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.
Based on the FIFO method of valuation the total cost of the raw materials issued is
AN150
BN160
CN240
DN250
View Explanation & Discuss
Question 2
jamb2004
WHAT IS THE VALUE OF RAW MATERIALS ISSUED ON MAY 17TH BASED ON THE LIFO METHOD?
AN60
BN61
CN62
DN64
View Explanation & Discuss
Question 3
jamb2004
The owner wishes to maintain an amount equal to \( \frac{1}{3} \)
of capital as drawings.
The cash book closing balance will be
AN900
BN2,400
CN4,200
DN4,600
View Explanation & Discuss
Question 4
jamb2004
The owner wishes to maintain an amount equal to \( \frac{1}{3} \)
of capital as drawings.
The amount withdrawn is
AN2,100
BN2,200
CN4,400
DN6,400
View Explanation & Discuss
Question 5
jamb2004
The depreciation to be charged to department T is ?
AN30P00
BN400
C500
DN600
View Explanation & Discuss
Question 6
jamb2004
What is the net profit made by department S?
AN3,600
BN,3000
CN2,400
DN2,000
View Explanation & Discuss
Question 7
jamb2004
The value of the owner's equity is
AN400,000
BN900,000
CN957,000
DN1,357,000
View Explanation & Discuss
Question 8
jamb2004
What is the value of the authorized share capital?
AN500,000
BN600,000
CN750,000
DN1, 200,000
View Explanation & Discuss
Question 9
jamb2004
The statement of assets and liabilities in the public sector can be described as the?
Aincome and expenditure accountof government
Bappropriation account of government
Cbalance sheet of government
Dfunds flow statement of government
View Explanation & Discuss
Question 10
jamb2004
The budget statement presented to the legislature by the Chief Executive is called?
Aan appropriation act
Ba budget bill
Can appropriation bill
Da budget proposal
View Explanation & Discuss
Question 11
jamb2004
According to the provisions of the 1999 Constitution, all revenues generated by the Federal Government must be paid into the?
AConsolidated Revenue Fund
BFederation Account
CRevenue Mobilization Allocation and Fiscal Commission's Account
DEqualization Fund
View Explanation & Discuss
Question 12
jamb2004
Share premium is an example of?
Arevenue reserve
Bcapital reserve
Cgeneral reserve
Dloan capital
View Explanation & Discuss
Question 13
jamb2004
The expenses incurred in promoting a company are?
Apromoters' expenses
Bfloating expenses
Cpreliminary expenses
Dthe borad's expenses
View Explanation & Discuss
Question 14
jamb2004
Debentures can be redeemed out of?
Aexisting share capital reserve
Bexisting general reserve
Cproceeds from new issue of shares
Dwithholding tax
View Explanation & Discuss
Question 15
jamb2004
The accounting entry to record the premium on goodwill is to debit?
Acash and credit old partners' capital
Bgoddwill and credit revaluation
Cassets and credit capital
Dcapital and credit assets
View Explanation & Discuss
Question 16
jamb2004
When a new partner is admitted to a partnership, there is a need to revalue the?
Acapital of the business
Bcapital and liabilities of the business
Cassets and capital of the business
Dassets and liabilities of the business
View Explanation & Discuss
Question 17
jamb2004
What is Kunle's share of the profit?
AN600
BN300
CN180
DN120
View Explanation & Discuss
Question 18
jamb2004
Use the information below to answer questions 39 and 40.
Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.
Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.
The balance of profit and loss account will be?
AN4,000
BN2,800
CN1,500
D300
View Explanation & Discuss
Question 19
jamb2004
On dissolution, the final distribution of cash to partners is based on?
Apatnership agreement
BArticles os asssociation
Cgoodwill
Dcapital balances
View Explanation & Discuss
Question 20
jamb2004
Transfers from the head office to branches are best carried out at?
