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 21: The correct entry to reflect the receipt of cash sent by a branch to a head office is? Options:
  A) debit cash and credit branch current account
  B) debit branch, current account and credit cash
  C) credit branch, debtors and debit cash
  D) credit branch current account and debit branch debtors
  Show Answer
  The correct answer is A .
• Question 22: In converting a partnership into a limited liability company, the necessary accounts to be opened in the books of the company are Options:
  A) business purchase account and ordinary share capital account
  B) Business purchase account, vendor account and ordinary share capital account
  C) business purchase account and vendor account
  D) ordinary share capital account, vendor account and unpaid share capital account
  Show Answer
  The correct answer is B .
• Question 23:

  Use the information below to answer this question

  Date.............QTY. .....RATE........TOTAL
  ...............(Units).....N...........N
  January 2nd.....500........25..........12500
  March 7th.......250........28..........7000

  Issues were made as follows:

  Date............QTY. (uNITS)
  January 9th .....200
  February 14th ...200
  March 11th ......200

  The closing stock on March 11th by LIFO valuation is

  Options:
  A) ₦4200
  B) ₦2700
  C) ₦4500
  D) ₦3900
  Show Answer
  The correct answer is A .
• Question 24:

  The Accounting term used to describe a partnership firm that stops operation and disposes its assets is

  Options:
  A) Amortization
  B) Revaluation
  C) Realization
  D) Dissolution
  Show Answer
  The correct answer is D .
• Question 25: Which of the following demonstrates the imprest system? Options:
  A) Float → expenses paid → cash in bank → float
  B) Float → cash from bank → expenses paid → float
  C) Float → expenses paid→ cash from bank → float
  D) Float → cash in bank → expenses paid → float
  Show Answer
  The correct answer is C .
• Question 26:

  

  The working capital of the club is

  Options:
  A) ₦5000
  B) ₦4000
  C) ₦3000
  D) ₦7000
  Show Answer
  The correct answer is C .
• Question 27: The account which refers to the tangible assets of a company that is of permanent nature is the? Options:
  A) personal account
  B) real account
  C) nominal account
  D) cash account
  Show Answer
  The correct answer is B .
• Question 28:

  Given: i. The memorandum of association of the company ii. The article of association of the company iii. The incorporation documents.

  From the above, which of the following is delivered to the registrar of companies for incorporation?

  Options:
  A) i, ii and iii
  B) i and ii
  C) i and iii
  D) ii and iii
  Show Answer
  The correct answer is A .
• Question 29:

  

  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 30: The term fiscal compliance means? Options:
  A) al financial and related laws and regulations are adhered to
  B) only the budget fir the current period is complied with and no deficits allowed
  C) all physical assets requirements have been met
  D) fiscal planning is necessary for proper accountabilit in the public sector
  Show Answer
  The correct answer is A .