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 following information to answer the given question.
\(\begin{array}{c|c} \text{Net profit for the year} & N75.000\\ \text{Ordinary share capital of 50 kobo each} & N65,000\\ \text{10% Preference shares of 50 kobo each} & N100,000\end{array}\)
The amount available as dividend to ordinary shareholders is
AN75,000
BN65,000
CN55,000
DN52,500
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Question 1122
waec2003
Patient and trade marks are classified under
Aintangible assets
Bcurrent assets
Cfixed assets
Dwasting assets
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Question 1123
waec2003
The procedure for utilizing the savings from one sub-head of expenditure to pay for another under the same head is
Aapportionment
Bvirement
Cappropriation
Dallocation
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Question 1124
waec2003
Which of the following is the responsibility of a local government?
Aconstructing market stalls
Braising income tax revenue
Cdeveloping highways and tolling them
Ddeveloping major ports for tax purposes
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Question 1125
waec2003
Which of the following is not an externally visible part of a computer?
Acentra processing unit
Bmicrochip
Cmonitor
Dkeyboard
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Question 1126
waec2003
The document which advertises the sale of shares of a company is a/an
Aprospectus
Bdebenture
Cstatement
Dinvoice
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Question 1127
waec2003
The transformation of pieces of information into a more useful format is
Adata processing
Binformation processing
Ccomputerization
Dsystem analysis
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Question 1128
waec2003
A chain store is known as?
Adepartment store
Bmultiple store
Csupermarket
Dhypermarket
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Question 1129
waec2003
An unfavourable balance of trade for a country means that her?
Aimports exceed exports
Bvisible exports exceed invisible import
Cinvisible exports exceed visible exports
Dimports and exports are equal
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Question 1130
jamb2003
What is the capital at start?
AN53 000
BN63 000
CN73 000
DN83 000
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Question 1131
jamb2003
Credit purchases are always put at 150% of the total cash paid to suppliers
Determine the credit purchases
AN13 500
BN15 500
CN13 400
DN12 000
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Question 1132
jamb2003
Credit purchases are always put at 150% of the total cash paid to suppliers
Calculate the closing balance of the ledger account
AN6 900
BN6400
CN5000
DN4000
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Question 1133
jamb2003
Use the information to answer this question
Date.............Details........................
Feb........1 Purchased 400 units at N1.00 each
,, ........5 Purchased 200 units at N2.00 each
,,.........10 Purchased 200 units at N300 each
,, .........15 Issued 320 units
,,..........20 Issued 200 units at N4,00 each
,,..........25 Issued 120 units
Using the periodic simple average method, the cost per unit is
AN4.25
BN3.25
CN2.25
DN1.25
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Question 1134
jamb2003
Use the information to answer this question
Date.............Details........................
Feb........1 Purchased 400 units at N1.00 each
,, ........5 Purchased 200 units at N2.00 each
,,.........10 Purchased 200 units at N300 each
,, .........15 Issued 320 units
,,..........20 Issued 200 units at N4,00 each
,,..........25 Issued 120 units
Calculate the price per unit of closing stock using the periodic weighted average method.
AN3.20
BN3.00
CN2.20
DN2.00
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Question 1135
jamb2003
Use the information below to answer this questions
Capital..................N............N........
Land and building.......18470........24000....
Mortgage on premises...................11090...
Drawings...............3000...................
Profit and loss........................3600...
Furniture and fittings...5120.................
Motor Vehicles...........3462................
Closing Stock............3000................
Debtors..................11474...............
Creditors..............................7354.
Cash.....................1518................
..........................46044.........46044
Calculate the value of fixed assets
AN15 992
BN18 470
CN27 000
DN27 052
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Question 1136
jamb2003
Use the information below to answer this questions
Capital..................N............N........
Land and building.......18470........24000....
Mortgage on premises...................11090...
Drawings...............3000...................
Profit and loss........................3600...
Furniture and fittings...5120.................
Motor Vehicles...........3462................
Closing Stock............3000................
Debtors..................11474...............
Creditors..............................7354.
Cash.....................1518................
..........................46044.........46044
What is the capital employed?
AN44 600
BN43 052
CN43 044
DN38 600
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Question 1137
jamb2003
What is the consolidated revenue fund balance?
AN1100,000
BN680,000
CN440,000
DN410,000
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Question 1138
jamb2003
Use the information to answer this question.
..............ZEBRA PLC..............
.............Balance sheet as at 31st March, 2002
...............N...............N............N......
Capital......100,000...Fixed assets:
Current................Land &..................
Liabilities...........buildings..50,000......
Creditors........30000..Furniture..10,000....60,000
.......................Current..................
.......................Assets: .......
..................Stock .........30,000...........
..................Debtors.......30,000.............
..................Cash..........10,000......70,000..
.............130,000.........................130,000
The business was acquired on 1st April, 2002 at a purchase consideration of N120,000 by SOZ. All assets and liabilities were taken over except the cash to open the new firm's bank account additional N20,000 was paid into the bank.
Calculate the network of the business
AN120,000
BN90,000
CN80,000
DN30,000
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Question 1139
jamb2003
Use the information to answer this question.
..............ZEBRA PLC..............
.............Balance sheet as at 31st March, 2002
...............N...............N............N......
Capital......100,000...Fixed assets:
Current................Land &..................
Liabilities...........buildings..50,000......
Creditors........30000..Furniture..10,000....60,000
.......................Current..................
.......................Assets: .......
..................Stock .........30,000...........
..................Debtors.......30,000.............
..................Cash..........10,000......70,000..
.............130,000.........................130,000
The business was acquired on 1st April, 2002 at a purchase consideration of N120,000 by SOZ. All assets and liabilities were taken over except the cash to open the new firm's bank account additional N20,000 was paid into the bank.
The goodwill on purchase is
AN90,000
BN30,000
CN19,000
DN18,000
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Question 1140
jamb2003
Use the information below to answer question .
Capital ...................N2000
Bank ......................N1200
Purchase ..................N2500
Sales .....................N6700
Stock .....................N1300
Creditors .................N1000
Fixed assets...............N3700
Drawings ..................N?
Drawings are always estimated at 50% of capital.
