AdmitMe
All subjects

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 61· Accounts of not-for-profit organisations· JAMB

    A deficit in a club's income and expenditure account means that

    Explanation and discussion

  2. Question 62· Accounts of not-for-profit organisations· WAEC

    The excess of income over expenditure in a club is called a

    Explanation and discussion

  3. Question 63· Accounts of not-for-profit organisations· JAMB

    In a club's balance sheet, the equivalent of capital is the

    Explanation and discussion

  4. Question 64· Accounts of not-for-profit organisations· WAEC

    A club's income and expenditure account shows expenditure greater than income. The difference is a

    Explanation and discussion

  5. Question 65· Accruals, prepayments and provisions· JAMB

    Wages paid ₦90,000; wages owing at year end ₦6,000. The charge to profit and loss is

    Explanation and discussion

  6. Question 66· Accruals, prepayments and provisions· WAEC

    Debtors are ₦40,000 and a provision for doubtful debts of 5% is required. The provision is

    Explanation and discussion

  7. Question 67· Accruals, prepayments and provisions· WAEC

    Rent owing at the end of the year is

    Explanation and discussion

  8. Question 68· Accruals, prepayments and provisions· WAEC

    Insurance paid ₦12,000 covered 15 months, 3 of which fall into next year. The charge for this year is

    Explanation and discussion

  9. Question 69· Accruals, prepayments and provisions· JAMB

    Rent of ₦60,000 a year was charged, but ₦75,000 was paid during the year. The ₦15,000 difference is

    Explanation and discussion

  10. Question 70· Accruals, prepayments and provisions· WAEC

    Bad debts written off are

    Explanation and discussion

  11. Question 71· Accruals, prepayments and provisions· JAMB

    Rent received in advance is shown in the balance sheet as

    Explanation and discussion

  12. Question 72· Accruals, prepayments and provisions· JAMB

    Rent received in advance at the year end is shown as

    Explanation and discussion

  13. Question 73· Accruals, prepayments and provisions· JAMB

    Bad debts of ₦4,000 are written off. The double entry is

    Explanation and discussion

  14. Question 74· Accruals, prepayments and provisions· WAEC

    A prepaid expense at the year end is shown as

    Explanation and discussion

  15. Question 75· Accruals, prepayments and provisions· JAMB

    Insurance of ₦36,000 was paid for the 12 months to 31 March 2027. The accounting year ends on 31 December 2026. The amount prepaid at the year end is

    Explanation and discussion

  16. Question 76· Accruals, prepayments and provisions· WAEC

    Commission receivable but not yet received is shown in the balance sheet as

    Explanation and discussion

  17. Question 77· Accruals, prepayments and provisions· JAMB

    Rates of ₦48,000 paid on 1 April 2025 cover the 12 months to 31 March 2026. At 31 December 2025, how much is prepaid?

    Explanation and discussion

  18. Question 78· Accruals, prepayments and provisions· JAMB

    December's electricity bill of ₦7,000 was unpaid at 31 December. The correct adjustment is to

    Explanation and discussion

  19. Question 79· Accruals, prepayments and provisions· JAMB

    Wages owing at the end of the year are shown in the balance sheet as a

    Explanation and discussion

  20. Question 80· Accruals, prepayments and provisions· WAEC

    Rent paid during the year was ₦11,000 and ₦1,000 was still owing at the year end. The rent charged to profit and loss is

    Explanation and discussion

Practise Accounts (Principles of Accounts) like the real exam. A timed CBT, your score, and the topics to fix.

Start a Accounts (Principles of Accounts) test