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 261: An entry in a subsidiary book which does not form part of the double entry system is a? Options:
  A) contra entry
  B) journal entry
  C) single entry
  D) memorandum entry
  Show Answer
  The correct answer is D .
• Question 262:

  One of the limitations of accounting is that

  Options:
  A) it ascertain financial position
  B) it prevent fraud
  C) transactions are recorded in monetary terms
  D) it monitor the progress of the enterprise
  Show Answer
  The correct answer is C .
• Question 263:

  July 1 - Started business with #10,500

  July 31- Paid Agromachinex #6,000 owing

  themThe double entry for July 31 would be

  Options:
  A) debit Agromachinex and credit cash
  B) debit equipment and credit Agromachinex
  C) credit capital and debit cash
  D) credit cash and debit purchases
  Show Answer
  The correct answer is A .
• Question 264: Use the information below to answer questions .

  On January 1/2005, a machine was bought for ₦56,000 to last for five years with a residual value of ₦1000.

  the rate of the yearly depreciation expense would be?

  Options:
  A) 50%
  B) 40%
  C) 30%
  D) 20%
  Show Answer
  The correct answer is D .
• Question 265:

  In preparing accounting records, the owners of a business and the business are treated as

  Options:
  A) separate legal entities
  B) partners
  C) the same person
  D) having business relationship
  Show Answer
  The correct answer is A .
• Question 266:

  	N
  Purchase ledger opening balance	4,000
  sales ledger opening balance	6,000
  credit purchase	25,000
  Discounts allowed	1,000
  Returns inwards	2,000
  Credit sales during the year	10,000
  Return outwards	6,000

  Use the information above to answer the following question;

  Calculate the sales ledger balance.

  Options:
  A) N13,000
  B) N10,000
  C) N6,000
  D) N3,000
  Show Answer
  The correct answer is A .
• Question 267: When a new partner is admitted to a partnership, there is a need to revalue the? Options:
  A) capital of the business
  B) capital and liabilities of the business
  C) assets and capital of the business
  D) assets and liabilities of the business
  Show Answer
  The correct answer is D .
• Question 268: The accounting method that reports incomes when earned and expenses when incurred is called? Options:
  A) cash accounting
  B) commitment accounting
  C) fund accounting
  D) accrual accounting
  Show Answer
  The correct answer is D .
• Question 269:

  Given:

  ...............................Jan.2003.........Dec. 2003
  Provision for bad debt........₦1000
  Debtors..........................................₦20000
  Bad debt to be written off.......................₦2000

  The provision for bad debt stands at 10% of debtors. How much is to be charged to the profit and loss account as provision for bad debt?

  Options:
  A) ₦800
  B) ₦1000
  C) ₦1800
  D) ₦2000
  Show Answer
  The correct answer is D .
• Question 270: The following account are prepared when goods are sent to branch except Options:
  A) Branch stock
  B) Goods set to branch account
  C) Branch adjustment account
  D) Branch debtors account
  Show Answer
  The correct answer is D .