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.
Use the information below to answer questions Turnover...........................N120 000 Net profit before tax..............N40 000 Net profit b/f.....................N68 000 Proposed dividends: Ordinary shares....................N8 000 Preference shares..................N6 000 Corporate tax is 30%...............N10 000
What is the tax charged to profit and loss account?
AN 14 000
BN 60 000
CN 34 000
DN 20 000
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Question 992
jamb2006
Accrual accounting differs from cash accounting because it recognizes?
Acash and creditors
Bdebtors and creditors
Ccash and debitors
Dprepayment and cash
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Question 993
jamb2006
Use the information below to answer questions
Turnover...........................N120 000
Net profit before tax..............N40 000
Net profit b/f.....................N68 000
Proposed dividends:
Ordinary shares....................N8 000
Preference shares..................N6 000
Corporate tax is 30%...............N10 000
The undistributed profit carried forward is?
AN 68 000
BN 20 000
CN 74 000
DN 34 000
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Question 994
jamb2006
Gross earnings........................N950 000
Current liabilities...................N100 000
Operating expenses....................N350 000
10% debentures........................N400 000
Shareholder's fund....................N1300 000
Corporate tax is 30%
From the data above calculate the returns on equity?
A33%
B35%
C20%
D30%
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Question 995
jamb2006
After receiving the financial statement the Auditor General of the Federation must submit a report to the National Assembly within?
A60 days
B30 days
C120 days
D90 days
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Question 996
jamb2006
Tunde purchased goods from Femi by cash worth N1000 with 10% cash discount. Tunde's ledger control account is to be?
Adeited by N100
Bcredited by N100
Ccredited by N1000
Ddeited by N1000
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Question 997
jamb2006
The difference in the sales ledger control account is transferred to the?
Aprofit and loss account
Bsales account
Cbalance sheet
Dtrading account
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Question 998
jamb2006
Use the information below to answer question .
Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000
Determine the current assets?
AN7 000
BN6 000
CN8 000
DN9 000
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Question 999
jamb2006
Use the information below to answer question .
Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000
The company maintains a current ratio of 3:1.
The capital balance is?
AN95 00
BN12 500
C11 500
D10 00
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Question 1000
jamb2006
A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the?
Aweighted average method
Bsimple average method
CFIFO method
DLIFO method
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Question 1001
jamb2006
The objective of a trading account is to establish the?
Acost of goods sold
Bgross profit
Cmanufacturing profit
Dnet profit
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Question 1002
jamb2006
The objective of the purchase ledger control account is to established the?
Acredit purchases
Bnet profit
Ctotal purchases
Dgross profit
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Question 1003
jamb2006
Use the information below to answer questions .
On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.
the rate of the yearly depreciation expense would be?
A50%
B40%
C30%
D20%
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Question 1004
jamb2006
Use the information below to answer questions .
On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.
Calculate the yearly depreciation expense using the straight line method.
AN11 000
BN11 200
CN11 400
DN11 300
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Question 1005
jamb2006
Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?
Astock account and credit profit and loss account
Bdrawings account and credit stock account
Cprofit and loss account and credit drawing account
Dstock account and credit drawings account
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Question 1006
waec2005
Where there is a loss on disposal of a fixed asset, it means
Adepreciation has been underestimated
Bdepreciation has been overestimated
Cscrap value has not been estimated
Ddepreciation method used is inappropriate
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Question 1007
waec2005
Where a proprietor withdraws stock for personal consumption, the accounting entries to record the transaction are
Adebit drawings account, credit purchases account
Bdebit purchases account, credit sales account
Cdebit sales avvount, credit drawings account
Ddebit drawings account, credit sales account
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Question 1008
waec2005
Resources consumed but to be paid for within the next accounting period are classified in the balance sheet as
Acurrent liabilities
Bcurrent assets
Clong-term liabilities
Dcapital
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Question 1009
waec2005
The part of the C.P.U used for the processing of data is
AMonoru unit
Barithmetic and logic unit
Coutput unit
Dinput unit
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Question 1010
waec2005
Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline \text{Chief Accountant} & 15 & 1 & N371,748\\ \text{Asst, Cheif Accountant} & 14 & 2 & N301,452\\ \text{Principal Accountant} & 12 & 4 & N243,732\\ \text{Accountant} & 7 & 6 & N113,632\\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \\ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \\ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & - \end{array}\)
The responsibility allowance of grade leaves 14 and 15 was
