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JAMB and WAEC Accounts (Principles of Accounts) questions

609 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAccounting concepts and conventions · 35Accounts of not-for-profit organisations · 29Accruals, prepayments and provisions · 34Bank reconciliation statements · 31Branch and departmental accounts · 29Company accounts · 33Control accounts · 30Depreciation of non-current assets · 34Double entry and the ledger · 38Final accounts of a sole trader · 39Incomplete records · 31Manufacturing accounts · 29Nature and purpose of accounting · 29Partnership accounts · 34Petty cash and the imprest system · 26Public sector accounting · 30Source documents and books of original entry · 30The cash book and discounts · 33The trial balance and errors · 35

  1. Question 181· Company accounts· JAMB

    Called-up capital is

    Explanation and discussion

  2. Question 182· Company accounts· JAMB

    A company issued 100,000 shares of ₦1 at par; ₦0.75 per share has been called and paid. Paid-up capital is

    Explanation and discussion

  3. Question 183· Company accounts· JAMB

    Dividend paid to ordinary shareholders is

    Explanation and discussion

  4. Question 184· Company accounts· WAEC

    Retained profit in a company's balance sheet belongs to

    Explanation and discussion

  5. Question 185· Company accounts· WAEC

    Preference shareholders are entitled to

    Explanation and discussion

  6. Question 186· Company accounts· WAEC

    Proposed dividends are shown in the

    Explanation and discussion

  7. Question 187· Company accounts· JAMB

    The statement showing a company's cash inflows and outflows is the

    Explanation and discussion

  8. Question 188· Company accounts· WAEC

    The maximum share capital a company may issue is its

    Explanation and discussion

  9. Question 189· Company accounts· JAMB

    Calls in arrears are

    Explanation and discussion

  10. Question 190· Company accounts· JAMB

    Forfeited shares are shares

    Explanation and discussion

  11. Question 191· Company accounts· WAEC

    A company has ₦200,000 of 10% debentures. Annual debenture interest is

    Explanation and discussion

  12. Question 192· Control accounts· WAEC

    Which of these appears on the credit side of the purchases ledger control account?

    Explanation and discussion

  13. Question 193· Control accounts· WAEC

    Cheques paid to suppliers are entered in the purchases ledger control account on the

    Explanation and discussion

  14. Question 194· Control accounts· WAEC

    Interest charged to a customer on an overdue account is entered in the sales ledger control account on the

    Explanation and discussion

  15. Question 195· Control accounts· WAEC

    In the sales ledger control account, credit sales are entered on the

    Explanation and discussion

  16. Question 196· Control accounts· JAMB

    Control accounts help management to

    Explanation and discussion

  17. Question 197· Control accounts· JAMB

    A set-off (contra) between the sales and purchases ledgers occurs when

    Explanation and discussion

  18. Question 198· Control accounts· JAMB

    Returns outwards appear in the purchases ledger control account on the

    Explanation and discussion

  19. Question 199· Control accounts· WAEC

    Cash sales are NOT recorded in the sales ledger control account because

    Explanation and discussion

  20. Question 200· Control accounts· WAEC

    Opening creditors ₦20,000; credit purchases ₦60,000; payments ₦55,000; returns outwards ₦3,000. Closing creditors are

    Explanation and discussion

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