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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 121· Bank reconciliation statements· JAMB

    Bank statement balance ₦45,000; unpresented cheques ₦9,000; uncredited deposits ₦5,000. The adjusted cash book balance is

    Explanation and discussion

  2. Question 122· Bank reconciliation statements· JAMB

    The bank statement shows ₦60,000 in hand. Unpresented cheques total ₦15,000 and uncredited lodgements ₦9,000. What should the cash book show?

    Explanation and discussion

  3. Question 123· Bank reconciliation statements· WAEC

    Cheques paid into the bank but not yet shown on the bank statement are called

    Explanation and discussion

  4. Question 124· Bank reconciliation statements· WAEC

    A dividend received by direct credit, shown only on the bank statement, should be

    Explanation and discussion

  5. Question 125· Bank reconciliation statements· WAEC

    Cash book balance ₦30,000 (debit). Unpresented cheques ₦6,000. Uncredited lodgements ₦4,000. The bank statement balance is

    Explanation and discussion

  6. Question 126· 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 balance should the bank statement show?

    Explanation and discussion

  7. Question 127· Bank reconciliation statements· WAEC

    A dishonoured cheque from a customer is recorded by

    Explanation and discussion

  8. Question 128· Bank reconciliation statements· JAMB

    Uncredited lodgements are

    Explanation and discussion

  9. Question 129· Bank reconciliation statements· WAEC

    Interest credited by the bank should be

    Explanation and discussion

  10. Question 130· Branch and departmental accounts· WAEC

    Goods invoiced to a branch at ₦15,000 include a mark-up of 50% on cost. The cost of the goods is

    Explanation and discussion

  11. Question 131· Branch and departmental accounts· WAEC

    In branch accounts, the goods sent to branch account is closed by transfer to

    Explanation and discussion

  12. Question 132· Branch and departmental accounts· JAMB

    In departmental accounts, the wages of staff who work in only one department are charged to

    Explanation and discussion

  13. Question 133· Branch and departmental accounts· WAEC

    In departmental accounts, the salary of the general manager is best shared on the basis of

    Explanation and discussion

  14. Question 134· Branch and departmental accounts· JAMB

    Transfers of goods between departments are recorded in order to

    Explanation and discussion

  15. Question 135· Branch and departmental accounts· JAMB

    Goods sent by head office to a branch but not yet received at the year end are

    Explanation and discussion

  16. Question 136· Branch and departmental accounts· JAMB

    The branch stock adjustment account records

    Explanation and discussion

  17. Question 137· Branch and departmental accounts· WAEC

    Branch accounts help the head office to

    Explanation and discussion

  18. Question 138· Branch and departmental accounts· WAEC

    Head office sends goods costing ₦10,000 to a branch at cost plus 25%. The invoice price is

    Explanation and discussion

  19. Question 139· Branch and departmental accounts· JAMB

    In branch accounts, goods sent to branch are recorded at cost price or

    Explanation and discussion

  20. Question 140· Branch and departmental accounts· WAEC

    Rent of ₦60,000 is shared between departments A and B by floor area of 400 m² and 200 m². Department A's share is

    Explanation and discussion

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