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 571:

  The difference between double entry and single entry is

  Options:
  A) double entry is based on the dual concept while single entry is not based on dual concept
  B) double entry is an account while single entry is not an account
  C) double entry keeps personal account while single does not
  D) double entry is useful for business enterprise while single entry is not
  Show Answer
  The correct answer is A .
• Question 572: If the assets and liabilities of a firm were valued at ₦17,200 and ₦5,120 respectively, the capital of the firm would be? Options:
  A) ₦22 320
  B) ₦17 200
  C) ₦12 080
  D) 5 120
  Show Answer
  The correct answer is C .
• Question 573: What is the consolidated revenue fund balance? Options:
  A) ₦1100,000
  B) ₦680,000
  C) ₦440,000
  D) ₦410,000
  Show Answer
  The correct answer is A .
• Question 574:

  Capital and revenue expenditures of government are usually accounted for under funds which include

  Options:
  A) technical, special trust and commercial funds
  B) personal advances, technical and public funds
  C) personal advances, treasury clearance and special trust funds
  D) commercial loans and treasury clearance funds
  Show Answer
  The correct answer is B .
• Question 575: Discount allowed as represented in the control account appears on the? Options:
  A) credit side of the purchases control account
  B) debit side of the purchases control account
  C) credit side of the sales control account
  D) debit side of the sales control account
  Show Answer
  The correct answer is C .
• Question 576: The major advantage of the journal proper is that it Options:
  A) helps in the preparation of the balance sheet
  B) prevents fraud and theft of item of the business
  C) serves as a book of instruction to the bookkeeper
  D) help the banking industry to be efficient
  Show Answer
  The correct answer is B .
• Question 577:

  Which of the following are advantages of departmental accounts?

  I. The department making the highest profit can be easily determined
  II. The capital of the business can be calculated easily
  III. Easy knowledge of the sources of funding
  IV. Encouragement of healthy rivalry among the various departments

  Options:
  A) I and IV only
  B) II and III only
  C) II and IV only
  D) III and IV only
  Show Answer
  The correct answer is A .
• Question 578:

  A company has departments M and N. The expenses incurred wholly in M is ₦5000. General expenses incurred amount to ₦25000. Expenses are apportioned in the ratio 2:3 for departments M and N respectively.

  What is N's share of the expense?

  Options:
  A) ₦10 000
  B) ₦15 000
  C) ₦18 000
  D) ₦20 000
  Show Answer
  The correct answer is B .
• Question 579:

  

  The current ratio is

  Options:
  A) 1:1
  B) 2:1
  C) 2.8:1
  D) 3.5:1
  Show Answer
  The correct answer is B .
• Question 580: As part of the initial investment, a partner contributes office equipment that originally cost ₦20,000 and on which provision for depreciation of ₦12,500 had been recorded. If the partners agree on a valuation of ₦9,000 for the equipment, what amount should be debited to the office equipment account? Options:
  A) ₦7,500
  B) ₦9,000
  C) ₦12,500
  D) ₦20,000
  Show Answer
  The correct answer is B .