Accounting Past Questions

Given:
                                  ₦
Bank overdraft       2,000
Cash                      2,000
Furniture                4,000

Derive the total amount on the credit side of the trial balance

Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called

The accounting method that reports incomes when earned and expenses when incurred is called 

Use the information below to answer the question

It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.

The depreciation to be charged to department B is

Use the information below to answer the question

It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.

What is the net profit made by department A?

Given:
                                                                  ₦
Total debtors b/d 31/12/99                    25,000
Cheques received from debtors         255,000
Total debtors c/d 31/12/00                    15,000

Calculate the sales figure

In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover

The excess of income over expenditure is usually transferred to the

Given:

Determine the total factory overhead cost

Capital and revenue expenditures of government are usually accounted for under funds which include

The ordinary shareholders enjoy the following right except the right to

Which of the following stock valuation method is suitable under inflationary conditions?

Sales ledger control account contains the total amount in respect of

A company has departments L, M and O. Department L Occupies a space twice that of M while O occupies half the space of M. If the company pays ₦70,000 on rent, what is the amount of rent that should be allocated to M?

Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than overstates results?

Kola and Sunday are in partnership sharing profits and losses equally. If Kemi is admitted as a new partner to take 1/5 as her share, what is the new profit or loss sharing ratio?

The rules which govern the internal management of a firm and its financial affairs in a partnership business is a

In trial balance, income and liabilities are

The power to appoint the Auditor General of the Federation is vested in the