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 81:

  In government accounting , the method used which records on the basis of financial entity with self balancing books instead of entity of propietorship is?

  Options:
  A) virement
  B) fund accounting
  C) consolidated fund
  D) financial regulation
  Show Answer
  The correct answer is B .
• Question 82:

  Given:

  Capital at start.......................₦3250
  Capital at close ......................₦6250
  Additional capital during the period...₦1000

  Calculate the profit or loss?

  Options:
  A) ₦8500 profit
  B) ₦2000 loss
  C) ₦2000 profit
  D) ₦8500 loss
  Show Answer
  The correct answer is C .
• Question 83: The historical development of accounting reveals that it? Options:
  A) deals with debit and credit of items
  B) is a product of financial development
  C) is a product of its own evironmnent
  D) is an ideal subject for finacial development
  Show Answer
  The correct answer is A .
• Question 84: When the debit side total of an account, t means that the account has Options:
  A) been overdrawn
  B) been understand
  C) debit balance
  D) credit balance
  Show Answer
  The correct answer is C .
• Question 85:

  $\begin{array}{cc}& \text{N}\\ \text{Balance as per cashbook}& 5467\\ \text{Uncredited cheques}& 4410\\ \text{Unpresented cheque}& 19404\\ \text{Cheques wrongly debited by bank}& 1440\end{array}$

  Options:
  A) ₦4207
  B) ₦9527
  C) ₦6907
  D) ₦9877
  Show Answer
  The correct answer is B .
• Question 86: Which of these accounts is dissolution expenses credited? Options:
  A) partners capital account
  B) revaluation account
  C) partners current account
  D) Realization account
  Show Answer
  The correct answer is D .
• Question 87:

  Use the information below to answer this question:
  i. cash at bank ii. cash in hand iii. premises iv. land v. creditors vi. loan from friends/bank

  What are the current assets?

  Options:
  A) i and v
  B) i and ii
  C) ii and iv
  D) iii and v
  Show Answer
  The correct answer is B .
• Question 88: The term "accounting period" is used to refer to the Options:
  A) time span during which taxes are paid to the inland revenue board
  B) budget period, usually one year, relied on by the accountant
  C) time span, usually one year, covered by financial statement
  D) period within which debtors are expected to settle accounts
  Show Answer
  The correct answer is C .
• Question 89:

  

  Determine the closing stock under LOFO method

  Options:
  A) ₦575
  B) ₦500
  C) ₦375
  D) ₦275
  Show Answer
  The correct answer is A .
• Question 90:

  Use the question to answer this questionThe following information were extracted from the books of Miliki state

  Sinking of bore holes Purchase of Motor car Stationery Electricity Purchase of drugs Purchase of beds

  ₦ 2,900,000 920,000 300,000 45,000 76,000 425,000

  Capital expenditure is

  Options:
  A) ₦345,000
  B) ₦3,245,000
  C) ₦421,000
  D) ₦4,245,000
  Show Answer
  The correct answer is D .