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 361:

  A source document is used for verifying the

  Options:
  A) amount due from debtors
  B) amount due to creditors
  C) selling price of goods
  D) actual cost of an asset
  Show Answer
  The correct answer is C .
• Question 362: An examination of the cash book on 3rd August 1993 showed a different balance from the bank statement of 31st July, 1993 which read ₦722. Uncredited cheques were Bimpe ₦40; Wale ₦60 while unpresented cheques were; Usman ₦20, Kalu ₦32 and Musa ₦70. What is the cash book balance after the reconciliation? Options:
  A) ₦700
  B) ₦770
  C) ₦800
  D) ₦822
  Show Answer
  The correct answer is A .
• Question 363: Public sector accounting is based on Options:
  A) cash
  B) accrual
  C) budget
  D) consolidated fund
  Show Answer
  The correct answer is C .
• Question 364: Mr Bassey purchased a motor vehicle for use in his business and debited the purchases account with the same value. This is an error of? Options:
  A) omission
  B) principle
  C) commission
  D) original entry
  Show Answer
  The correct answer is B .
• Question 365:

  The debenture issued at par above the nominal value is Said to be issued at a

  Options:
  A) margin
  B) premium
  C) cost price
  D) mark-up
  Show Answer
  The correct answer is B .
• Question 366: The balancing figure in the purchases ledger control account is? Options:
  A) ₦15,828
  B) ₦15,720
  C) ₦14,940
  D) ₦14,694
  Show Answer
  The correct answer is D .
• Question 367:

  Use the information below to answer question An asset was purchase for ₦343m in 2003.

  The estimated life of the asset was 3 years with a residual value of ₦28m.Using the straight method. The depreciation of the asset in the first year was?

  Options:
  A) ₦210m
  B) ₦343m
  C) ₦105m
  D) ₦270m
  Show Answer
  The correct answer is C .
• Question 368: What is the figure for purchases? Options:
  A) ₦2,400
  B) ₦2,500
  C) ₦4,200
  D) ₦5,200
  E) No option indicated
  Show Answer
  The correct answer is E .
• Question 369: Which of the following statement is correct about the head office current account and the branch current account? Options:
  A) Both always have debit balances
  B) both always have credit balances
  C) the head office current account has a credit balance while the branch current account has a debit balance
  D) the head office current account has a debit balance while the branch current account has a credit balance
  Show Answer
  The correct answer is D .
• Question 370: The purchase of two generators by Hassan Electronics Enterprises should be recorded as? Options:
  A) an acquistion of fixed assets
  B) an expenses in its general office expenses account
  C) an acquistion of stock
  D) a part of capital in the capital account
  Show Answer
  The correct answer is A .