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.
Entrance fees.........................N1200
Subscriptions(including N850 arrears).N4310
Donations received....................N1500
Proceeds from sales...................N2300
Total payments........................N8200
Depreciation..........................N2100
Closing cash balance..................N1110
The club deposited 200% of the closing cash balance in he bank during the period.
Determine the opening cash balance of the
AN3070
BN2220
CN5710
DN4320
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Question 2
jamb2007
Given:
Calculate the surplus income.
AN45 000
BN44 000
CN30 000
DN14 000
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Question 3
jamb2007
If the discount allowed is 2.5% of sales, calculate the closing balance in the sales ledger account
AN 1400
BN6 600
CN16 600
DN18 600
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Question 4
jamb2007
If cheques of N40 000 were received but a cheque of N8 000 was dishonoured, the amount owed was
AN9 000
BN20 000
CN 1000
DN17 000
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Question 5
jamb2007
A sole trader purchased goods in cash worth N2000 at 2% discount and made a cash sale of N1000 at the same rate of discount. Determine the amount of discount allowed?
AN20
BN40
CN400
DN200
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Question 6
jamb2007
Given:
Bank overdraft..............N2000
Cash........................N2000
Furniture...................N4000
Calculate the total amount on the credit side of the trial balance?
AN4000
BN2000
CN6000
DN8000
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Question 7
jamb2007
One of the benefits of book-keeping records is that they?
Agive prospective investors accurate and direct information for decisions-making
Bprovide the public and creditors with details of the operations of an entity
Cgive legal backing to all the transactions undertaken by a business entity
Dprovide information without which the task of management would be difficult
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Question 8
jamb2007
If Mr. Ajasin paid his creditors N5000 out of N20 000 owed, what would be the effect of this transaction on the accounting equation?
AA decraese in the total asssets by N5000
BAn incraese in the total liabilities and owners' equity by by N15 000
CAn increase in the total assets by N15 000
DA decrease in owners' equuity by N5000
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Question 9
jamb2007
Use the information below to answer questions
Given:
Returns inwards............N1500
cash.......................N1550
Discount...................N2850
Capital....................N3800
Debtors....................N900
Sundry.....................N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors
The total of the trial balance is?
AN6600
BN6650
CN5600
DN5900
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Question 10
jamb2007
Use the information below to answer questions
Given:
Returns inwards............N1500
cash.......................N1550
Discount...................N2850
Capital....................N3800
Debtors....................N900
Sundry.....................N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors.
How much is sundry expenses?
AN2700
BN2250
CN1550
DN2000
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Question 11
jamb2007
The fourth stage of the accounting information system is?
Arecording
Binterpreting
Csummarizing
Dclassifying
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Question 12
jamb2007
Use the information below to answer questions
Balance as per cash book................N13560
Unpresented cheques.....................N5120
Uncredited lodgements...................N2300
Dividend received not entered
in the cash book........................N2000
Bank charges............................N280
Standing order payments.................N600
Balance as per bank statement............?
What is the adjusted cash book balance?
AN14 680
BN15 560
CN16 440
DN17 000
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Question 13
jamb2007
Use the information below to answer questions
Balance as per cash book................N13560
Unpresented cheques.....................N5120
Uncredited lodgements...................N2300
Dividend received not entered
in the cash book........................N2000
Bank charges............................N280
Standing order payments.................N600
Balance as per bank statement............?
Calculate the balance in the bank statement.
AN14 680
BN15 560
C17 500
D16 380
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Question 14
jamb2007
Journal proper is used in recording?
Atransactions that are not regular
Breturns from customers
Ccredit sales
Dthe receipt and payment for money
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Question 15
jamb2007
The process whereby a cheque received by one person is given to another is known as?
Acheque crossing
Bpayment in cheque
Ccheque transfer
Dcheque endorsement
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Question 16
jamb2007
Use the information below to answer question
Net loss.......................N2300
Capital........................N10500
Liabilities....................N7200
What will be the equity of the business?
AN12 800
BN4900
CN8200
DN9500
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Question 17
jamb2007
Use the information below to answer question
Net loss.......................N2300
Capital........................N10500
Liabilities....................N7200
Find the value of the total assets?
AN17 700
BN10 500
CN20 000
DN15 400
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Question 18
jamb2007
Given:
Prepaid b/f.......................N10 000
Cash paid during the year.........N20 000
The amount to be charged to the profit and loss account is?
AN30 000
BN25 000
CN5 000
D20 000
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Question 19
jamb2007
The purchases ledger control account showed a credit balance of N525 000 on April 30, 2006.
This amount shows?
Awhat the debtor of a business enterprise owed the business
Bthe total amount which each debtor owed the business
Cwhat a business enterprise owed its creditors
Dthe amount whicih a business enterprise owed creditor
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Question 20
jamb2007
Use the information below to answer question .
Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%
