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 correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit Options:
  A) capital and debit liabilities
  B) liabilities and credit assets
  C) assets and credit capital
  D) capital and credit assets
  Show Answer
  The correct answer is C .
• Question 572:

  Use the information below to answer questions 9 and 10.

  The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.

  Creditors N50,000
  Debtors N46,000
  Loan N100,000
  Stock N20,000
  Motor vehicle N120,000
  Building N70,000
  Accrued wages 30,000
  Bank N25 ,000

  The liabilities of Udo Co. Ltd is?

  Options:
  A) ₦180,000
  B) ₦181,000
  C) ₦177,000
  D) ₦110,000
  Show Answer
  The correct answer is A .
• Question 573: 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 574: A payment of cash of ₦20 to John was entered on the receipt side of the cash book in error and credited to John's account. Which of the following journal entry can be used to correct the error? Options:
  A) John: ₦40 Dr, cash: ₦40 Cr
  B) Cash: ₦40 Dr, John: ₦40 Cr
  C) John: ₦20 Dr, cash: ₦20 Cr
  D) Cash: ₦20 Dr, John: ₦20 Cr
  Show Answer
  The correct answer is C .
• Question 575:

  Use the information below to answer this question
  ₦
  Total current assets 2000
  Total fixed assets 4000
  Current liabilities 1200
  Drawings 200
  Long term loan 2000

  What is the net working capital?

  Options:
  A) ₦1800
  B) ₦800
  C) ₦2600
  D) ₦600
  Show Answer
  The correct answer is B .
• Question 576:

  The document issued by a revenue collector as evidence of payment to a government ministry is a

  Options:
  A) receipt voucher card
  B) stores receipt voucher
  C) treasury receipt
  D) payment voucher
  Show Answer
  The correct answer is A .
• Question 577: If a GSM operator based in Lagos supplies recharge cards to its branch in Akure, the head office can charge the goods at? Options:
  A) selling price
  B) Akure price
  C) company price
  D) Lagos price
  Show Answer
  The correct answer is C .
• Question 578: Accounting information seeks to provide Options:
  A) permanent records for all transactions
  B) analysis of accounts to trade debtors
  C) audited reports on the accounts of a company
  D) data about the employees of a company
  Show Answer
  The correct answer is A .
• Question 579: To account for expenses paid by head office on behalf of the branch, the branch should? Options:
  A) debit head office account and credit cash
  B) debit profit and loss account and credit headoffice account
  C) credit cash and debit profitand loss account
  D) credit profit and loss account and debit head office account
  Show Answer
  The correct answer is B .
• Question 580:

  Which of the following is not a type of branch?

  Options:
  A) Dependent branch
  B) foreign branch
  C) independent branch
  D) single branch
  Show Answer
  The correct answer is D .