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 651: The concept which states that revenue should be recognized at the point when the sale is deemed to have been made is Options:
  A) matching
  B) consistency
  C) realization
  D) going concern
  Show Answer
  The correct answer is C .
• Question 652: Which of the following is used to service all operations of government? Options:
  A) Consolidated Revenue Fund
  B) Consolidated Reserve Fund
  C) Special Operational Fund
  D) General-Reserve Fund
  Show Answer
  The correct answer is A .
• Question 653: Using LIFO method of stock valuation, analyze the issue quantities and their prices Options:
  A) 260 units at ₦1.50
  B) 700 units at ₦1.50
  C) 200 units at ₦1.50 and 500 units at ₦1.00
  D) 350 units at ₦1.50 and 350 units at ₦1.00
  Show Answer
  The correct answer is A .
• Question 654: Which of the following statement is correct about the head office current account and the branch current account? Options:
  A) Both always have debit balances
  B) both always have credit balances
  C) the head office current account has a credit balance while the branch current account has a debit balance
  D) the head office current account has a debit balance while the branch current account has a credit balance
  Show Answer
  The correct answer is D .
• Question 655:

  Given:

  Capital...............................₦2375 000

  Debtors...............................₦495 000

  Motor vehicle.........................₦870 000

  Creditors.............................₦245 000

  Prepayment............................₦500 000

  Bills receivable......................₦505 000

  Furniture.............................₦150 000

  What is the total debit for the trial balance?

  Options:
  A) ₦4 690 000
  B) ₦2 620 000
  C) ₦2 520 000
  D) ₦1 565 000
  Show Answer
  The correct answer is C .
• Question 656: The simplest form of single entry procedure consists fo keeping a? Options:
  A) day book or general journal
  B) cash book and ledger accounts showing debtors and creditors balances
  C) cash journal, sales journal and purchases journal
  D) day book in which transactions are described in chronological order
  Show Answer
  The correct answer is B .
• Question 657:

  A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is

  Options:
  A) Debit rent account, Credit bank account
  B) Debit Rent account, Credit Samson's account
  C) Debit Bank account, Credit Rent account
  D) Debit Samson's account, Credit Rent account
  Show Answer
  The correct answer is B .
• Question 658: Use the information below to answer this question.

  A limited liability company has an authorized shares capital of 50 million split into 100 millions shares. 80million shares are offered for subscriptions at 60k per share in full on application. These have been fully subscribed on issue

  What is the nominal value of each share

  Options:
  A) ₦2
  B) ₦0.80
  C) ₦0.60
  D) ₦0.50
  Show Answer
  The correct answer is D .
• Question 659:

  1. Direct materials

  11.Direct labour

  111.Direct expenses

  1V. Factory expensesPrime cost consist of

  Options:
  A) 1,11 and 111
  B) 1,11 and 1V
  C) 1,111 and 1V
  D) 11,111 and 1V
  Show Answer
  The correct answer is A .
• Question 660: The historical development of accounting reveals that it? Options:
  A) deals with debit and credit of items
  B) is a product of financial development
  C) is a product of its own evironmnent
  D) is an ideal subject for finacial development
  Show Answer
  The correct answer is A .