Accounts Exam Past Questions and Answers | JAMB, WAEC and NECO

Accounts, also called Principles of Accounts by some exam boards, focuses on the organized and thorough recording of a business's financial transactions.

• Question 1181:

  Given:

  Depreciation of plant and machinery Factory rent Indirect wages General indirect expenses Lubricants Carriage inwards Factory power Bank charges Carriage outwards

  ₦ 1,600 650 695 726 1,235 829 350 612 2,900

  Determine the total factory overhead cost

  Options:
  A) ₦4,485
  B) ₦6,085
  C) ₦6,556
  D) ₦5,256
  Show Answer
  The correct answer is D .
• Question 1182:

  The partners capital are: Modibbo #60,000

  And Jakata #90,000. The partners share

  Profit and losses in the ratio of their capital

  Contributions.

  The net profit for the year is #12,000.What is Jakata's sharing profit?

  Options:
  A) 3:5
  B) 1:2
  C) 2:5
  D) 1:5
  Show Answer
  The correct answer is D .
• Question 1183:

  In trial balance, income and liabilities are

  Options:
  A) credited
  B) credited and debited respectively
  C) debited and credited respectively
  D) debited
  Show Answer
  The correct answer is A .
• Question 1184: What is the net working capital? Options:
  A) ₦2,600
  B) ₦1,800
  C) ₦800
  D) ₦600
  Show Answer
  The correct answer is C .
• Question 1185:

  Use the information below to answer this question
  ₦
  Total current assets 2000
  Total fixed assets 4000
  Current liabilities 1200
  Drawings 200
  Long term loan 2000

  What is the net working capital?

  Options:
  A) ₦1800
  B) ₦800
  C) ₦2600
  D) ₦600
  Show Answer
  The correct answer is B .
• Question 1186: Capital for a profit making organization is generated through Options:
  A) Subscription
  B) shares
  C) donation
  D) gift
  Show Answer
  The correct answer is B .
• Question 1187:

  Use the information below to answer this question

  Capital..................N............N........

  Land and building.......18470........24000....

  Mortgage on premises...................11090...

  Drawings...............3000...................

  Profit and loss........................3600...

  Furniture and fittings...5120.................

  Motor Vehicles...........3462................

  Closing Stock............3000................

  Debtors..................11474...............

  Creditors..............................7354.

  Cash.....................1518................

  ..........................46044.........46044

  Calculate the value of fixed assets

  Options:
  A) ₦15 992
  B) ₦18 470
  C) ₦27 000
  D) ₦27 052
  Show Answer
  The correct answer is D .
• Question 1188:

  Given:

  Net profit b/d.....................₦10,000

  Interest on capital:...M...........₦2, 000

  .......................K...........₦1, 000

  Partners' on salary....K...........₦800

  Interest on drawings...M...........₦500

  Profit sharing ratio M and K 3:2

  Determine M's share of profit?

  Options:
  A) 6,280
  B) 4,020
  C) 2,820
  D) 2,280
  Show Answer
  The correct answer is B .
• Question 1189:

  	N
  Purchase ledger opening balance	4,000
  sales ledger opening balance	6,000
  credit purchase	25,000
  Discounts allowed	1,000
  Returns inwards	2,000
  Credit sales during the year	10,000
  Return outwards	6,000

  Use the information above to answer the following question;

  What is the purchase ledger balance?

  Options:
  A) N29,000
  B) N24,000
  C) N4,000
  D) N23,000
  Show Answer
  The correct answer is D .
• Question 1190: Interest on a partner's drawings is debited to the Options:
  A) Partners current account and credited to the profit and loss appropriation account
  B) profit and loss appropriation account and credited to the partner's current account
  C) profit and loss account and credited to the partner's current account
  D) Partner's current account and credited to the profit and loss account
  Show Answer
  The correct answer is A .