Study and practice Accounting past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
administration expenses 526,000
Discount received 9, 650
Calculate the gross profit for the period?
AN 535,650
BN628,300
CN637,950
DN647,600
View Explanation & Discuss
Question 4
jamb1999
Use information below to answer this question.
Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
administration expenses 526,000
Discount received 9, 650
What is the closing stock for the period?
AN 69,300
BN81,300
CN81,600
DN106,400
View Explanation & Discuss
Question 5
jamb1999
Given:
Total cash received from debtors 30,000
Total purchases for the period 21,000
Amount owed by debtors at the beginning of the period 4,000
Equipment bought 2,500
Amount owed by debtors at the end of the period 3,000
Determine the value of sales for the period
AN29,000
BN 31,500
CN46,500
DN50,000
View Explanation & Discuss
Question 6
jamb1999
Use the information to answer the question
Aminu and Sons credit purchases (Extract] as at February 1996.
Feb 1Credit balances 40, 000
Debit balances 1, 000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000
What is the balance c/d in the purchases ledger control account?
AN 2,000
BN 8, 000
CN 40, 000
DN49,000
View Explanation & Discuss
Question 7
jamb1999
Use the information to answer the question
Aminu and Sons credit purchases (Extract] as at February 1996.
Feb 1Credit balances 40, 000
Debit balances 1, 000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000
The Total for the purchases ledger control account is
AN 480,000
BN490000
CN 500,000
DN540,000
View Explanation & Discuss
Question 8
jamb1999
Appropriation Account
Kudu Wale
Interest on capital 750 550
Salaries 800 600
Share of profits 3,300 3,300
Determine the net profit of the partnership.
AN 9,300
BN 6,600
CN4,850
DN 4,450
View Explanation & Discuss
Question 9
jamb1999
The conventional sources of public revenue includes?
Aloans,taxation, foreign reserves and dividends
Binterest, royalties, taxation and loans
Ccrude oil, interest, posted price and taxation
Dtaxtion, deficit budgeting, royalties and loans
View Explanation & Discuss
Question 10
jamb1999
Which of the following account is kept by local governments in Nigeria?
ABalance sheet
BAdvances account
CDebtors account
DProfit account
View Explanation & Discuss
Question 11
jamb1999
Capital and revenue expenditures of government are usually accounted for under funds which include?
AA personal advances, technical, special trust and
Btechnical, special trusth and commercial funds
Cpersonal advances, treasury clearance and special trusth funds
Dcommercial loans and treasury clearance funds
View Explanation & Discuss
Question 12
jamb1999
What is the correct entry in the head office books at the point of initial transfer of the goods?
ABranch stock account would be credited with
BBranch stock account would be debited with N12,000
CGoods sent to branch account would be debited with N10,800
DGoods sent to branch account would be credited with N12,000
View Explanation & Discuss
Question 13
jamb1999
Use the information below to Answer questions 46 and 47.
Among Limited invoiced goods at a cost of N10,000 to its Ikeja branch at a marginal of 20%. The branch later returned goods worth N1,200 at invoice price to the head office.
The profit marginal should be?
Adebit to goods sent to branch account
Bdebit to branch stock adjustment account
Ccredit to branch adjustment account
Dcredit to branch stock adjustment account
View Explanation & Discuss
Question 14
jamb1999
To record the transfer of stock from one department to another, the correct entry would be to debit?
Agoods outwards and credit goods inwards
Bmerchandise account and credit department stock account
Cdepartment transfering and credit department receivving
Ddepartment receiving and credit department transfering
View Explanation & Discuss
Question 15
jamb1999
The best method of allocating expenses among departments is to?
Aallocate expenses to each department in proportion to the sales of that department
Bcharge against each department those costs which are within its control
Ccharge expenses against each department in proportion to the purchases of that department
Dallocate expenses to each section of the department in relation to the number of people
View Explanation & Discuss
Question 16
jamb1999
Shares issued to a vendor in payment of business purchased would require a debit to?
Acash account and credit to share capital account
Bshare capital account and credit to vendor's account
Cvendor's account and credit to share capital account
Dshare capital account and credit to cash account
View Explanation & Discuss
Question 17
jamb1999
Calls in advance are treated in the balance sheet as?
Acurrent asset
Bcurrent liability
Cfixed assets
Dfixed liability
View Explanation & Discuss
Question 18
jamb1999
If a promoter pays a lawyer N5,000 for services rendered in preparing a Memorandum of Incorporation, the journal entry is to debit?
Apreliminary expenses, credit cash accounts
Bpromoter, credit creditors' accounts
Clawyer's credit cash accounts
Dcash , credit incorporation accounts
View Explanation & Discuss
Question 19
jamb1999
Which of the following events increases a corporation's shareholders equity?
ADonation of shares out of the corporation's own stock to the corporation
BThe corporation's purchase of treasury stock
CShares of previously subscribed stock issue to subscribing stockholders
DA municipality donation of land to the corporation
View Explanation & Discuss
Question 20
jamb1999
The market price per ordinary share of a corporation listed on the stock exchange is most closely related to its?
