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 671:

  Danladi Bako's Statement of Affairs as at 30/06/17

  	₦		₦
  Capital	??	Fixtures and fittings	4,000
  		Stock	20,500
  		Sundry debtors	40,000
  Creditors	18,000	Bank	??
  	78,650		78,650

  What is his bank balance as at 30/06/17?

  Options:
  A) ₦14,150
  B) ₦18,500
  C) ₦15,300
  D) ₦65,150
  Show Answer
  The correct answer is A .
• Question 672:

  which of the following  affects the accuracy and authenticity of trial balance? 

  Options:
  A) error of ommission
  B) error of commission
  C) error of transposition
  D) error of original entry
  Show Answer
  The correct answer is C .
• Question 673:

  The accounting entries used to record a cheque issued by a business is to?

  Options:
  A) debit cash book and credit drawer
  B) credit cash book and debit drawer
  C) debit cash book and credit suspense account
  D) credit cash book and debit suspense account
  Show Answer
  The correct answer is A .
• Question 674: Which of the following account is kept by local governments in Nigeria? Options:
  A) Balance sheet
  B) Advances account
  C) Debtors account
  D) Profit account
  Show Answer
  The correct answer is B .
• Question 675:

  Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be

  Options:
  A) Increase in assets of motor vehicle account
  B) Decrease in assets of motor vehicle account
  C) Increase in assets of bank account
  D) Increase in liabilities of bank account
  Show Answer
  The correct answer is A .
• Question 676: Goods worth N50 000 were sent at different times from head office to the branch during the year. By the end of the period, only N40 000 worth of goods had arrived at the branch. Which of the following is correct about the treatment of this transaction? Options:
  A) Branch should debit goods received from head office with N50 000
  B) Head office should debit goods sent to branch account with N10 000
  C) Head office should debit goods sent to branch account with N50 000
  D) Branch should debit goods received from head office with N10 000
  Show Answer
  The correct answer is B .
• Question 677: The major distinguishing element between the final accounts of a partnership and a sole trader is the Options:
  A) drawings account
  B) appropriation account
  C) capital account
  D) creditors account
  Show Answer
  The correct answer is B .
• Question 678: When shares are sold at more than the per value, they are said to have been issued at Options:
  A) A premium
  B) Normal value
  C) A discount
  D) A profit
  Show Answer
  The correct answer is A .
• Question 679:

  A partnership deed is used to____________

  Options:
  A) Promote mutual understanding
  B) Enhance mistrust
  C) Encourage discrepancy
  D) Control funds
  Show Answer
  The correct answer is A .
• Question 680: A fixed cost is fixed only in relation to? Options:
  A) the quality of goods produced
  B) the quantity of goods sold
  C) a given period of time and a range of activities
  D) a given period of time and the nature of activity
  Show Answer
  The correct answer is D .