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Given:
General expenses account.
Paid by cheque..................N671
Paid by cash....................N70
Accrued b/f.....................N65
Accrued c/f.....................N115
Determine how much to be charged to profit and loss account?
AN606
BN786
CN791
DN856
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Question 1092
jamb2004
The beginning and ending accounts receivable balances were N20,000 and N30,000 respectively.
The collection from customers during the period was N70,000. What was the total sale on account?
AN20,000
BN60,000
CN80,000
DN120,000
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Question 1093
jamb2004
In a sales ledger, contra entry is found on the?
Adebit side of the debtors' control account
Bdebit side of the crebtors' control account
Ccreadit side of the debtors' control account
Dcreadit side of the credtors' control account
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Question 1094
jamb2004
Use the information below to answer questions 17 and 18.
At the end of the year, the purchase ledger showed a debit balance of N108
The balancing figure in the purchases ledger control account is?
AN15,828
BN15,720
CN14,940
DN14,694
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Question 1096
jamb2004
The balancing figure in the purchases ledger control account is?
AN15,828
BN15,720
CN14,940
DN14,694
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Question 1097
jamb2004
Where closing stock is undervalued, the effect is?
Aan increase in gross profit
Ba decrease in gross profit
Can increase in purchases
Da decrease in purchase
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Question 1098
jamb2004
Given:
Rates paid during the year amounted to N2,250 at N125 per month and 1,035 was paid for electricity in the same period at N115 per month.
Determine the amount of prepaid rates?
AN345
BN750
CN1,380
DN1,500
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Question 1099
jamb2004
The balance on the provision for depreciation account is?
Aadded to fixed assets on the balance sheet
Bdeducted from the fixed assets on the balance sheet
Cdeducted from the profitand loss account
Dadded to current liabilities of the account
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Question 1100
jamb2004
Zakari started a business in January 2000. He bought a shop costing N54,000 and stock worth N7,600. Profit for the year amounted to 22,100. His closing capital was N73,800.
Zakari's personal drawings amounted to?
AN2,300
BN9,900
CN17,100
DN19,500
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Question 1101
jamb2004
The imprest account is subsidiary to the?
Aledger account
Bbank account
Ccash book
Dbank column
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Question 1102
jamb2004
The receipt whose name appears on a cheque is called a?
Apayer
Bdrawer
Cdrawee
Dpayee
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Question 1103
jamb2004
A debit in the suspense accounting will appear in the balance sheet as?
Aa current asset
Ba current lability
Ccapital
Ddrawings
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Question 1104
jamb2004
The rule of accounting equation requires that account payable should be placed under?
Aliabilities
Bequities
Cassets
Dcapital
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Question 1105
jamb2004
A source document is used for verifying the?
Aamount due to creditors
Bactual cost of an asset
Cselling price of goods
Damount due from debtors
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Question 1106
jamb2004
The loss of equipment in a fire disaster results in?
Aa decrease in current assets
Ban increase in liabiities and assets
Ca decrease in assets and capital
Dan increase in liabilities and a decrease in assets
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Question 1107
jamb2004
The accounting principle that is applied to check arbitrary actions on the part of accountants is?
Aconsistency
Bmateriality
Cobjectivity
Drealization
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Question 1108
waec2003
Rent Payable Account is an example of a
Anorminal account
Breal account
Cpersonal account
Dprivate account
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Question 1109
waec2003
The art of recording transactions in books of account is known as
