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 811:

  which of the following  affects the accuracy and authenticity of trial balance? 

  Options:
  A) error of ommission
  B) error of commission
  C) error of transposition
  D) error of original entry
  Show Answer
  The correct answer is C .
• Question 812: If Odukoya takes money out of business bank account for his own private use, the effect of the transaction is? Options:
  A) increase in assets and increase in capital
  B) increase in assets and decrease in capital
  C) decrease in capital and increase in assets
  D) decrease in capital and decrease in assets
  Show Answer
  The correct answer is D .
• Question 813: On November 1, 199 8, Zaria Holdings owed ₦13,600 in respect of a creditor. On November 15, it purchase goods worth ₦69,000 and paid a cheque of ₦51,600. On November 29, one of the Holdings' cheques worth ₦3,000 was returned while the creditor granted ₦1,500 discount. The amount owed by Zaria Holdings as at November 29 is? Options:
  A) ₦32,500
  B) ₦32,000
  C) ₦31,000
  D) ₦29,500
  Show Answer
  The correct answer is A .
• Question 814: A payment of cash of ₦20 to John was entered on the receipt side of the cash book in error and credited to John's account. Which of the following journal entry can be used to correct the error? Options:
  A) John: ₦40 Dr, cash: ₦40 Cr
  B) Cash: ₦40 Dr, John: ₦40 Cr
  C) John: ₦20 Dr, cash: ₦20 Cr
  D) Cash: ₦20 Dr, John: ₦20 Cr
  Show Answer
  The correct answer is C .
• Question 815: An examination of the cash book on 3rd August 1993 showed a different balance from the bank statement of 31st July, 1993 which read ₦722. Uncredited cheques were Bimpe ₦40; Wale ₦60 while unpresented cheques were; Usman ₦20, Kalu ₦32 and Musa ₦70. What is the cash book balance after the reconciliation? Options:
  A) ₦700
  B) ₦770
  C) ₦800
  D) ₦822
  Show Answer
  The correct answer is A .
• Question 816:

  A club received rent ₦10,000 and donation ₦30,000. It paid ₦6,000 for entertainment and is still owing ₦16,000.

  The balance of the payments account is?

  Options:
  A) ₦24,000
  B) ₦22,000
  C) ₦34,000
  D) ₦38,000
  Show Answer
  The correct answer is C .
• Question 817:

  Bala ltd acquired the business of bello ltd and caused the separate existence of the latter company to terminate. 

  Options:
  A) conversion
  B) dissolution
  C) merger
  D) absorption
  Show Answer
  The correct answer is C .
• Question 818:

  

  Determine the closing stock.

  Options:
  A) ₦30,000
  B) ₦40,000
  C) ₦50,000
  D) ₦60,000
  Show Answer
  The correct answer is C .
• Question 819: The fourth stage of the accounting information system is? Options:
  A) recording
  B) interpreting
  C) summarizing
  D) classifying
  Show Answer
  The correct answer is C .
• Question 820: The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ---------------------------- Options:
  A) conversion
  B) control
  C) allocation
  D) analysis
  Show Answer
  The correct answer is B .