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.
The ratio which measures the solvency of a firm is the
Aquick ratio
Bgross profit over sales ratio
Cstock turnover ratio
Ddebtors turnover ratio
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Question 1273
waec2000
A partner who has full power of participating in the conduct of a partnership business is a
Ageneral partner
Blimited partner
Csleeping partner
Dnominal partner
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Question 1274
waec2000
In a bonus issue of one new share for every four held, a holder of 100,000 shares will get additional shares of
A50,000
B25,000
C20,000
D10,000
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Question 1275
waec2000
Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Williams' interest on capital?
AN10,000
BN7,000
CN6,000
DN4,000
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Question 1276
waec2000
Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. If Williams introduces cash of N10,000 by way of loan to the partnership, how much interest will he earn per annum on the loan?
AN2,000
BN1,500
CN1,000
DN500
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Question 1277
waec2000
Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Jacob's share of profit?
AN10,000
BN8,000
CN5,000
DN4,000
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Question 1278
waec2000
Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Williams' share of profit?
AN12,000
BN10,000
CN8,000
DN5,000
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Question 1279
jamb2000
Given
Dept A Dept B
Floor space 40m2 60m2
Machine hours 1200 1400
Turnover N36 million N64 million
Labour hours 1000 1400
A joint cost of N 72 million incurred by the two departments was apportioned N30 million to A and N42 million to B. the basis used for apportionment must have been
Alabour hours
Bfloor space
Cturnover
Dmachine hours
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Question 1280
jamb2000
The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are
Asales income
Breceipt from debtors
Cfixtures and fittings
Drent paid
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Question 1281
jamb2000
Amin Ltd. Creditor Ledger Control Account (Extracts)
Beginning control account
Balance: Debit 32,000
Credit 61,000
Purchases during the year:
Cash 30,000
Credit 60,000
Payment to suppliers:
Cash 13,000
Cheque 29,000
Debtor's contra 6,000
The closing control account balance is
AN 41,000
BN65,000
CN71,000
DN77,000
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Question 1282
jamb2000
Use the information below to this question Cost of raw materials consumed 300,600 Carriage inwards 6,700 Returns of raw materials 10,800 Closing stock of raw materials 100,250 Manufacturing wages 27,000 Lighting, power, insurance and rent relation to the factory are apportioned 1/3,2/5, 1/6 and 17 with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.
The production cost of finished goods is
AN 524,600
Bn408,600
Cn381,600
Dn327,600
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Question 1283
jamb2000
Use the information below to this question
Cost of raw materials consumed 300,600
Carriage inwards 6,700
Returns of raw materials 10,800
Closing stock of raw materials 100,250
Manufacturing wages 27,000
Lighting, power, insurance and rent
relation to the factory are
apportioned 1/3,2/5, 1/6 and 17
with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.
What is the cost of the opening raw materials?
AN 418,350
BN404,950
CN400,250
DN398,250
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Question 1284
jamb2000
The accounting convention which stipulates that money or goods taken from the business by the owner for personal use should be treated as deductions from capital is
Acost
Bprudence
Cconsistency
Dentity
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Question 1285
jamb2000
Yahuza Enterpises
Trial Balance (Extracts) as at Dec. 31, 1998.
Capital
Premises 90,000 21,000
Debtors 35,000
Provisions 1/1/98:
Depreciation 9,000
Bad and doubtful 1,500
If premises is to be depreciated at 10% on cost and a 5% provision is to be allowed on debtors, the total asset in the balance sheet is
AN 125, 000
BN114,500
CN105,500
DN105,250
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Question 1286
jamb2000
Halal Limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/97.
The company's policy provides for 15% bad debt annually. Which of the following represents the total balance of debtors before adjustment?
AN6,120,000
BN6,120,300
CN8,280,000
D8,820,000
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Question 1287
jamb2000
A major benefit derived from the reconciliation of branch and head office books is to?
Adetermine accurate returns by the branch
Bascertian the correct profit or loss on branch activities
Cenable the branch to keep control over stock
Denable the branch to ascertain debtor's balance
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Question 1288
jamb2000
Recurrent expenditure are expenses for the period not exceeding?
A10 years
B5 years
C2 years
D1 year
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Question 1289
jamb2000
The channel through which all government borrowing and domestic lending transactions pass is called?
Aspecial trust fund
Bagency fund
Cnational loan fund
Dcontingency fund
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Question 1290
jamb2000
(i) Meet growth and diversification need.
(ii) Reach out to particular customers or markets
(iii) Comply with some regulatory directives
(iv) Increase employees' income.
Which of the reasons above do companies consider in establishing branches?
