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 231: The control accounting can be used in? Options:
  A) recording all the business transactions of the enterprise
  B) Keeping records of all direct deposit in the bank account
  C) monitoring the books of original entry
  D) monitoring the efficiency of bookkepping by accountants
  Show Answer
  The correct answer is D .
• Question 232:

  Use the information below to answer this question:

  $\begin{array}{cc}\text{Raw materials Jan.}& 5,000\\ \text{Raw materials Dec.}& 5,800\\ \text{Purchase of raw materials}& 45,000\\ \text{Salary}& 61,000\\ \text{Factory lubricant}& 2,050\\ \text{plant depreciation}& 1,300\\ \text{Factory insurance}& 1,250\end{array}$

  The prime cost for the company is

  Options:
  A) ₦169, 200
  B) ₦44, 200
  C) ₦55, 800
  D) ₦230, 200
  Show Answer
  The correct answer is A .
• Question 233:

  Balance sheet (Extract)Creditors #7,940

  Prepaid expenses ₦290

  Accrual expenses ₦323

  Stock #4,500

  Cash balance #4,956

  Debtors ₦905The value of the current assets will be

  Options:
  A) #10,361
  B) #10,651
  C) #17,396
  D) #17,848
  Show Answer
  The correct answer is B .
• Question 234: Diamond Ringo business was started when Mr. Diamond brought in a cheque of ₦500,000, which was paid into the bank account. Which of the following entries properly records the transaction? Options:
  A) Cash account was credited with ₦500,000 and capital account was debited with ₦500,000
  B) Bank account was debited with ₦500,000 and capital account was credited with ₦500,000
  C) Bank account was accredited with ₦500,000
  D) Mr. diamond acount was debited with ₦500,000 and the cheque account was credited with ₦500,000
  Show Answer
  The correct answer is B .
• Question 235: Accounting information is used by investors and creditors of a company to predict Options:
  A) future cash flows of the company
  B) future tax payments of the company
  C) potential merger candidates for the company
  D) appropriate remunerations for the company's staff
  Show Answer
  The correct answer is A .
• Question 236:

  The accounting entries used to record a cheque issued by a business is to?

  Options:
  A) debit cash book and credit drawer
  B) credit cash book and debit drawer
  C) debit cash book and credit suspense account
  D) credit cash book and debit suspense account
  Show Answer
  The correct answer is A .
• Question 237: The account of government into which all monies are received and from which all expenditures are disbursed is the Options:
  A) Federation account
  B) Petroleum Technology Development Fund
  C) Central Bank Account
  D) Development fund
  Show Answer
  The correct answer is A .
• Question 238:

  The authority to transfer fund from one head to another within the same organization is called

  Options:
  A) fund
  B) warrant
  C) vote
  D) virement
  Show Answer
  The correct answer is D .
• Question 239: If a trail balance is in agreement, one of the statement is untrue Options:
  A) the accounting system is error free
  B) equal debit entries and credit entries were recorded for each transaction
  C) the debit and credit from the journal were posted to the accounts
  D) account balances were correctly computed
  Show Answer
  The correct answer is A .
• Question 240: 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 .