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 1451:

  Four broad classifications of overheads are

  Options:
  A) production, selling, distribution and administration
  B) production, selling, distribution and material
  C) selling, distribution and material
  D) distribution, selling, administration and materials
  Show Answer
  The correct answer is A .
• Question 1452:

  Social Club Subscription (Extract)31/12/2009 Subscription accrued #18,900

  Subscription received in advance #16,400

  Subscription received during

  The year 2009 #38,570What is the amount of subscription to be shown as liability in the balance sheet as at December 2009

  Options:
  A) #14,200
  B) #16,400
  C) #18,900
  D) #20,500
  Show Answer
  The correct answer is C .
• Question 1453:

  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 1454:

  Use the information below to answer the question

  Goods from head office................₦13,400

  Returns to head office ...............₦118

  Rates and insurance paid .............₦188

  Wages paid ...........................₦913

  Cash remitted to head office..........₦16,625

  Stock at 1/1/2000.....................₦1,875

  Rents paid ...........................₦325

  Stock at 31/12/2000 ..................₦1,975

  Sundry expenses ......................₦200

  What is the total expenses?

  Options:
  A) ₦1 875
  B) ₦1 817
  C) ₦1 626
  D) ₦1 426
  Show Answer
  The correct answer is C .