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:

  Which of the following are sources of revenue to state government in Nigeria?

  I Statutory allocation
  II Fines from customary courts
  III Petroleum tax
  IV Income tax

  Options:
  A) I and II only
  B) II and III
  C) I and IV
  D) III and IV
  Show Answer
  The correct answer is C .
• Question 652: The value of the sales ledger control account is derived from the summation of Options:
  A) the total debtors' account
  B) the total creditors' account
  C) all day books
  D) both the debtors'and creditors' accounts
  Show Answer
  The correct answer is A .
• Question 653: The most important reason for studying accounting is that Options:
  A) the information provided by accounting is useful in making decision
  B) Accounting plays an important role in the society
  C) the study of Accounting leads to challeging career
  D) Accounting provides gross profit information
  Show Answer
  The correct answer is A .
• Question 654:

  The major advantages of an imprest system is that it ?

  Options:
  A) ensures a proper accountability for every expenditure
  B) trains the young accountants in the preparation for greater responsibility
  C) relieves the chief cashier of the numerous petty cash payments
  D) serves as an analysis column for every expenses
  Show Answer
  The correct answer is A .
• Question 655:

  The accounting system in which only one aspect of transaction is recorded is

  Options:
  A) single entry
  B) single column cash book
  C) original entry
  D) double entry
  Show Answer
  The correct answer is A .
• Question 656: The interest on partners' loans is? Options:
  A) debited in current account
  B) credited in profit and loss account
  C) debited in profit and loss account
  D) credited in current account
  Show Answer
  The correct answer is C .
• Question 657: If sales return is understated, it implies that ------------------------------ is overstated Options:
  A) return inward
  B) sales figure
  C) cost of sales
  D) return outward
  Show Answer
  The correct answer is B .
• Question 658:

  When goodwill is not retained in the business, the entries in the new partners books will be to debit______________

  Options:
  A) Goodwill account and credit partners capital account
  B) Cash account and credit goodwill account
  C) Goodwill account and credit cash account
  D) Partners capital account and credit goodwill account
  Show Answer
  The correct answer is D .
• Question 659: 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 660:

  Given;

  Purchases = ₦20,000
  Sales = ₦40,000
  Carriage inwards = ₦5,000
  Carriage outwards = ₦5,000
  Opening stock = ₦10,000
  Closing stock = ₦5,000

  What is the cost of goods sold?

  Options:
  A) ₦30,000
  B) ₦25,000
  C) ₦20,000
  D) ₦15,000
  Show Answer
  The correct answer is A .