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 681: Subscription in arrears are Options:
  A) Credited to the income and expenditure account and shown as a liability in the balance sheet
  B) debited to the income and expenditure account and shown as an asset in the balance sheet
  C) credited to the income and expenditure account and shown as a liability in the balance sheet
  D) debited to the income and expenditure account and shown as a liability in the balance sheet
  Show Answer
  The correct answer is B .
• Question 682:

  Use the information above to answer question 9 and 10.

  Period 1:

  ........Cash to petty cashier.............₦1000

  ........Petty cashier pays out............₦780

  Period 2:

  ........Petty cashier pays out............₦840

  If the float is increased to ₦1200, how much should the petty cashier receive after period 2?

  Options:
  A) 160
  B) 840
  C) 1000
  D) 1040
  Show Answer
  The correct answer is D .
• Question 683:

  Use the information below to answer question

  Given: 31/12/98 31/12/99

  Assets: Plant and Mach. ₦1,500 ₦1,200

  Fixtures ₦700 ₦520

  Stock ₦500 ₦600

  Debtors ₦900 ₦400

  Cash ₦200 ₦300

  Liabilities: Creditor ₦500 ₦600

  Loan ₦600 ₦400

  Determine the total fixed assets from the opening balance sheet?

  Options:
  A) ₦2,200
  B) ₦2,020
  C) ₦1,720
  D) ₦2,070
  Show Answer
  The correct answer is B .
• Question 684: Mallam Gambo bought a freezer for his shop costing ₦10,500. In recording, he debited office expenses account and credited the bank account. What book-keeping error has he committed? Options:
  A) Error of commission
  B) Error of reversal of entries
  C) Error of principle
  D) Compensating error
  Show Answer
  The correct answer is C .
• Question 685:

  Use the information below to answer the question:

  Total sales of ticket	₦300 000
  Amount received from the sales	₦260 000
  Cash purchase of club house	₦100 000
  Credit purchase of equipment	₦60 000
  Electricity bill paid	₦5 000
  Salaries owed	₦2 000

  What is the receipts and payment account balance?

  Options:
  A) ₦260 000
  B) ₦233 000
  C) ₦155 000
  D) ₦100 000
  Show Answer
  The correct answer is C .
• Question 686:

  The basic role of accounting is to?

  Options:
  A) detect fraud
  B) attest to financial statements
  C) measure performance
  D) protect shareholders
  Show Answer
  The correct answer is C .
• Question 687: When the sum of money appears on the credit side of the cash book, but not on the debit side of the bank statement, the sum is regarded as Options:
  A) uncredited cheques
  B) dishonoured cheques
  C) direct remittance to the bank
  D) unpresented cheques
  Show Answer
  The correct answer is D .
• Question 688:

  The following information is provided for Amusa company limited, a manufacturer

  Prime cost ₦999,000
  Manufacturing overhead ₦132,000
  Closing work in progress ₦75,000
  Values of finished goods transferred to the trading account ₦1,116,000

  If including in the manufacturing overhead were rents of ₦5,000 paid in advance, what is the opening work in progress for the period?

  Options:
  A) ₦85,000
  B) ₦80,000
  C) ₦70,000
  D) ₦65,000
  Show Answer
  The correct answer is D .
• Question 689:

  Use the information below to answer question 25 and 26.

  Bar opening stock ₦10,000

  Amount owed to bar suppliers at

  The end the beginning of the year ₦10,000

  Bar sales ₦50,000

  Bar credit purchases ₦40,000

  Payment to suppliers ₦30,000

  Bar expenses ₦1,000

  Bar closing stock ₦15,000

  How much is owed to suppliers?

  Options:
  A) ₦50,000
  B) ₦40,000
  C) ₦30,000
  D) 20,000
  Show Answer
  The correct answer is D .
• Question 690:

  Five hundred naira monthly is allowed on an imprest system. The following transactions took place.

  Period 1:

  Cash advanced to petty cashier......₦500
  Petty cashier paid out: stamp.......₦200
  Newspaper...........................₦250

  Period 2:

  Cash to petty cashier...............₦450
  Cashier paid for writing materials..₦350

  What was the balance of cash with the petty cashier ata the end of period 1?

  Options:
  A) ₦50
  B) ₦200
  C) ₦300
  D) ₦450
  Show Answer
  The correct answer is A .