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 731:

  Ii) Add up both side

  Iii)Take the difference to the smaller and add to the smaller figure The correct procedure for balancing account is?

  Options:
  A) ii, i and iii
  B) i, iii and ii
  C) ii, iii and i
  D) i, ii and iii
  E) Deducted the smaller side figure from the bigger side figure .
  Show Answer
  The correct answer is B .
• Question 732: The difference between the closure of the books of a branch and those of a separate company is that? Options:
  A) there is retained earnings account on the branch books
  B) the revenue and expenses account is closed to branch current account
  C) there is no retained earnings account on the branch
  D) the revenue and expenses account is not closed to the home office current account
  Show Answer
  The correct answer is A .
• Question 733:

  If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to

  Options:
  A) have a higher cost of goods sold
  B) have a higher value of closing stock
  C) have a higher gross profit
  D) pay higher income tax
  Show Answer
  The correct answer is C .
• Question 734: An evidence of payment issued to a government ministry by a revenue collector is Options:
  A) treasury receipt
  B) receipt voucher
  C) payment voucher
  D) treasury card
  Show Answer
  The correct answer is B .
• Question 735: which of the following is source of document for the preparation of debtors' ledger account? Options:
  A) Debit note
  B) General journal
  C) Purchases invoice
  D) Sales invoice
  Show Answer
  The correct answer is D .
• Question 736: If goods were returned to branch by the customers, the correct posting for this transaction is to debit? Options:
  A) branch debtor's account and credit head office account
  B) head office account and credit branch stock account
  C) branch stock account and credit branch debtors' account
  D) branch cash account and credit branch stock account
  Show Answer
  The correct answer is C .
• Question 737: An instrument which allows public officers to increase expenditure within a year is Options:
  A) statutory allocation
  B) supplementary budget
  C) virement
  D) warrant
  Show Answer
  The correct answer is B .
• Question 738: In preparing the final accounts, the bad debt account is closed by a transfer to the? Options:
  A) balance sheet
  B) provision for bad debt account
  C) profit and loss account
  D) trading account
  Show Answer
  The correct answer is C .
• Question 739:

  Use the following information below to answer this question

  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 at the end of period 1?

  Options:
  A) ₦450
  B) ₦300
  C) ₦50
  D) ₦200
  Show Answer
  The correct answer is C .
• Question 740: The receipt from a special tax levy to pay maturing interest obligation are recorded in Options:
  A) capital fund project
  B) Debt Service Fund
  C) Tax Assessment Fund
  D) Special Revenue Fund
  Show Answer
  The correct answer is C .