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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 281· Double entry and the ledger· WAEC

    A debit balance on a customer's account means the customer

    Explanation and discussion

  2. Question 282· Double entry and the ledger· JAMB

    Okon Motors, a motorcycle dealer, bought motorcycles worth ₦900,000 on credit from Dayo Ltd to sell to customers. The correct entry is

    Explanation and discussion

  3. Question 283· Double entry and the ledger· WAEC

    A motor van bought on credit from Adeyemi Motors is entered as

    Explanation and discussion

  4. Question 284· Double entry and the ledger· JAMB

    Commission received in cash is recorded by

    Explanation and discussion

  5. Question 285· Double entry and the ledger· WAEC

    A credit balance on a creditor's account means the business

    Explanation and discussion

  6. Question 286· Double entry and the ledger· WAEC

    Expenses accounts normally have

    Explanation and discussion

  7. Question 287· Double entry and the ledger· JAMB

    Which of these accounts normally has a credit balance?

    Explanation and discussion

  8. Question 288· Double entry and the ledger· JAMB

    Which account normally has a debit balance?

    Explanation and discussion

  9. Question 289· Double entry and the ledger· WAEC

    Commission received is a

    Explanation and discussion

  10. Question 290· Double entry and the ledger· WAEC

    When a business buys furniture on credit from Ade, the entries are

    Explanation and discussion

  11. Question 291· Double entry and the ledger· WAEC

    The owner takes goods from the business for personal use. The entries are

    Explanation and discussion

  12. Question 292· Double entry and the ledger· WAEC

    Payment of wages by cheque is recorded as

    Explanation and discussion

  13. Question 293· Double entry and the ledger· JAMB

    Goods taken from the business by the owner for personal use should be recorded by

    Explanation and discussion

  14. Question 294· Final accounts of a sole trader· WAEC

    Which of these is a current liability?

    Explanation and discussion

  15. Question 295· Final accounts of a sole trader· JAMB

    Which of these is a current asset?

    Explanation and discussion

  16. Question 296· Final accounts of a sole trader· JAMB

    Net profit ₦45,000 is added in the balance sheet to

    Explanation and discussion

  17. Question 297· Final accounts of a sole trader· WAEC

    Which of these is charged to the trading account?

    Explanation and discussion

  18. Question 298· Final accounts of a sole trader· WAEC

    Net profit is transferred to the

    Explanation and discussion

  19. Question 299· Final accounts of a sole trader· JAMB

    Which of these appears in the balance sheet?

    Explanation and discussion

  20. Question 300· Final accounts of a sole trader· WAEC

    Gross profit is ₦180,000, total expenses ₦95,000 and discount received ₦5,000. Find the net profit.

    Explanation and discussion

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