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.
Halidu and Hamed are business partners with N30,000 and N20,000 capital respectively. At the end of the financial year, a profit of N12,000, which included Halidu's salary of N3,000 was made.
Halidu's share of the profit is
AN7,500
BN6,000
CN5,400
DN4,500
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Question 12
jamb1995
A partnership on admitting a new member, revalued the business' land and building from N30,000 to N70,00. The difference of N40,000 should be
Acredited to land and building account
Bdebited to asset revaluation account
Ccredited to asset revaluation account
Dcredited to profit and loss appropriation account
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Question 13
jamb1995
Interest on a partner's drawings is debited to the
APartners current account and credited to the profit and loss appropriation account
Bprofit and loss appropriation account and credited to the partner's current account
Cprofit and loss account and credited to the partner's current account
DPartner's current account and credited to the profit and loss account
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Question 14
jamb1995
Which of the following is a strong feature of partnership?
AThe life of the partnership is generally assumed to be indefinite
BThe owners are liable personally for all debts of the business
CThe transfer of ownership interest is frequent and easy to accomplish
DThe partnership is complex to form because of many legal and reporting requirements
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Question 15
jamb1995
A member of a club paid N1,000 as is subscription for 1993 and N1,200 as subscription for 1992. If the financial year of the society ended on 31st December 1993, the N1,200 subscription will be treated in the balance sheet as
Acurrent asset
Bcurrent liability
Ccapital
Dprofit
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Question 16
jamb1995
Where a non-profit making organization prepares the account using accruals basis of reporting, the statement showing how well the organization is doing is the
Aappropriation account
Bbalance sheet
Cincome and expenditure account
Dreceipts and payment account
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Question 17
jamb1995
Subscription in arrears are
ACredited to the income and expenditure account and shown as a liability in the balance sheet
Bdebited to the income and expenditure account and shown as an asset in the balance sheet
Ccredited to the income and expenditure account and shown as a liability in the balance sheet
Ddebited to the income and expenditure account and shown as a liability in the balance sheet
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Question 18
jamb1995
The following information is provided for amusa company limited , a manufacturer
Prime cost N999,000
Manufacturing overhead N132,000
Closing work in progress N75,000
values of finished goods transferred to the
trading account N1,116,000
If including in the manufacturing overhead were rents of N5,000 paid in advance, what is the opening work in progress for the period?
AN85,000
BN80,000
CN70,000
DN65,000
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Question 19
jamb1995
The factory cost of producing goods is made up of
Aprime cost and factory overhead
Bprime cost and office overhead
Craw materials consumed and fixed cost
DRaw materials and administrative overhead
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Question 20
jamb1995
Given:
Prime cost N220,000
Factory cost N32,000
work in progress at beginning N25,000
work in progress at close N19,000
Administrative expenses N21,000
Determine the production cost
AN296,000
BN277,000
CN258,000
DN246,000
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Question 21
jamb1995
I. A retailer when fixing his selling price adds one-quarter to the cost of the article
II. The expenses of the retailer is 10% of his sales
III. The total sales is N23,000
IV. he turned over his stock five times in the year.
The net profit for the year is
AN5,750
BN5,650
CN3,200
DN2,300
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Question 22
jamb1995
I. A retailer when fixing his selling price adds one-quarter to the cost of the article
II. The expenses of the retailer is 10% of his sales
III. The total sales is N23,000
IV. he turned over his stock five times in the year.
Compute the average amount of stock in hand at cost price
AN3,860
BN3,806
CN3,680
DN3,086
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Question 23
jamb1995
The starting point for the production of accounts from incomplete records is to
Aascertain the total sales
Bcompute the opening stock of goods sold
Cverify the total purchase
Dprepare an opening statement of affairs
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Question 24
jamb1995
The purchase ledger control account of a company had an opening balance of N45,600 credit and closing balance of N72,600 credit. The company made payments of 437,000 to credit suppliers during the period: and had discount received of N18,600 on this account. What were the credit purchase for the period?
AN509,600
BN482,600
CN428,600
DN418,400
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Question 25
jamb1995
Sales ledger control account contains the total amount in respect of
Acreditors
Bdebtors
Cinvestors
Dshareholders
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Question 26
jamb1995
Why are adjustments in the profit and loss account necessary?
ATo cover some expenses of the following year
BTo ascertain the actual expenses incurred and income earned during the year
CTo show the provision made during the year
DTo show the total expenses paid and income received during the year
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Question 27
jamb1995
Adama's bank account showed an overdraft of N600 on 31st march. On going through the account, it was discovered that the N1,080 paid into the account on 29th March had not been credited. what should be the balance in Adama's cash accounts?
AN1,680 Dr
BN1,080 Cr
CN600 Dr
DN480 Cr
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Question 28
jamb1995
The following represent extracts from the trading account of a retail outlet for a given month:
Opening stock N2,400
Closing stock N6,400
Other expenses N2,000
Sales N11,000
Profit N900
What is the purchase figure for the month?
AN13,000
BN12,100
CN12,000
DN11,200
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Question 29
jamb1995
A payment of cash of N20 to John was entered on the receipt side of the cash book in error and credited to John's account. Which of the following journal entry can be used to correct the error?
AJohn: N40 Dr, cash: N40 Cr
BCash: N40 Dr, John: N40 Cr
CJohn: N20 Dr, cash: N20 Cr
DCash: N20 Dr, John: N20 Cr
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Question 30
jamb1995
Bola, UTC's regular customer, owed N1,00 on account of a radio bought. If he sent in a cheque for N1,500, UTC would send him a
