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.
Which of the following is not contained in a journal? To record
Asmall and repetive cash disbursemens
Bpurchase and sale of fixed assets on credit
Cwriting off bad debts
Ddebtors and creditors
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Question 1023
waec2005
An allowance given to a customer by a supplier for prompt payment is
Atrade discount
Bdiscount received
Ccash discount
Dcash rebate
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Question 1024
waec2005
The systematic recording of business transactions is
Aauditing
Bbook-keeping
Cdebiting
Dcrediting
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Question 1025
jamb2005
The quick ratio is
A1:2
B1:3:1
C1.7:1
D3:1
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Question 1026
jamb2005
The current ratio is
A1:1
B2:1
C2.8:1
D3.5:1
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Question 1027
jamb2005
Calculate the closing stock under FIFO method
AN875
BN675
CN600
DN300
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Question 1028
jamb2005
Determine the closing stock under LOFO method
AN575
BN500
CN375
DN275
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Question 1029
jamb2005
The capital employed is
AN13 000
BN9 900
CN8 400
DN9 000
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Question 1030
jamb2005
Musa merchants Trading and profit and Loss Account for the year ended Dec.31st, 2003
Determine the closing stock
AN20 000
BN30, 000
CN40 000
DN50,000
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Question 1031
jamb2005
The tier of government that uses financial memorandum is the?
Afederal government
Bstate government
Clocal government
Dmunicipal government
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Question 1032
jamb2005
The accounting method that reports incomes when earned and expenses when incurred is called?
Acash accounting
Bcommitment accounting
Cfund accounting
Daccrual accounting
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Question 1033
jamb2005
A company paid cash in redemption of N10,000 debenture.
The accounting entry to record this will be to debit?
Acash and credit debenture
Bdebenture and credit cash
Ccash and credit capital
Dcapital and debit cash
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Question 1034
jamb2005
When assets are realized during a partnership dissolution, the entries for the proceeds are to debit?
Acash account and credit realization account
Brassets account and credit realization account
Crealization account and credit realization account
Dassets account and credit cash account
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Question 1035
jamb2005
Use the information below to answer question
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.
The balances of current accounts of Jide and Haruna are respectively?
AN6000 and N5000
BN3000 and N3400
CN4000 and N4000
DN3000 and N600
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Question 1036
jamb2005
Use the information below to answer question
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.
Calculate the profit available for appreciation?
AN12 000
BN10 000
CN8 000
DN7 000
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Question 1037
jamb2005
Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including?
Apartners' salaries
Binterest on capital
Cpartners' drawings
Dinterest on loans
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Question 1038
jamb2005
In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a?
Adebit entry
Bcredit entry
Ccontra entry
Dreversal entry
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Question 1039
jamb2005
The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch?
Adebtors' account
Btrading account
Cexpenses account
Dcash account
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Question 1040
jamb2005
The movement of goods from head office to a branch is treated in the in the head office accounts as?
