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 861:

  Given:

  Bank overdraft..............₦2000

  Cash........................₦2000

  Furniture...................₦4000

  Calculate the total amount on the credit side of the trial balance?

  Options:
  A) ₦4000
  B) ₦2000
  C) ₦6000
  D) ₦8000
  Show Answer
  The correct answer is B .
• Question 862: The value of the sales ledger control account is derived from the summation of Options:
  A) the total debtors' account
  B) the total creditors' account
  C) all day books
  D) both the debtors'and creditors' accounts
  Show Answer
  The correct answer is A .
• Question 863: On the dissolution of a partnership business,the net book value of the assets is transferred to? Options:
  A) debit of realization account
  B) credit of realization account
  C) credit of bank account
  D) debit of bank account
  Show Answer
  The correct answer is B .
• Question 864: The recording phase of accounting is known as? Options:
  A) bookkeeping
  B) trial balancing
  C) ledger accounting
  D) final accounting
  Show Answer
  The correct answer is A .
• Question 865: An advantage of using accounting ratios is that Options:
  A) can be easily calculated
  B) show errors and frauds
  C) facilitate decision making
  D) are stipulated by law
  Show Answer
  The correct answer is C .
• Question 866: 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 867: Which of the following is an example of intangible assets? Options:
  A) trade debtors
  B) stock of goods
  C) trade creditors
  D) motor vehicles
  Show Answer
  The correct answer is A .
• Question 868: Beginning and ending accounts receivable balances were ₦8,000 and ₦15,000 respectively. If collections from customers during the period were ₦36,000, then total sales on account would be Options:
  A) ₦23,000
  B) ₦29,000
  C) ₦36,000
  D) ₦43,000
  Show Answer
  The correct answer is D .
• Question 869: Which of the following is a credit item in creditors ledger control account? Options:
  A) Purchases returns
  B) Bills payable
  C) Purchases
  D) Cash receipts
  Show Answer
  The correct answer is C .
• Question 870:

  Which of the following has the ultimate control of a company?

  Options:
  A) board of directors
  B) employees
  C) shareholders
  D) management
  Show Answer
  The correct answer is C .