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 61: The purchase of two generators by Hassan Electronics Enterprises should be recorded as? Options:
  A) an acquistion of fixed assets
  B) an expenses in its general office expenses account
  C) an acquistion of stock
  D) a part of capital in the capital account
  Show Answer
  The correct answer is A .
• Question 62:

  The authority warrant issued prior to the approval of the appropriate bill at the begining of the year

  Options:
  A) contigencies
  B) reserved expenditure warrant
  C) annual general warrant
  D) provisional general warrant
  Show Answer
  The correct answer is D .
• Question 63:

  A partnership on admitting a new member, revalued the business' land and building from ₦30,000 to ₦70,00. The difference of ₦40,000 should be

  Options:
  A) credited to land and building account
  B) debited to asset revaluation account
  C) credited to asset revaluation account
  D) credited to profit and loss appropriation account
  Show Answer
  The correct answer is C .
• Question 64:

  Use the information below to answer question .

  .........................31 Dec. 05........31 Dec. 06

  Total fixed assets.........₦7 800............₦6 600

  Total current assets.......₦12 100............₦17800

  Total current liabilities..₦4 700............₦3 800

  Drawings for 2006 is ₦5 200.

  Determine the capital balance as at Dec. 31,2005?

  Options:
  A) ₦20 600
  B) ₦15 200
  C) ₦13 800
  D) ₦11 600
  Show Answer
  The correct answer is B .
• Question 65: The two legally recognized professional accounting bodies in Nigeria are the? Options:
  A) Institute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
  B) Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
  C) Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
  D) Nigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria
  Show Answer
  The correct answer is C .
• Question 66: A book of account that possesses the features of both day book and ledger is Options:
  A) sales day book
  B) cash book
  C) purchases day book
  D) returns day book
  Show Answer
  The correct answer is B .
• Question 67:

  Use the following to answer this question.

  Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000.

  The company's paid-up capital is

  Options:
  A) ₦70,000
  B) ₦80,000
  C) ₦220,000
  D) ₦120,000
  Show Answer
  The correct answer is B .
• Question 68: Partners' share of profit is credited to Options:
  A) a partner's current account
  B) a partner's capital account
  C) the profit and loss account
  D) the profit and loss appropriation account
  Show Answer
  The correct answer is A .
• Question 69:

  The instrument isued by the Minister who authorized an officer to incure expenditure is a/an

  Options:
  A) warrant
  B) budget
  C) imprest
  D) consolidated fund
  Show Answer
  The correct answer is A .
• Question 70: In a trial balance, income and liabilities are? Options:
  A) debited and credited respectively
  B) credited
  C) credited and debited respectively
  D) debited
  Show Answer
  The correct answer is B .