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: An effective accounting system should provide information Options:
  A) on new product and methods
  B) for cutomer feed back and requirement
  C) on internal and external reporting for managers and third parties
  D) for promoters, directors, labour union and distributors
  Show Answer
  The correct answer is C .
• Question 732:

  A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as

  Options:
  A) Estimate
  B) Depreciation
  C) Asset
  D) Useful Life
  Show Answer
  The correct answer is B .
• Question 733: The documents that provide instant information to firms on their tranactions with banks are Options:
  A) bank statement and debit note
  B) cheque book and cashbook
  C) cheque stub and deposit slip
  D) payslip and credit invoice
  Show Answer
  The correct answer is A .
• Question 734: The simplest form of single entry procedure consists fo keeping a? Options:
  A) day book or general journal
  B) cash book and ledger accounts showing debtors and creditors balances
  C) cash journal, sales journal and purchases journal
  D) day book in which transactions are described in chronological order
  Show Answer
  The correct answer is B .
• Question 735: Under which of these conditions can a company issue shares at discount? (i)A resolution must be passed at a general meeting (ii) The amount of discount must be stated in the resolution (iii) The share must have existed for at least six years (iv) On the order of a court. Options:
  A) i, ii and iii only
  B) i, ii and iv only
  C) i, iii, and iv only
  D) ii, iii and iv only
  Show Answer
  The correct answer is A .
• Question 736: Accounting information is used by investors and creditors of a company to predict Options:
  A) potential merger candidates for the company
  B) appropriate remunerations for the company’s staff
  C) future cash flows of the company
  D) future tax payments of the company
  Show Answer
  The correct answer is C .
• Question 737: A cheque of #5,000 paid to Sulieman had been correctly entered in the cash book but had not been entered in Sulieman's account. To correct this error, debit Sulieman's account and credit Options:
  A) cash account
  B) bank account
  C) suspense account
  D) purchases account
  Show Answer
  The correct answer is B .
• Question 738:

  Which of these will not appear in the preparation of control account.

  I. Bad debts

  II. Discounts

  III. Returns

  IV. Provision for bad debts

  Options:
  A) I only
  B) II and III
  C) I and III only
  D) IV only
  Show Answer
  The correct answer is D .
• Question 739: what is the gross profit margin? Options:
  A) ₦100%
  B) ₦50%
  C) ₦40%
  D) ₦30%
  Show Answer
  The correct answer is B .
• Question 740: Adaobi mistakenly entered ₦7000 as credit sales in Abba's account. This is? Options:
  A) an error of principles
  B) a compensating error
  C) an error of commission
  D) an error omission
  Show Answer
  The correct answer is C .