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 291:

  Which of the following is a common cause of a discrepancy between head office and branch trial office________

  Options:
  A) Stock and repayment
  B) Creditors and cash in transit
  C) Stock and cash in transit
  D) Debtors and cash in transit
  Show Answer
  The correct answer is C .
• Question 292:

  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 293: Given:If Emeka Enterprises settles its suppliers for goods purchased within 7 days, it can earn a cash discount of 12 and half percent. Assuming #22,800 worth of goods were purchased and settled within 5 days, what will be the amount to be credited in the cash column of the company's cash book? Options:
  A) #25,650
  B) #22,800
  C) #19,950
  D) #18,240
  Show Answer
  The correct answer is C .
• Question 294: In a partnership account, conversation of non-cash assets into cash is referred to as? Options:
  A) realization
  B) disposal
  C) dissolution
  D) revaluation
  Show Answer
  The correct answer is A .
• Question 295: The cash bass of accounting requires the recognition of revenue only when they are Options:
  A) due
  B) earned
  C) paid
  D) received
  Show Answer
  The correct answer is D .
• Question 296: The expenses incurred in purchasing a vehicle is a Options:
  A) revenue expenditure
  B) capital expenditure
  C) recurrent expenditure
  D) concurrent expenditure
  Show Answer
  The correct answer is B .
• Question 297: The major advantage of the journal proper is that it Options:
  A) helps in the preparation of the balance sheet
  B) prevents fraud and theft of item of the business
  C) serves as a book of instruction to the bookkeeper
  D) help the banking industry to be efficient
  Show Answer
  The correct answer is B .
• Question 298: Use the information below to answer question.Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of ₦19000 from the business tray and banked it.The transaction would be recorded in the cash book as debit? Options:
  A) cash and credit bank
  B) bank and credit cash
  C) cash and credit cash
  D) bank and credit bank
  Show Answer
  The correct answer is B .
• Question 299:

  Use the information below to answer questions

  Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch.

  Stock at branch 1st January at cost............N400
  Goods sent to branch at cost...................N8000
  Returns to head ...............................N340
  Cash sales ....................................N9160
  Stock at branch 31st December at cost..........N720

  What is the gross profit carried to the profit and loss account?

  Options:
  A) ₦1820
  B) ₦1640
  C) ₦1530
  D) ₦1870
  Show Answer
  The correct answer is A .
• Question 300: The rules which govern the internal management of a firm and its financial affairs in a partnership business is a? Options:
  A) memorandum
  B) bye-law
  C) deed
  D) financial regulation
  Show Answer
  The correct answer is C .