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 721: How are credit sales by a department treated? Options:
  A) the same way as normal debtors' transactions
  B) in a different way from normal debtors' transactions
  C) as an addition to the production manager's account
  D) as an addition to the production managers' account
  Show Answer
  The correct answer is A .
• Question 722:

  The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight line method, what is the amount of depreciation charged per annum?

  Options:
  A) 6000
  B) 1000
  C) 1500
  D) 2500
  Show Answer
  The correct answer is C .
• Question 723:

  Balance as per cashbook 2, 970

  Bank Charges 220

  Unpresented cheques 3, 950

  Uncredited cheques 4, 178

  Direct debit by bank 1, 0000Determine the balance as per bank statement.

  Options:
  A) ₦1,978
  B) ₦1962
  C) ₦1,522
  D) ₦2,522
  Show Answer
  The correct answer is D .
• Question 724: The journal entries for the purchase of stock on credit are to debit? Options:
  A) stock account and credit cash account
  B) stock account and credit liability account
  C) ourchase account and credit liability account
  D) suspense account and credit cash account
  Show Answer
  The correct answer is C .
• Question 725: If the total discount allowed in a cash book was ₦230 and the total discount received was ₦255, which of the following is true concerning the two discounts? Options:
  A) They must be balanced in the cash book and the difference taken to the debtors ledger
  B) They must be balanced in the cash book and the difference taken to the trial balance
  C) They should not be balanced in the cash book before being taking to the trial balance
  D) They should not appear in the trial balance as they were already either received or paid out
  Show Answer
  The correct answer is D .
• Question 726:

  Discount received is apportioned to each department on the basis of

  Options:
  A) Floor area
  B) Turnover
  C) Purchases
  D) Horse power
  Show Answer
  The correct answer is C .
• Question 727:

  An evidence of payment issued to a government ministry by a revenue collector is

  Options:
  A) treasury card
  B) payment voucher
  C) treasury receipt
  D) receipt voucher
  Show Answer
  The correct answer is D .
• Question 728:

  The rule of accounting equation requires that account payable should be placed under

  Options:
  A) equities
  B) assets
  C) capital
  D) liabilities
  Show Answer
  The correct answer is D .
• Question 729: Departmental accounts are prepared to aid the comparison of the? Options:
  A) previous year's transactions
  B) daily profits
  C) workers' performances
  D) management performances
  Show Answer
  The correct answer is C .
• Question 730:

  The accounting method that reports incomes when earned and expenses when incurred is called

  Options:
  A) accrual accounting
  B) cash accounting
  C) fund accounting
  D) commitment accounting
  Show Answer
  The correct answer is A .