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 281: The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are Options:
  A) sales income
  B) receipt from debtors
  C) fixtures and fittings
  D) rent paid
  Show Answer
  The correct answer is C .
• Question 282:

  The value of the sales ledger control account is derived from the summation of the

  Options:
  A) total creditors control account
  B) total debtors control account
  C) all day books
  D) both the debtors and creditors accounts
  Show Answer
  The correct answer is B .
• Question 283: Which of the should not be added or subtracted from the bank statement balance to determine the adjust cash balance? Options:
  A) Error by the bank
  B) Undercasting of the cash book
  C) Overcasting of the cash book
  D) Bank service charges
  Show Answer
  The correct answer is A .
• Question 284: the receipt and payment s acpunt of a not-for-profit-making organization plays a similar role in a profit-making organization as? Options:
  A) a cash acount
  B) a balance sheet
  C) an income account
  D) an expenses account
  Show Answer
  The correct answer is B .
• Question 285: Payment for shares in excess of amount offered gives rise to Options:
  A) subscription in advance
  B) revenue reserves
  C) capital reserves
  D) calls-in-advance
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  The correct answer is C .
• Question 286:

  

  The current ratio is

  Options:
  A) 1:1
  B) 2:1
  C) 2.8:1
  D) 3.5:1
  Show Answer
  The correct answer is B .
• Question 287:

  To account for expenses paid by head office on behalf of the branch, the branch should___________

  Options:
  A) Debit profit and loss account and credit head office account
  B) Debit head office account and credit cash
  C) Credit cash and debit profit and loss account
  D) Credit profit and loss account and debit head office account
  Show Answer
  The correct answer is A .
• Question 288:

  The fixed amount of money given to a petty cashier at the beginning of a period is called?

  Options:
  A) Imprest
  B) float
  C) cash advance
  D) cash
  Show Answer
  The correct answer is A .
• Question 289:

  When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added except

  Options:
  A) uncredited cheque
  B) credit transfer
  C) dividend
  D) unpresented cheque
  Show Answer
  The correct answer is A .
• Question 290: Where a non-profit making organization prepares the account using accruals basis of reporting, the statement showing how well the organization is doing is the Options:
  A) appropriation account
  B) balance sheet
  C) income and expenditure account
  D) receipts and payment account
  Show Answer
  The correct answer is C .