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 581: In preparing the final accounts, the bad debt account is closed by a transfer to the? Options:
  A) balance sheet
  B) provision for bad debt account
  C) profit and loss account
  D) trading account
  Show Answer
  The correct answer is C .
• Question 582:

  

  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 583: When a transaction causes an assets account to increase, there is? Options:
  A) a decrease of equal amount inthe owner's equity account
  B) an increase in a liability account
  C) an increase of equal amonut in another assets account
  D) a decrease of equal amount in a liability account
  Show Answer
  The correct answer is B .
• Question 584: keeping records under the single entry system has the advantage of? Options:
  A) quality in terms of records
  B) completeness in terms of records
  C) accuracy in terms of operation
  D) simplicity in terms of operation
  Show Answer
  The correct answer is D .
• Question 585:

  One of the options below is not the source of income for non - profit organization

  Options:
  A) ordinary shares
  B) donations
  C) subscription/dues
  D) entrance fees
  Show Answer
  The correct answer is C .
• Question 586: In a control account, provision for bad debts is found on the? Options:
  A) debit side of the purchases ledger control account
  B) debit side of the sales ledger control account
  C) credit side of the purchases ledger control account
  D) credit side of the sales ledger control account
  Show Answer
  The correct answer is D .
• Question 587:

  The standing order is a payment instruction given by a

  Options:
  A) customer to a fellow customer
  B) bank to an employee
  C) customer to the bank
  D) bank to the customers
  Show Answer
  The correct answer is C .
• Question 588:

  During the year ended 31st December 2001,

  Nuju Enterprises paid rent as follows:

  Jan. 20, ₦24 000 for a period of 4 months.

  May. 16, ₦30 000 for a period of 5 months.

  Oct. 15, ₦36 000 for a period of 6 months.

  What is the overpaid portion of the rent?

  Options:
  A) ₦36 000
  B) ₦18 000
  C) ₦12 000
  D) ₦6 000
  Show Answer
  The correct answer is B .
• Question 589: A dividend of 10% in a company on 500 000 ordinary shares of ₦1 nominal value has been declared, How much will a shareholder receive if he has 200 shares? Options:
  A) ₦500 000
  B) ₦50 000
  C) ₦200
  D) ₦20
  Show Answer
  The correct answer is D .
• Question 590: In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is Options:
  A) virement
  B) fund accounting
  C) consolidated fund
  D) financial regulation
  Show Answer
  The correct answer is D .