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At the end of a financial period, the trading profit and loss account of a company showed a profit of N120,000. It was however discovered that revenue of N12,000 was recorded as expenses while expenses of N4,000 had been recorded as revenue. What should be the correct profit for the period?
AN104,000
BN128,000
CN136,000
DN144,000
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Question 1442
jamb1997
The receipt of cash from a customer who bought goods with N800 list price, 25% trade discount and 2/10, n/30 terms would, if paid within the discount period, amount to
AN576
BN588
CN600
DN624
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Question 1443
jamb1997
On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account.
The adjustment needed as at 31st December 1993 is?
Adebit rent account and credited adjustment account
Bdebit prepayment account and credit rent account
Cdebit rent account and credit prepayment account
Ddebit adjustment account and credit prepayment account
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Question 1444
jamb1997
On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account.
At 31/12/93, what portion of that amount was prepaid?
AN14,583
BN25,000
CN35,417
DN37,415
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Question 1445
jamb1997
An examination of the cash book on 3rd August 1993 showed a different balance from the bank statement of 31st July, 1993 which read N722. Uncredited cheques were Bimpe N40; Wale N60 while unpresented cheques were; Usman N20, Kalu N32 and Musa N70. What is the cash book balance after the reconciliation?
AN700
BN770
CN800
DN822
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Question 1446
jamb1997
When the sum of money appears on the credit side of the cash book, but not on the debit side of the bank statement, the sum is regarded as
Auncredited cheques
Bdishonoured cheques
Cdirect remittance to the bank
Dunpresented cheques
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Question 1447
jamb1997
Which of the following demonstrates the imprest system?
AFloat → expenses paid → cash in bank → float
BFloat → cash from bank → expenses paid → float
CFloat → expenses paid→ cash from bank → float
DFloat → cash in bank → expenses paid → float
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Question 1448
jamb1997
Erroneous rearrangement of financial figures such as writing N624 as N 264 is called
Atransposition
Bprinciple
Ccommission
Domission
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Question 1449
jamb1997
The term 'posting' in Accounting refers to
Arecording entries in the journal
Btransferring the balance in the ledger to the trial balance
Ctracing amounts from the journal to the ledger to find errors
Dtransferring entries to the ledger from the journal
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Question 1450
jamb1997
Books of original entry are used for
Arecording business transactions
Bthe adjustment of accounts
Creminding the book keeping to post transactions in the ledger
Dinforming the bookkeeper about the state of affairs
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Question 1451
jamb1997
The effect of the payment of liability is that it
Aincrease both assets and liabilities
Bincrease assets and decrease liabilities
Cdecrease assets and increase liabilities
Ddecrease both assets and liabilities
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Question 1452
jamb1997
The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as
Acredit note
Bdebit note
Cinvoice
Dvoucher
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Question 1453
jamb1997
The instrument that are generated when firms enter into business transactions with others are called
Apurchase document
Bjournals
Csource documents
Dinvoices
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Question 1454
jamb1997
Creditors use Accounting information for the purpose of
Aplanning sales to a company
Bcontrolling a company's affairs
Cinvesting in a company
Dassessing a company's liquidity
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Question 1455
jamb1997
In preparing accounting records, the owner of a business and the business are treated as
Athe same person
Bhaving business relationship
Cseparate legal entities
Dpartners
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Question 1456
jamb1997
The most important reason for studying accounting is that
Athe information provided by accounting is useful in making decision
BAccounting plays an important role in the society
Cthe study of Accounting leads to challeging career
DAccounting provides gross profit information
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Question 1457
waec1996
Use the following to answer the given question
UCHENNA ENTERPRISES: Balance sheet as at 31st December, 1993
\(\begin{array}{c|c} & N & N & & N \\ \hline Capital & 84,000 & & \text{Land and building} & 45,000 \\ \text{Add net profit} & 15,000 & 99,000 & \text{Furniture and Fittings} & 34,000 \\ \text{Less drawings} & & 9,000 & Stock & 28,000 \\ & & \overline{90,000} & debtors & 22,000 \\ debtors Creditors & & 25,000 & cash & 1,000 \\ Accruals & & 15,000 & & \\ & & \overline{130,000} & & \overline{130,000} \end{array}\)
Working capital amounts to
AN51,000
BN50,000
CN23,000
DN22,000
EN11,000
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Question 1458
waec1996
Use the following to answer the given question
UCHENNA ENTERPRISES: Balance sheet as at 31st December, 1993
\(\begin{array}{c|c} & N & N & & N \\ \hline Capital & 84,000 & & \text{Land and building} & 45,000 \\ \text{Add net profit} & 15,000 & 99,000 & \text{Furniture and Fittings} & 34,000 \\ \text{Less drawings} & & 9,000 & Stock & 28,000 \\ & & \overline{90,000} & debtors & 22,000 \\ debtors Creditors & & 25,000 & cash & 1,000 \\ Accruals & & 15,000 & & \\ & & \overline{130,000} & & \overline{130,000} \end{array}\)
Current assets amount to
AN51,000
BN50,000
CN23,000
DN22,000
EN11,000
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Question 1459
waec1996
Use the following to answer the given question
UCHENNA ENTERPRISES: Balance sheet as at 31st December, 1993
\(\begin{array}{c|c} & N & N & & N \\ \hline Capital & 84,000 & & \text{Land and building} & 45,000 \\ \text{Add net profit} & 15,000 & 99,000 & \text{Furniture and Fittings} & 34,000 \\ \text{Less drawings} & & 9,000 & Stock & 28,000 \\ & & \overline{90,000} & debtors & 22,000 \\ debtors Creditors & & 25,000 & cash & 1,000 \\ Accruals & & 15,000 & & \\ & & \overline{130,000} & & \overline{130,000} \end{array}\)
Capital employed is
AN130,000
BN115,000
CN99,000
DN90,000
EN84,000
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Question 1460
waec1996
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Provision for bad debts} & 1,000 Cr \\ \text{Bad debts} & 500Dr \\ debtors & 50,000Dr \\ \text{Additional bad debts to be written off} & 500 \end{array}\)
New provision for bad debts to stand at 5% of debtors. The total amount of bad debts to be charges as expense in the profit and Loss Account is
