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.
Which of the following is not a capital expenditure to a local government?
Abeds
Btheatre equipment
Cincubators
Dx-ray machine
Edrugs
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Question 1423
waec1997
A sales day book is used to record
Acash sales of stock
Bcredit sales of stock
Ccash and credit sales of stock
Dcash sales of fixed assets
Ecredit sales of fixed assets
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Question 1424
waec1997
Subscription in advance is treated in the Balance sheet of non-profit making organizations as
Acurrent asset
Bfixed asset
Ccurrent liability
Daccumulated fund
Egoodwill
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Question 1425
waec1997
To correct an error, the purchases account was debited while Suspense account was credited. Which of the following was the cause of the error?
Aundercasting of purchase
Bovercasting of purchases
Coriginal entry
Dtransportation of returns outwards
Eomission of creditor's balance
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Question 1426
waec1997
A suspense account is used to
Aagree the trial balance
Brecoord sales
Crecord purchases
Dcorrect errors
Eprepare the balance sheet
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Question 1427
jamb1997
The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal]
The correct closing balance for lawal's current account is
AN21 100 debit
BN14 740 debit
CN14 740 credit
DN540 credit
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Question 1428
jamb1997
The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal
The Correct closing balance for Musa's current account is
AN36 000 Credit
BN16 600 credit
CN16 600 debit
DN1 800 credit
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Question 1429
jamb1997
The end result of governmental accounting procedure is to
Akeep proper records of government expenditures
Bgive financial information to the public and investors
Cproduce timely and accurate financial reports for legislators and the public
Dgive information on the performance of public enterprises
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Question 1430
jamb1997
Public sector accounting is based on
Acash
Baccrual
Cbudget
Dconsolidated fund
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Question 1431
jamb1997
Which of the following are advantages of departmental accounts?
I. The department making the highest profit can be easily determined
II. The capital of the business can be calculated easily
III. Easy knowledge of the sources of funding
IV. Encouragement of healthy rivalry among the various departments
AI and IV only
BII and III only
CII and IV only
DIII and IV only
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Question 1432
jamb1997
If goods are invoiced to the branch at cost and the invoice par value is N 2 000 with 5%discount rate, can remitted to the head office is
AN2 100
BN 200
CN 1 900
DN 100
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Question 1433
jamb1997
The acid test ratio in the company is
A1:1
B1:2
C2:3
D3:2
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Question 1434
jamb1997
What is the working capital?
AN12 000
BN 11 000
CN 8 000
DN4 000
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Question 1435
jamb1997
A dividend of 10% in a company on 500 000 ordinary shares of N 1 nominal value has been declared, How much will a shareholder receive if he has 200 shares?
AN 500 000
BN 50 000
CN200
DN 20
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Question 1436
jamb1997
A company has 5% debentures worth N500 000 ordinary share capital N 2 000 000, and preference shares N1500 000. if the company made a profit of N 1 000 000, the debenture interest would amount to
AN 1 000 000
BN 500 000
CN 50 000
DN 25 000
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Question 1437
jamb1997
On partnership dissolution, if a partner's capital account has a debit balance and the partnr is insolvent, the deficiency will, in accordance with the decision of the case of Garner v Murray, be
Aborne by all the partners
Bborne by the insolvent partner
Cwritten off
Dborne by the solvent partners
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Question 1438
jamb1997
Accumulated fund on 1st January 1993 is
AN 8 570
BN8 470
CN 850
DN7 520
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Question 1439
jamb1997
Additional information :
1: 1: 93 31 : 12 : 93
N N
Subscription in arrears 300 450
Furniture 7000
Subscription received
in advance 500 400
Rate owing 50 60
Subscription relating to the accounting year 1993 in the income and expenditure account is
