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 561:

  Balance sheet (Extract)Creditors #7,940

  Prepaid expenses ₦290

  Accrual expenses ₦323

  Stock #4,500

  Cash balance #4,956

  Debtors ₦905Determine the current liabilities

  Options:
  A) #8,553
  B) #8,263
  C) #7,940
  D) #1,228
  Show Answer
  The correct answer is B .
• Question 562: One of the the differences between bookkeeping and accounting is that the former Options:
  A) records data while the latter interprets
  B) is regarded as the language of the business while the latter ascertains its strenght
  C) interprets data while the latter records it
  D) summarises information while the latter communicates it
  Show Answer
  The correct answer is A .
• Question 563: Which of the following items is a capital expenditure? Options:
  A) Maintenance of office machine
  B) Purchase of office stationery
  C) Carriage inwards
  D) Purchase of office machinery
  Show Answer
  The correct answer is D .
• Question 564: which of the following is source of document for the preparation of debtors' ledger account? Options:
  A) Debit note
  B) General journal
  C) Purchases invoice
  D) Sales invoice
  Show Answer
  The correct answer is D .
• Question 565: Chibuike bought 36 notebooks at ₦10 each from John and was given a trade discount of 5%. In addition, he was offered 1% cash discount which he took advantage of. How much did Chibuike pay? Options:
  A) ₦338.58
  B) ₦342.00
  C) ₦345.42
  D) ₦360,00
  Show Answer
  The correct answer is A .
• Question 566: Provision for bad and double debts in companies final accounts is treated in? Options:
  A) trading account
  B) profit and loss account
  C) fund flow statement
  D) cash flow statement
  Show Answer
  The correct answer is B .
• Question 567:

  Which of the following is not an inventory costing method?

  Options:
  A) FIFO
  B) LIFO
  C) Average cost method
  D) LILA
  Show Answer
  The correct answer is D .
• Question 568: In an incomplete record system a trading account cannot be prepared until the? Options:
  A) day book has been balanced
  B) amount of personal drawings has been established
  C) cash book has been balanced
  D) amount os sales and purchases has been established
  Show Answer
  The correct answer is D .
• Question 569: Replacement and renewal of fixed assets are? Options:
  A) revenue receipt
  B) capital receipt
  C) capital expenditure
  D) revenue expenditure
  Show Answer
  The correct answer is C .
• Question 570: A cash book had opening balance of ₦15,200 closing balance ₦18,400 and total cash received during the period ₦36,000. What was the amount of cash paid out during the same period? Options:
  A) ₦17,800
  B) ₦19,600
  C) ₦29,200
  D) ₦32,800
  Show Answer
  The correct answer is D .