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 471: The two accounts that are normally opened in the head office when goods are transferred to a branch are? Options:
  A) branch supplies and branch receipts
  B) branch stock account and goods sent to branch accounts
  C) goods sent to brannch account and branch receipt account
  D) goods sent to branch accounts and branch supplies
  Show Answer
  The correct answer is B .
• Question 472: Bala Ltd acquired the business of Bello Ltd and caused the separate existence of the latter company to terminate. This situation is best described as? Options:
  A) absorption
  B) merger
  C) conversion
  D) dissolution
  Show Answer
  The correct answer is A .
• Question 473:

  Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.

  In the book of Ibrahim, the entry to record the transaction would be to debit

  Options:
  A) sugar account #12,000 and credit Jide #12,000
  B) Jide #12,000 and credit sales account #12,000
  C) Ibrahim #12,000 and credit Jide #12,000
  D) sugar account #12,000 and credit Ibrahim #12,000
  Show Answer
  The correct answer is B .
• Question 474: The process whereby a cheque received by one person is given to another is known as? Options:
  A) cheque crossing
  B) payment in cheque
  C) cheque transfer
  D) cheque endorsement
  Show Answer
  The correct answer is C .
• Question 475: An effective accounting system should provide information Options:
  A) on new product and methods
  B) for cutomer feed back and requirement
  C) on internal and external reporting for managers and third parties
  D) for promoters, directors, labour union and distributors
  Show Answer
  The correct answer is C .
• Question 476:

  

  Calculate the value of credit sales

  Options:
  A) ₦484 000
  B) ₦448000
  C) ₦584 000
  D) ₦558 000
  Show Answer
  The correct answer is C .
• Question 477: The chief accounting officer of a local government is the? Options:
  A) Chairman
  B) Treasurer
  C) Director of personnel
  D) Auditor
  Show Answer
  The correct answer is A .
• Question 478: The budget statement presented to the legislature by the Chief Executive is called? Options:
  A) an appropriation act
  B) a budget bill
  C) an appropriation bill
  D) a budget proposal
  Show Answer
  The correct answer is A .
• Question 479: In a period of declining price, which of the following methods would result in higher profit? Options:
  A) FIFO
  B) Simple average
  C) LIFO
  D) Weighted average
  Show Answer
  The correct answer is A .
• Question 480: The following accounting entries are made when bad debt is recovered Options:
  A) debit bad debts accounts and credit bad debt recovered account
  B) debit debtors accounts and recovered account
  C) debit bad debts recovered account and credit bad debts account
  D) debit bad debts account and credit profit and loss account
  Show Answer
  The correct answer is B .