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 201: Use the information below to answer question .Adamu Stores bought accessories from Mu'azu Beverages for ₦400 on credit. A trade discount of 10% and a cash discount of 15% were provided.Find the total amount paid? Options:
  A) ₦260
  B) ₦300
  C) ₦200
  D) ₦380
  Show Answer
  The correct answer is B .
• Question 202: An expenses is said to be revenue in nature if it Options:
  A) adds or contributes to the operating income of the business
  B) necessitates the introduction of additional capital
  C) reduces the capital of the business
  D) adds to or improves the value of fixed assets
  Show Answer
  The correct answer is A .
• Question 203: The concise statement used to explain entries in the general journal is known as? Options:
  A) narration
  B) summary
  C) information
  D) commentary
  Show Answer
  The correct answer is A .
• Question 204: Journal proper is used in recording? Options:
  A) transactions that are not regular
  B) returns from customers
  C) credit sales
  D) the receipt and payment for money
  Show Answer
  The correct answer is A .
• Question 205:

  The difference between double entry and single entry is

  Options:
  A) double entry is based on the dual concept while single entry is not based on dual concept
  B) double entry is an account while single entry is not an account
  C) double entry keeps personal account while single does not
  D) double entry is useful for business enterprise while single entry is not
  Show Answer
  The correct answer is A .
• Question 206: 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 207:

  Given:

  1. The Memorandum of Association of the Company

  11.The Article of Association of the Company

  111. The Incorporation documentsFrom the above, which of the following is delivered to the Registrar of companies for incorporation

  Options:
  A) 1 and 11
  B) 1, 11 and 111
  C) 1 and 111
  D) 11 and 111
  Show Answer
  The correct answer is B .
• Question 208:

  Which of the following are advantages of departmental accounts?

  I. The department making the highest profit can be easily determined
  II. The capital of the business can be calculated easily
  III. Easy knowledge of the sources of funding
  IV. Encouragement of healthy rivalry among the various departments

  Options:
  A) I and IV only
  B) II and III only
  C) II and IV only
  D) III and IV only
  Show Answer
  The correct answer is A .
• Question 209:

  In preparing accounting records, the owners of a business and the business are treated as

  Options:
  A) separate legal entities
  B) partners
  C) the same person
  D) having business relationship
  Show Answer
  The correct answer is A .
• Question 210: Lubricating oil and spare parts of machinery are examples of? Options:
  A) direct materials
  B) indirect materials
  C) indirect expenses
  D) direct expenses
  Show Answer
  The correct answer is C .