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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 81· Accruals, prepayments and provisions· JAMB

    Stationery bought ₦15,000; unused stock at year end ₦4,000. The stationery expense is

    Explanation and discussion

  2. Question 82· Accruals, prepayments and provisions· WAEC

    Debtors are ₦50,000 and the provision for doubtful debts is to be 4%. The provision is

    Explanation and discussion

  3. Question 83· Accruals, prepayments and provisions· WAEC

    Wages owing at the end of the financial year are

    Explanation and discussion

  4. Question 84· Accruals, prepayments and provisions· JAMB

    Insurance prepaid at the end of the year is shown as

    Explanation and discussion

  5. Question 85· Accruals, prepayments and provisions· WAEC

    A provision for doubtful debts is

    Explanation and discussion

  6. Question 86· Accruals, prepayments and provisions· JAMB

    Debtors are ₦80,000 and the provision for doubtful debts is to be 5%. The existing provision is ₦3,000. The amount charged to profit and loss is

    Explanation and discussion

  7. Question 87· Accruals, prepayments and provisions· WAEC

    Commission earned but not yet received at the year end is

    Explanation and discussion

  8. Question 88· Accruals, prepayments and provisions· JAMB

    Bad debts recovered are treated as

    Explanation and discussion

  9. Question 89· Accruals, prepayments and provisions· JAMB

    An increase in the provision for doubtful debts is

    Explanation and discussion

  10. Question 90· Accruals, prepayments and provisions· WAEC

    Insurance of ₦24,000 paid covers 12 months, of which 3 months relate to next year. How much is charged for the current year?

    Explanation and discussion

  11. Question 91· Accruals, prepayments and provisions· WAEC

    Commission received in advance at the year end is shown as

    Explanation and discussion

  12. Question 92· Accruals, prepayments and provisions· WAEC

    Trade receivables are ₦200,000 and a 5% allowance for doubtful debts is required. Find the allowance.

    Explanation and discussion

  13. Question 93· Accruals, prepayments and provisions· JAMB

    Provision for doubtful debts is 5% of debtors of ₦80,000. The previous provision was ₦3,000. The charge to profit and loss is

    Explanation and discussion

  14. Question 94· Accruals, prepayments and provisions· WAEC

    Insurance paid ₦9,000 includes ₦3,000 for next year. The insurance expense for the year is

    Explanation and discussion

  15. Question 95· Accruals, prepayments and provisions· WAEC

    Rent for the year is ₦60,000 but only ₦45,000 has been paid. How is the difference treated?

    Explanation and discussion

  16. Question 96· Accruals, prepayments and provisions· JAMB

    Commission of ₦12,000 earned but not yet received at the year end is shown in the balance sheet as

    Explanation and discussion

  17. Question 97· Accruals, prepayments and provisions· JAMB

    The allowance for doubtful debts is increased from ₦4,000 to ₦6,000. The income statement is charged with

    Explanation and discussion

  18. Question 98· Accruals, prepayments and provisions· WAEC

    A prepaid expense appears in the balance sheet as

    Explanation and discussion

  19. Question 99· Bank reconciliation statements· JAMB

    A bank reconciliation statement is prepared to

    Explanation and discussion

  20. Question 100· Bank reconciliation statements· JAMB

    On 30 June the cash book of Musa Traders showed a debit balance of ₦84,000. The following were discovered: 1. Cheques issued but not yet presented: ₦15,000 2. Cheques paid in but not yet credited by the bank: ₦9,000 3. Bank charges not entered in the cash book: ₦1,200 4. A dividend of ₦7,000 received directly by the bank, not entered in the cash book

    What is the adjusted cash book balance?

    Explanation and discussion

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