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The trial balance showed wages, N2 500 and a note stated that N500 wages, were due but unpaid when preparing final accounts and loss account with
AN 3000 and show wages accrued N 500 in the balance sheet in the balance sheet
BN 2 000 and show wages accured N500 in the balance sheet
CN 3000 and show wages prepaid N 500 in the balance sheet
DN 2000 and show wages paid in advance N 500 in the balance sheet
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Question 2
jamb1995
What was the balance showed wages, N2 500 and a note stated that N 500 wages were due but unpaid when preparing final accounts and loss account with
AN 3 000 and show wages accrued N 500 in the balance sheet
BN2 000 and show wages accrued N500 in the balance sheet
CN 3 000 and show wages perpaid N 500 in the balance sheet
DN 2000 and show wages paid in advance N500 in the balace sheet
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Question 3
jamb1995
Trade creditors account was maintained at 25% of the capital.
What was the balance in the trade creditors account as at 31/12/92?
AN 29 800
BN 29 500
CN29 400
DN 29 000
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Question 4
jamb1995
THE BOOK VALUE OF THE ASSET AS AT 31/12/86 WAS
AN 3 731 250.00
BN 2 487 500.00
CN 1 268 750.00
DN1 020 000. 00
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Question 5
jamb1995
Accumulated depreciation on the asset as at 31/12/81 was
AN 2 487 500 .00
BN 2 736 250 . 00
CN 4 511 192.00
DN 4 975 000 .00
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Question 6
jamb1995
A charitable club has the following figures:
N
Subscriptions received in 1991 2 800
Subscriptions unpaid in 1990 300
Subscriptions paid for 1992 150
Subscriptions due 1991 180
How much should be charged to the income and expenditure of this club as subscription for 1991?
AN 2 530
BN 2 680
CN 2 830
DN 2 980
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Question 7
jamb1995
If a 10% dividend is approved, what is the dividend payable to ordinary shareholders?
AN 13 000
BN 11 300
CN 10 000
DN 8 000
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Question 8
jamb1995
Equity shareholders' fund is
AN133 000
BN 120 000
CN113 000
DN 100 000
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Question 9
jamb1995
A government accounting systems must make sure that
Arevenue exceeds expenditure
Ball applicable legal provisions are complied with
Ccapital expenditure is equal to revenue
Dcapital project fund is tied to recurrent expenditure
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Question 10
jamb1995
Eko Local Government expenditure
Hospital building ---------------------- N200,000
Drugs ---------------------------------- N180,000
Hospital beds and mattresses ------------ N40,000
Doctors' and nurses' salaries ---------- N120,000
Administrative expenses ----------------- N50,000
Recurrent expenditure is
AN390,000
BN360,000
CN350,000
DN170,000
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Question 11
jamb1995
Eko Local Government expenditure
Hospital building ---------------------- N200,000
Drugs ---------------------------------- N180,000
Hospital beds and mattresses ------------ N40,000
Doctors' and nurses' salaries ---------- N120,000
Administrative expenses ----------------- N50,000
Capital expenditure is
AN420,000
BN380,000
CN240,000
DN200,000
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Question 12
jamb1995
Which of the following are sources of revenue to state government in Nigeria?
I Statutory allocation
II Fines from customary courts
III Petroleum tax
IV Income tax
IV
AI and II only
BII and III
CI and IV
DIII and IV
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Question 13
jamb1995
Which of the following statement is correct about the head office current account and the branch current account?
ABoth always have debit balances
Bboth always have credit balances
Cthe head office current account has a credit balance while the branch current account has a debit balance
Dthe head office current account has a debit balance while the branch current account has a credit balance
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Question 14
jamb1995
The Asa branch of Emene company Ltd, made a sales of N549,000 from the goods sent from the head office during the period ended 31/12/94. These sales were based on a 22% mark up. If branch expenses were N34,400 and there were no discrepancies, what should be the profit of the branch for the period?
AN6,500
BN64,600
CN85,380
DN514,600
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Question 15
jamb1995
Departmental accounts re maintained to ascertain the
Aprofits of the entire organization
Bcontribution of each department
Cexpenses of each department
Dsales of each department
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Question 16
jamb1995
The measure of a company's ability to pays its debts quickly is called
ACurrent ratio
Bturnover ratio
Cacid test ratio
Dreturn of investment
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Question 17
jamb1995
A total of 400,000 shares of N1 each are to be issued by Sariki company Ltd at a price of N1.20 per share. Application were received for 600,000 shares out of which 100,000 were dishonored. If the available share were distributed pro-rata, what refund will be due a subscriber who applied for 5,000 shares?
AN1,000
BN1,200
CN4,800
DN6,000
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Question 18
jamb1995
Which of the following ratios gives an idea of the liquidity of a firm?
ATurnover ratio
BQuick ratio
CDebit ratio
DDividend yield
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Question 19
jamb1995
The conversion of a partners business into a limited liability company affords the
Ageneral partners the chance of enjoying the limited laibility protection
Blimited liability partners the chance of enjoying the limited liability protecction
CCreditors the chance of enjoying the limited liabiity protection
Ddebtors the chance of enjoying the limited liability protection
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Question 20
jamb1995
Halidu and Hamed are business partners with N30,000 and N20,000 capital respectively. At the end of the financial year, a profit of N12,000, which included Halidu's salary of N3,000 was made.
Hamed's share of the profit should be
