Accounting Past Questions

Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than overstates results?

Kola and Sunday are in partnership sharing profits and losses equally. If Kemi is admitted as a new partner to take 1/5 as her share, what is the new profit or loss sharing ratio?

The rules which govern the internal management of a firm and its financial affairs in a partnership business is a

In trial balance, income and liabilities are

The power to appoint the Auditor General of the Federation is vested in the

The addition of prime cost, indirect cost and opening work- in-progress less the closing work-in-progress will result in cost of

The value of the sales ledger control account is derived from the summation of the

The standing order is a payment instruction given by a

The debenture issued at par above the nominal value is Said to be issued at a

Which of the following are advantages of departmental accounts?

Four broad classifications of overheads are

Advertising expenses incurred on a product in a business organization should be charged to

The major distinguishing element between the final accounts of a partnership and a sole trader is the

Appropriation Account
                                          TAYO                TOPE
                                              ₦                         ₦
interest on capital             750                    550
Salaries                               800                     600
Share of profit                   3,300                  3,300
Determine the net profits of the partnership

The term "accounting period" is used to refer to the

Fiyinfoluwa Motors bought three Toyota Hilux vans on cash at the cost of ₦6,000,000 on debiting the vehicle account, the corresponding credit for the purchase will appear in the

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A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.

If the scrap value is presently ₦15,000 what will be the yearly depreciation using straight-line method?

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A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.
 

The yearly depreciation using the straight-line method would be

In the head office ledger, the value of goods sent to the branch are