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.
Income and expenditure account is more informative than receipts and payments account because it discloses?
Acash
Bcheques
Cdebtors
Dstocks
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Question 1142
jamb2003
Given:
Cost of raw materials issued to production.....N37000
Opening stock of raw material..................N2000
Purchases of raw material......................N3800
Wages .........................................N500
What is the closing stock of raw material?
AN4000
BN3000
CN2000
DN1000
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Question 1143
jamb2003
four broad classifications of overheads are?
Aproduction, selling, distribution and material
Bproduction, selling, distribution and administration
Cselling, distribution and production and wages
Ddistribution, selling, administration and material
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Question 1144
jamb2003
The stock valuation data is important because it enables management to?
Aseparate debtors from creditors
Bdetermine the cost of stock at the end of business
Cdetermine the cost of stock at the beginning of business
Ddetermine the total cost of goods purchased
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Question 1145
jamb2003
Advertising expenses incurred on a product in a business organization should be charged to?
Aproduction department
Bsales department
Cadministration department
Dpurchases department
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Question 1146
jamb2003
In a control account, provision for bad debts is found on the?
Adebit side of the purchases ledger control account
Bdebit side of the sales ledger control account
Ccredit side of the purchases ledger control account
Dcredit side of the sales ledger control account
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Question 1147
jamb2003
Provision for discount allowed can be recorded as debit to?
Athe profit and loss account and a credit to provision for discount allowed
Bprovision for discount allowed and a credit to the profit and loss account
Cdiscount allowed and a credit to the profit and loss account
Dexpenses and a credit to customers' account
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Question 1148
jamb2003
Given:
(i) Order of performance
(ii) Order of liquidity
(iii)Vertical order
(iv) Horizontal order
The order in which a balance assets is arranged are?
Ai and ii
Bi and iv
Cii and iii
Diii and iv
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Question 1149
jamb2003
Use the information below to answer questions .
Motor Vehicle Account as at 31st December 2001.
Debit:
Jan. 1, cost ................N1950 000
Dec.31, Addition ............ N400 000
Credit:
Jan. 1, Depreciation ........N1360 000
June 30, Sales proceeds...... N700 000
The vehicle sold was purchase on January 1, 1998 at a cost of N1,000 000 and had depreciation at 25% on cost.
What is the actual profit or loss arising from the vehicle disposed of?
AN250 000 loss
BN50 000 loss
CN450 000 profit
DN575 000 profit
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Question 1150
jamb2003
Use the information below to answer questions .
Motor Vehicle Account as at 31st December 2001.
Debit:
Jan. 1, cost ................N1950 000
Dec.31, Addition ............ N400 000
Credit:
Jan. 1, Depreciation ........N1360 000
June 30, Sales proceeds...... N700 000
The vehicle sold was purchase on January 1, 1998 at a cost of N1,000 000 and had depreciation at 25% on cost.
Assuming that depreciation is charged on the addition of the year at the rate of 15% on reducing balance, what should be the net book value of the vehicle as at 31st December 2003?
AN280,000
BN289,000
CN250,000
DN340,000
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Question 1151
jamb2003
Given:
Capital ...........N1000
Liabilities........N500
Assets.............N1500
The accounting equation can be expressed as?
AN1000 + N500 + N1500 = N3000
BN1000 - N500 + N1500 = N2000
CN1000 + N500 = N1500
DN1500 + N500 = N2000
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Question 1152
jamb2003
The recording phase of accounting is known as?
Abookkeeping
Btrial balancing
Cledger accounting
Dfinal accounting
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Question 1153
jamb2003
The transaction that completes its double entry in the same ledger account appears in?
Acash account and personal account
Bbank account and general ledger
Cdiscount received and discount allowed
Dcash account and bank accont
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Question 1154
jamb2003
Which accounting concept supports the assertion that economic reality takes precedence over legal issues?
ARealization concept
BSubstance over form
CConservatism
DMeasurement concept
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Question 1155
jamb2003
Use the information below to answer question.
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The transaction would be recorded in the cash book as debit?
Acash and credit bank
Bbank and credit cash
Ccash and credit cash
Dbank and credit bank
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Question 1156
jamb2003
Use the information below to answer question.
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The credit sales for the period would be?
AN5000
BN1900
CN1000
DN950
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Question 1157
jamb2003
Verifiability in accounting is only possible when there are?
Aminutes of meetings
Bpayment vouchers
Csource documents
Daudit certificates
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Question 1158
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.
The trial balance total is?
AN9700
BN8700
CN7900
DN7800
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Question 1159
jamb2003
The two legally recognized professional accounting bodies in Nigeria are the?
AInstitute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
BAssociation of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
CInstitute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
DNigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria
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Question 1160
jamb2003
Which of the following is used to update the cash book in bank reconciliation?
