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 421: Accrual accounting differs from cash accounting because it recognizes? Options:
  A) cash and creditors
  B) debtors and creditors
  C) cash and debitors
  D) prepayment and cash
  Show Answer
  The correct answer is B .
• Question 422: Payment for shares in excess of amount offered gives rise to Options:
  A) subscription in advance
  B) revenue reserves
  C) capital reserves
  D) calls-in-advance
  Show Answer
  The correct answer is C .
• Question 423: A cheque of #5,000 paid to Sulieman had been correctly entered in the cash book but had not been entered in Sulieman's account. To correct this error, debit Sulieman's account and credit Options:
  A) cash account
  B) bank account
  C) suspense account
  D) purchases account
  Show Answer
  The correct answer is B .
• Question 424: The term "accounting period" is used to refer to the Options:
  A) time span during which taxes are paid to the inland revenue board
  B) budget period, usually one year, relied on by the accountant
  C) time span, usually one year, covered by financial statement
  D) period within which debtors are expected to settle accounts
  Show Answer
  The correct answer is C .
• Question 425:

  Use the information below to answer questions

  Balance as per cash book................₦13560

  Unpresented cheques.....................₦5120

  Uncredited lodgements...................₦2300

  Dividend received not entered

  In the cash book........................₦2000

  Bank charges............................₦280

  Standing order payments.................₦600

  Balance as per bank statement............?

  Calculate the balance in the bank statement.

  Options:
  A) ₦14 680
  B) ₦15 560
  C) 17 500
  D) 16 380
  Show Answer
  The correct answer is C .
• Question 426:

  $\begin{array}{cc}& N\\ \text{Stock Jan 1}& 2600\\ \text{Purchases}& 4000\\ \text{Carriage inwards}& 500\\ \text{Sales}& 9000\\ \text{Carriage outwards}& 500\end{array}$

  Determine the net profit.

  Options:
  A) ₦4,000
  B) ₦4,500
  C) ₦5,000
  D) ₦1,400
  Show Answer
  The correct answer is D .
• Question 427: A company incurred ₦21 000 in running its four departments, namely J,K,L and M with a corresponding number of employees as 1500, 2000, 3000 and 500 respectively. What is the share of department K? Options:
  A) ₦9000
  B) ₦6000
  C) ₦4500
  D) ₦1500
  Show Answer
  The correct answer is B .
• Question 428:

  The following was extracted from the books of MEGA COMPANY NIG. LTD

  	₦
  Trade debtors	350,000
  Fixtures and fittings	600,000
  Cash at bank	25,000
  Cash in hand	5,500
  Trade creditors	116,500
  Bank overdraft	7,500
  Building	950,000
  Motor van	35,000

  The working capital of the company is

  Options:
  A) ₦156,000
  B) ₦280,000
  C) ₦565,000
  D) ₦256,500
  Show Answer
  The correct answer is D .
• Question 429:

  Use the following information below to answer this question

  Five hundred naira monthly is allowed on an imprest system. The following transactions took place
  Period 1: ₦
  Cash advanced to petty cashier 500
  Petty cashier paid out: Stamp 200
  Newspaper 250
  Period 2:
  Cash to petty cashier 450
  Cashier paid for writing materials 350

  Howmuch should the petty cashier receive after period 2?

  Options:
  A) ₦150
  B) ₦350
  C) ₦250
  D) ₦500
  Show Answer
  The correct answer is B .
• Question 430:

  The excess of income over expenditure is usually transferred to the

  Options:
  A) current assets in the balance sheet
  B) profit and loss account
  C) accumulated fund
  D) current liabilities in the balance sheet
  Show Answer
  The correct answer is C .