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 331: A government accounting systems must make sure that Options:
  A) revenue exceeds expenditure
  B) all applicable legal provisions are complied with
  C) capital expenditure is equal to revenue
  D) capital project fund is tied to recurrent expenditure
  Show Answer
  The correct answer is B .
• Question 332:

  $\begin{array}{cc}& \text{N}\\ \text{Balance as per cashbook}& 5467\\ \text{Uncredited cheques}& 4410\\ \text{Unpresented cheques}& 19404\\ \text{Cheques wrongly debited by bank}& 1404\end{array}$

  The balance as per bank statement is

  Options:
  A) ₦21,901
  B) ₦19,021
  C) ₦21,109
  D) ₦21,091
  Show Answer
  The correct answer is A .
• Question 333: Interest on a partner's drawings is debited to the Options:
  A) Partners current account and credited to the profit and loss appropriation account
  B) profit and loss appropriation account and credited to the partner's current account
  C) profit and loss account and credited to the partner's current account
  D) Partner's current account and credited to the profit and loss account
  Show Answer
  The correct answer is A .
• Question 334: The accounting principle that is applied to check arbitrary actions on the part of accountants is? Options:
  A) consistency
  B) materiality
  C) objectivity
  D) realization
  Show Answer
  The correct answer is A .
• Question 335:

  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 336:

  One of the options below have the same features as the profit and loss account in non-profit organization

  Options:
  A) non profit account
  B) profit and loss account
  C) income and expenditure account
  D) receipts and payment account
  Show Answer
  The correct answer is C .
• Question 337: One of the items listed below will not be found in a company’s memorandum and article of association. Which is it? Options:
  A) objects and their alteration
  B) location of business
  C) bank signatories
  D) powers of directors
  Show Answer
  The correct answer is C .
• Question 338:

  Zakari started a business in January 2000. He bought a shop costing ₦54,000 and stock worth ₦7,600. Profit for the year amounted to 22,100. His closing capital was ₦73,800.

  Zakari's personal drawings amounted to?

  Options:
  A) ₦2,300
  B) ₦9,900
  C) ₦17,100
  D) ₦19,500
  Show Answer
  The correct answer is A .
• Question 339:

  The following are importance of branch account except

  Options:
  A) it allows fraud and wastage of resources
  B) it assist the organization to determine the performance of a branch manager
  C) it enable the organization to determine the branch that is making either profit or loss
  D) it allows proper control over the branch by the head office
  Show Answer
  The correct answer is A .
• Question 340:

  

  What is the value of raw materials issued on May 17th based on the LIFO method?

  Options:
  A) ₦60
  B) ₦61
  C) ₦62
  D) ₦64
  Show Answer
  The correct answer is D .