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 391:

  1/1/2010 31/12/2010

  Creditors - #9,000 #9,800

  Rent owing - #3,800 #2,500

  Rates prepaid - #2,000 #3,500

  Motor van - #8,000 #8,000

  Premises - #10,000 #10,500

  Calculate the closing capital

  Options:
  A) #8,700
  B) #9,500
  C) #9,700
  D) #10,700
  Show Answer
  The correct answer is C .
• Question 392: The rule of accounting equation requires that account payable should be placed under? Options:
  A) liabilities
  B) equities
  C) assets
  D) capital
  Show Answer
  The correct answer is A .
• Question 393:

  The discount column on the left-hand side of cash book represents a discount

  Options:
  A) received from a debtor
  B) allowed to a creditor
  C) allowed to a debtor
  D) received from a creditor
  Show Answer
  The correct answer is C .
• Question 394:

  Which of the following has the ultimate control of a company?

  Options:
  A) board of directors
  B) employees
  C) shareholders
  D) management
  Show Answer
  The correct answer is C .
• Question 395: The balance on a purchase ledger control account represents the? Options:
  A) present amount that a business owes its suppliers at date
  B) total credit avaiable to the end of the year to be utilized in future
  C) total credit the business enjoyed for the particular year from its suppliers
  D) total credit owd the business by its customers
  Show Answer
  The correct answer is A .
• Question 396: The factor that determine the periodic depreciation charge are? Options:
  A) asset cost, market value and useful life
  B) asset cost, market value and residusl value
  C) asset value, cash value useful life
  D) asset cost, salvage and useful life
  Show Answer
  The correct answer is D .
• Question 397:

  Given:

  Rent..............₦10,000
  Rates.............₦5,000
  Capital...........₦50,000
  Salaries..........₦14,000
  Cash..............₦26,000
  Creditors..........₦5,000

  The total trial balance is?

  Options:
  A) ₦110,000
  B) ₦65,000
  C) ₦55,000
  D) ₦45,000
  Show Answer
  The correct answer is C .
• Question 398: The item on the credit side of the trading account is the? Options:
  A) returns outwards
  B) caarriage on sales
  C) sales
  D) purchases
  Show Answer
  The correct answer is C .
• Question 399: You add the following when starting with the balance as per cash book when preparing the bank reconciliation statement except Options:
  A) Unpresented
  B) Dividend
  C) Uncredited cheque
  D) credit transfer
  Show Answer
  The correct answer is C .
• Question 400: The control accounting can be used in? Options:
  A) recording all the business transactions of the enterprise
  B) Keeping records of all direct deposit in the bank account
  C) monitoring the books of original entry
  D) monitoring the efficiency of bookkepping by accountants
  Show Answer
  The correct answer is D .