JAMB and WAEC Accounts (Principles of Accounts) questions

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

All JAMB WAEC

Question 501· Public sector accounting· WAEC
The Auditor-General audits
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Answer: D. government accounts
Explanation and discussion
Question 502· Public sector accounting· WAEC
The main aim of public sector accounting is
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Answer: B. accountability for public funds
Explanation and discussion
Question 503· Public sector accounting· WAEC
In Nigeria, all federal revenues are paid into the
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Answer: A. Consolidated Revenue Fund
Explanation and discussion
Question 504· Public sector accounting· WAEC
A supplementary budget is passed when
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Answer: A. approved estimates are not enough for the year's needs
Explanation and discussion
Question 505· Public sector accounting· JAMB
Recurrent expenditure includes
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Answer: C. salaries and overheads
Explanation and discussion
Question 506· Public sector accounting· JAMB
The officer responsible for auditing the accounts of the Federal Government of Nigeria is the
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Answer: A. Auditor-General for the Federation
Explanation and discussion
Question 507· Public sector accounting· WAEC
The officer who controls spending in a ministry is the
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Answer: D. accounting officer, usually the permanent secretary
Explanation and discussion
Question 508· Public sector accounting· JAMB
Revenue collected by the Federal Government of Nigeria is paid into the
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Answer: A. Consolidated Revenue Fund
Explanation and discussion
Question 509· Public sector accounting· JAMB
Public sector accounting differs from private sector accounting mainly because its main aim is
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Answer: B. accountability for public funds rather than profit
Explanation and discussion
Question 510· Public sector accounting· JAMB
In Nigeria, the Appropriation Act for the federal budget is passed by the
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Answer: B. National Assembly
Explanation and discussion
Question 511· Public sector accounting· WAEC
The annual budget passed by the legislature becomes the
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Answer: A. Appropriation Act
Explanation and discussion
Question 512· Source documents and books of original entry· JAMB
The purchases returns book is written up from
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Answer: B. credit notes received from suppliers
Explanation and discussion
Question 513· Source documents and books of original entry· JAMB
The book of original entry used to record goods bought on credit is the
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Answer: D. purchases journal
Explanation and discussion
Question 514· Source documents and books of original entry· WAEC
The journal proper is used to record
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Answer: C. transactions not entered in other books, such as purchase of fixed assets on credit
Explanation and discussion
Question 515· Source documents and books of original entry· JAMB
An invoice received from a supplier for goods bought on credit is entered in the
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Answer: C. purchases journal
Explanation and discussion
Question 516· Source documents and books of original entry· WAEC
A paying-in slip is evidence of
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Answer: A. money deposited into a bank
Explanation and discussion
Question 517· Source documents and books of original entry· WAEC
Returns inwards are recorded from
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Answer: B. credit notes issued to customers
Explanation and discussion
Question 518· Source documents and books of original entry· JAMB
The source document for entries in the returns inwards journal is the
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Answer: C. credit note sent to the customer
Explanation and discussion
Question 519· Source documents and books of original entry· JAMB
Which book of original entry records cash and cheque transactions?
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Answer: D. the cash book
Explanation and discussion
Question 520· Source documents and books of original entry· JAMB
The source document for recording a cash sale is the
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Answer: B. receipt
Explanation and discussion

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JAMB and WAEC Accounts (Principles of Accounts) questions

The Auditor-General audits

The main aim of public sector accounting is

In Nigeria, all federal revenues are paid into the

A supplementary budget is passed when

Recurrent expenditure includes

The officer responsible for auditing the accounts of the Federal Government of Nigeria is the

The officer who controls spending in a ministry is the

Revenue collected by the Federal Government of Nigeria is paid into the

Public sector accounting differs from private sector accounting mainly because its main aim is

In Nigeria, the Appropriation Act for the federal budget is passed by the

The annual budget passed by the legislature becomes the

The purchases returns book is written up from

The book of original entry used to record goods bought on credit is the

The journal proper is used to record

An invoice received from a supplier for goods bought on credit is entered in the

A paying-in slip is evidence of

Returns inwards are recorded from

The source document for entries in the returns inwards journal is the

Which book of original entry records cash and cheque transactions?

The source document for recording a cash sale is the