not be recognized until realized while all losses should be adequately provided for it termed Options:
  A) materiality
  B) objectivity
  C) consistency
  D) conservatism
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  The correct answer is D .
• Question 213:

  CR. DR.

  Sales ledger balance 9, 500

  Sales ledger balance 420

  Bought ledgers balance 6, 115

  Bought ledger balance 350

  Credit sales 82, 000

  Purchases journal 54, 700

  Discount allowed 450

  Discount received 200

  Cash refunded to customers (debtors) 120

  Purchases ledger balance 250

  Sales ledger balance 120 The amount brought down in the sales ledger control account would be

  Options:
  A) ₦9, ₦1740; ₦120
  B) ₦90, ₦990
  C) ₦90, ₦870; ₦120
  D) ₦80, ₦750
  Show Answer
  The correct answer is C .
• Question 214: Goodwill appears in the books of a business only if it has been Options:
  A) purchased at a certain price
  B) raised in connection with the admission of a new partner
  C) raised to account for the true value of a business on the death of a partner
  D) raised in order to prevent the balance sheet showing that the business is insolvent
  Show Answer
  The correct answer is B .
• Question 215: Which of these accounts is dissolution expenses credited? Options:
  A) partners capital account
  B) revaluation account
  C) partners current account
  D) Realization account
  Show Answer
  The correct answer is D .
• Question 216:

  

  Credit purchases are always put at 150% of the total cash paid to suppliers

  Calculate the closing balance of the ledger account

  Options:
  A) ₦6 900
  B) ₦6400
  C) ₦5000
  D) ₦4000
  Show Answer
  The correct answer is C .
• Question 217: The process of bookkeeping includes records produced from? Options:
  A) ledgers
  B) source documents
  C) minutes of meeting
  D) imtuitive reasoning
  Show Answer
  The correct answer is C .
• Question 218:

  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 .
• Question 219: Goodwill is determined using? Options:
  A) capital contribution
  B) number of partnerd admitted
  C) the business and customer relations
  D) number of active partners
  Show Answer
  The correct answer is B .
• Question 220: Gross profit in the branch adjustment account is transferred to the branch? Options:
  A) trading account
  B) receipts and payments account
  C) profit and loss account
  D) income and expenditure account
  Show Answer
  The correct answer is C .