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 621: When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement? Options:
  A) Bank charges
  B) Uncleared cheques
  C) Returned cheques
  D) unpresented cheques
  Show Answer
  The correct answer is D .
• Question 622:

  Use the information below to answer questions 17 and 18.Total current assets..................₦2,000

  Total fixed assets....................₦4,000

  Current liabilities...................₦1,200

  Drawings..............................₦200

  Long-term loan........................₦2,000Determine the capital of the business?

  Options:
  A) ₦9,400
  B) ₦6,000
  C) ₦3,400
  D) ₦3,000
  Show Answer
  The correct answer is D .
• Question 623: The term fiscal compliance means? Options:
  A) al financial and related laws and regulations are adhered to
  B) only the budget fir the current period is complied with and no deficits allowed
  C) all physical assets requirements have been met
  D) fiscal planning is necessary for proper accountabilit in the public sector
  Show Answer
  The correct answer is A .
• Question 624: You add the following when starting with the balance as per cash book when preparing the bank reconciliation statement except Options:
  A) Unpresented
  B) Dividend
  C) Uncredited cheque
  D) credit transfer
  Show Answer
  The correct answer is C .
• Question 625: 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 626:

  A part of public company's profit belonging to the shareholders is

  Options:
  A) right issue
  B) bonus
  C) dividends
  D) public issue
  Show Answer
  The correct answer is C .
• Question 627: Recurrent expenditure are expenses for the period not exceeding? Options:
  A) 10 years
  B) 5 years
  C) 2 years
  D) 1 year
  Show Answer
  The correct answer is D .
• Question 628:

  

  Goods worth ₦300 was transferred from department Q to P. Similarly, P's total expenses for the period was ₦200. Department P's net profit was

  Options:
  A) ₦5200
  B) ₦3000
  C) ₦2800
  D) ₦2500
  Show Answer
  The correct answer is D .
• Question 629:

  The following appears in the trading account except

  Options:
  A) carriage inward
  B) opening stock
  C) carriage outward
  D) sales
  Show Answer
  The correct answer is C .
• Question 630:

  Which of the following expenses is *not* apportined in proportion to turnover?

  Options:
  A) rent
  B) commission
  C) discount allowed
  D) carriage outwards
  Show Answer
  The correct answer is A .