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When the factory cost of production has been ascertained, manufactured goods are transferred to trading account by?
Adebting manufacturing account and crediting trading acccount
Bcrditing sales account and debtiting trading account
Cdebiting sales account and crediting trading account
Dcrediting manufacturing account and debiting trading account
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Question 1342
jamb1999
In dealing with incomplete records, fixed assets are posted to?
Aopening profit and loss as brought forward figures
Bclosing balance sheet as carried forward figures
Cclosing balance sheets as brought forward figures
Dclosing profit and loss as brought forward figures
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Question 1343
jamb1999
The principal function of a sales ledger control account is to?
Aserve as internal check and provide quick information for the preparation of interim financial statements
Bserve as external check and provide quick information for the preparation of interim financial statements
Cprovide quick information for the preparation of customers' statement
Dprovide information for the control of salesmen's activities
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Question 1344
jamb1999
The main features of the single system are that?
Abooks of accounts are not maintained and business relies only on bank statement
Bthe journal records are absent and only the main ledger is kept 7
Cthere are incomplete classifications and recording procedures
Donly credit sales transactions and credit purchase are recorded
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Question 1345
jamb1999
Depreciation on a particular piece of machinery was N2,700 during the fifth year of its service life and N4,050 during the sixth year. The logical explanation for this is that?
Aan addition was made to the asset during the sixth year
Bthe estimate of salvage value on this equipment was decreased
Ca unit-of-output method of depreciation was used during the sixth year
Dthe estimate remaining service life of the assets was increased at the beginning of the sixth year
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Question 1346
jamb1999
Chibuike bought 36 notebooks at N10 each from John and was given a trade discount of 5%. In addition, he was offered 1% cash discount which he took advantage of. How much did Chibuike pay?
AN338.58
BN342.00
CN345.42
DN360,00
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Question 1347
jamb1999
Asa Company bought a vehicle worth N20,000 and the vehicle is to be depreciated at 5%. Using the reducing balance method of depreciation, what would be the value of the asset after 3 years?
AN19,000.00
BN18,050.50
CN17,147.50
D16,290.13
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Question 1348
jamb1999
A provision for bad debt account had N3,800 at the beginning of the year and N4,220 at the close of the year. If bad debts are calculated at the rate of 1/2% of annual sales, what was the credit sales for the period?
AN2,100,000
BN844,400
CN840,000
DN500,000
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Question 1349
jamb1999
The fixed amount of money given to a petty cashier at the beginning of a period is called?
Aimprest
Bpetty cash
Cfloat
Dcash advance
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Question 1350
jamb1999
Which of the following bank reconciliation items should not be added or subtracted from the bank statement balance to determine the adjusted cash balance?
AOutstanding cheques
BBank service charges
CDeposit in the mail not yet received by the bank
DBank error, charging a company for another company's cheque
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Question 1351
jamb1999
If the total discount allowed in a cash book was N230 and the total discount received was N255, which of the following is true concerning the two discounts?
AThey must be balanced in the cash book and the difference taken to the debtors ledger
BThey must be balanced in the cash book and the difference taken to the trial balance
CThey should not be balanced in the cash book before being taking to the trial balance
DThey should not appear in the trial balance as they were already either received or paid out
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Question 1352
jamb1999
In a cash book, the opening balance was N7,600, closing balance N9,200 and the total cash received during the period was N18,000. What was the amount of cash paid out during the period?
AN8,900
BN9,800
CN14,600
DN16,400
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Question 1353
jamb1999
A source document for the sales day book is?
Aa requisition form
Ban invoice
Ca customer advice
Da credit advice
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Question 1354
jamb1999
A basic unifying concept in accounting implies that?
Awhere creditors'account is zero, the assets are equal to the owners' equity
Bthere should be a balance in the creditors' account in order to measure total assets
Crevenues should be supported by invested and owners'capital
Dtotal assets can be less than liabilities and equity
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Question 1355
jamb1999
When a proprietor withdraws cash from the business for private use, he?
Adebits cash account and credits drawings account
Bcredits cash account and debits bank account
Cdebits bank account and credits drawings account
Dcredits cash account and debits drawings account
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Question 1356
jamb1999
A bookkeeping error occurs when there is?
Aa deliberate manipulation of records
Bunintentional correct posting in the ledger
Cintentional failure to record transactions completely
Dincorrect records and oversights that are not intended
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Question 1357
jamb1999
The need for changes in accounting theory in Nigeria was influenced by the?
Adynamics of commercialization and privatization policies
Bgrowh in size of business units
Cintroduction of the structural adjustment programme
Dinconvertibility of the nation's currency
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Question 1358
jamb1999
The basic role of accounting is to?
Adetect fraud
Battest to finacial statements
Cmeasure performance
Dprotect sharehlders
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Question 1359
jamb1999
Accrual concept stipulates that?
Arevenue should be recognized when it is earned
Bcosts should be recognized when the expenditure is paid
Crevenue should be recognized only when cash is paid
Dcosts should be recognized when the are incurred
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Question 1360
waec1998
Which of the following is true in Public sector accounting? Cost of assets is
