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Mallam Gambo bought a freezer for his shop costing N10,500. In recording, he debited office expenses account and credited the bank account. What book-keeping error has he committed?
AError of commission
BError of reversal of entries
CError of principle
DCompensating error
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Question 1563
jamb1994
What is the cardinal rule of the double entry system?
ADebit the increasing account and credit the decreasing account
BDebit the receiving account and credit the giving account
CDebit the asset account and credit the liability account
DDebit the revenue account and credit the expenditure account
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Question 1564
jamb1994
When a business incurs labour cost in installing a fixed asset, the cost is treated as
Aadditional cost to the asset
Bbusiness wages and salaries
Cinstallation cost of the asset
Dbusiness cost of the asset
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Question 1565
jamb1994
Antics Electronic Company recently bought six generators. Which of the following is the correct method of recording this transaction?
ADebit generator account and credit cash account
BDebit purchases account and credit cash account
CDebit cash accounts and credit purchases account
DDebit cash account and credit generator account
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Question 1566
jamb1994
Accounting information is used by investors and creditors of a company to predict
Afuture cash flows of the company
Bfuture tax payments of the company
Cpotential merger candidates for the company
Dappropriate remunerations for the company's staff
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Question 1567
jamb1994
The accounting convention which states that profit must not be recognized until realized while all losses should be adequately provided for it termed
Amateriality
Bobjectivity
Cconsistency
Dconservatism
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Question 1568
jamb1994
Assigning revenues to the accounting period in which goods were sold or services rendered and expenses incurred is known as
Apassing of entries
Bconsistency convention
Cmatching concept
Dadjusting for revenue
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Question 1569
jamb1994
The term "accounting period" is used to refer to the
Atime span during which taxes are paid to the inland revenue board
Bbudget period, usually one year, relied on by the accountant
Ctime span, usually one year, covered by financial statement
Dperiod within which debtors are expected to settle accounts
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Question 1570
waec1993
Abdul paid off his indebtedness to John by cash. The accounting entries in Abdul's books are: debt
Acash account, credit John's account
Bcash account, credit debtors account
CJohn's account, credit cash account
DJohn's account, credit bank account
EAbdul;s account, credit John's account
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Question 1571
waec1993
Use the following information to answer the given question.
\(\begin{array}{c|c} & & N \\ \hline \text{Purchases:} & \text{raw materials} & 20,000 \\ & \text{finished goods} & 15,200 \\ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \\ & \text{work-in-progress} & 2,500 \\ Wages: & direct & 22,800 \\ & indirect & 7,200 \\ \text{Factory expenses:} & electricity & 12,000 \\ & insurance & 2,000 \\ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \\ & \text{work-in-progress} & 4,500\end{array}\)
The cost of manufacturing goods is
AN67,500
BN65,500
CN65,000
DN63,000
EN61,000
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Question 1572
waec1993
Use the following information to answer the given question.
\(\begin{array}{c|c} & & N \\ \hline \text{Purchases:} & \text{raw materials} & 20,000 \\ & \text{finished goods} & 15,200 \\ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \\ & \text{work-in-progress} & 2,500 \\ Wages: & direct & 22,800 \\ & indirect & 7,200 \\ \text{Factory expenses:} & electricity & 12,000 \\ & insurance & 2,000 \\ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \\ & \text{work-in-progress} & 4,500\end{array}\)
The amount of factory overhead is
AN28,200
BN23,200
CN21,299
DN19,200
EN14,200
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Question 1573
waec1993
Use the following information to answer the given question.
\(\begin{array}{c|c} & & N \\ \hline \text{Purchases:} & \text{raw materials} & 20,000 \\ & \text{finished goods} & 15,200 \\ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \\ & \text{work-in-progress} & 2,500 \\ Wages: & direct & 22,800 \\ & indirect & 7,200 \\ \text{Factory expenses:} & electricity & 12,000 \\ & insurance & 2,000 \\ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \\ & \text{work-in-progress} & 4,500\end{array}\)
The prime cost is
AN49,000
BN45,800
CN43,800
DN41,800
EN38,800
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Question 1574
waec1993
Use the following information to answer the given question.
\(\begin{array}{c|c} & & N \\ \hline \text{Purchases:} & \text{raw materials} & 20,000 \\ & \text{finished goods} & 15,200 \\ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \\ & \text{work-in-progress} & 2,500 \\ Wages: & direct & 22,800 \\ & indirect & 7,200 \\ \text{Factory expenses:} & electricity & 12,000 \\ & insurance & 2,000 \\ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \\ & \text{work-in-progress} & 4,500\end{array}\)
The cost of materials used is
AN23,000
BN21,000
CN20,000
DN19,000
EN16,000
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Question 1575
waec1993
Use the following information to answer the given question.
\(\begin{array}{c|c} & & N \\ \hline \text{Purchases:} & \text{raw materials} & 20,000 \\ & \text{finished goods} & 15,200 \\ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \\ & \text{work-in-progress} & 2,500 \\ Wages: & direct & 22,800 \\ & indirect & 7,200 \\ \text{Factory expenses:} & electricity & 12,000 \\ & insurance & 2,000 \\ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \\ & \text{work-in-progress} & 4,500\end{array}\)
What is the value of raw materials available?
AN23,000
BN22,500
CN20,000
DN19,000
EN16,000
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Question 1576
waec1993
Use the following information to answer the given question.
John and Johnson are in partnership, sharing profit and losses in the ratio 3 : 2. Other information are as follows:
\(\begin{array}{c|c} \text{Capital} & \text{ - John} & N20,000 \\ & \text{ - Johnson} & N10,000 \\ Drawings & \text{ - John} & 2,000 \\ & \text{ - Johnson} & 3,000 \\ \text{Interest on capital} & & \text{5%} \\ \text{Interest on drawings} & & \text{10%} \\ Profit & & N6,000\end{array}\)
Interest on Johnson's drawing is?
AN500
BN300
CN200
DN150
EN100
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Question 1577
waec1993
Use the following information to answer the given question.
John and Johnson are in partnership, sharing profit and losses in the ratio 3 : 2. Other information are as follows:
\(\begin{array}{c|c} \text{Capital} & \text{ - John} & N20,000 \\ & \text{ - Johnson} & N10,000 \\ Drawings & \text{ - John} & 2,000 \\ & \text{ - Johnson} & 3,000 \\ \text{Interest on capital} & & \text{5%} \\ \text{Interest on drawings} & & \text{10%} \\ Profit & & N6,000\end{array}\)
The balance on John's current account is
AN4,000 Dr
BN3,800 Cr
CN3,300Cr
DN2,000 Cr
EN18,000 Cr
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Question 1578
waec1993
Use the following information to answer the given question.
John and Johnson are in partnership, sharing profit and losses in the ratio 3 : 2. Other information are as follows:
\(\begin{array}{c|c} \text{Capital} & \text{ - John} & N20,000 \\ & \text{ - Johnson} & N10,000 \\ Drawings & \text{ - John} & 2,000 \\ & \text{ - Johnson} & 3,000 \\ \text{Interest on capital} & & \text{5%} \\ \text{Interest on drawings} & & \text{10%} \\ Profit & & N6,000\end{array}\)
The balance on Johnson's current account is
AN3,300 Cr
BN2,200 Cr
CN1,200 Cr
DN800 Dr
EN500Dr
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Question 1579
waec1993
Use the following information to answer the given question.
John and Johnson are in partnership, sharing profit and losses in the ratio 3 : 2. Other information are as follows:
\(\begin{array}{c|c} \text{Capital} & \text{ - John} & N20,000 \\ & \text{ - Johnson} & N10,000 \\ Drawings & \text{ - John} & 2,000 \\ & \text{ - Johnson} & 3,000 \\ \text{Interest on capital} & & \text{5%} \\ \text{Interest on drawings} & & \text{10%} \\ Profit & & N6,000\end{array}\)
What is Johnson's share of the profit?
AN6,000
BN3,600
CN3,000
DN2,400
EN2,000
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Question 1580
waec1993
Use the following information to answer the given question.
John and Johnson are in partnership, sharing profit and losses in the ratio 3 : 2. Other information are as follows:
\(\begin{array}{c|c} \text{Capital} & \text{ - John} & N20,000 \\ & \text{ - Johnson} & N10,000 \\ Drawings & \text{ - John} & 2,000 \\ & \text{ - Johnson} & 3,000 \\ \text{Interest on capital} & & \text{5%} \\ \text{Interest on drawings} & & \text{10%} \\ Profit & & N6,000\end{array}\)
What is John's share of the profit?
