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JAMB and WAEC Accounts (Principles of Accounts) questions: Accruals, prepayments and provisions

34 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 1· 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

  2. Question 2· 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

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

    Rent owing at the end of the year is

    Explanation and discussion

  4. Question 4· 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

  5. Question 5· 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

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

    Bad debts written off are

    Explanation and discussion

  7. Question 7· Accruals, prepayments and provisions· JAMB

    Rent received in advance is shown in the balance sheet as

    Explanation and discussion

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

    Rent received in advance at the year end is shown as

    Explanation and discussion

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

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

    Explanation and discussion

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

    A prepaid expense at the year end is shown as

    Explanation and discussion

  11. Question 11· 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

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

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

    Explanation and discussion

  13. Question 13· 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

  14. Question 14· 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

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

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

    Explanation and discussion

  16. Question 16· 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

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

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

    Explanation and discussion

  18. Question 18· 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

  19. Question 19· Accruals, prepayments and provisions· WAEC

    Wages owing at the end of the financial year are

    Explanation and discussion

  20. Question 20· Accruals, prepayments and provisions· JAMB

    Insurance prepaid at the end of the year is shown as

    Explanation and discussion

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