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.
The limitations of the receipts and payments account arise mainly because of the reliance on?
Acash movement as evidence of transaction
Bthe acconuting officer to report
Cthe capital account of the organization
Dthe transaction papers as evidence of transaction
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Question 12
jamb1998
What was the cost of materials available for use during the period?
AN487,100
BN449,500
CN448,500
DN440,300
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Question 13
jamb1998
Use the information below to answer question 28 and 29.
Raw materials inventory at the beginning of a period was N 46,800 and at the close of the period there was a balance of N38,600. From the purchases made during the period, defective materials costing N9,200 were returned. Cost of materials consumed during the period was N448,500.
What was the total purchases made during the period?
AN497,100
BN457,700
CN449,500
DN440,300
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Question 14
jamb1998
The objective of allocating all costs to producer is to?
Aproduce a scientifically accurate cost
Bavoid unallocated overhead and compute total accounts
Cco-odinate the cost and financial accounts
Dcompute the contribution of the product to the final profit
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Question 15
jamb1998
The contribution marginal on a job is the?
Agross profit
Bnet profit
Cexcess of sales revnue over variable costs
Ddifference between fixed and variable costs
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Question 16
jamb1998
The statement of affairs prepared from incomplete records can be described as?
Athe summary of all the business transactions of the trader ascertained by the accountant
Ba balance sheet at a particular date showing the assets and liabilities of the business
Ca schedule of all the business ventures entered into for the period to which the records relates
Dthe statement that shows the profit or loss made during the period
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Question 17
jamb1998
Derive the total sales figure from the following information extracted from a firm's cash book and other relevant records.
Total debtors b/f N 5,600
Total cash receipts from debtors
and cash sales N 153,000
Total debtors c/f N 6,800
AN6,800
BN153,000
CN154,200
DN159,800
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Question 18
jamb1998
Determine the year''s purchase from the following information relating to a firm.
Total creditor''s b/f N 7,200
Total cash payment to suppliers N 98,800
Total creditors c/f N 8,400
AN7,200
BN98,800
CN100,000
DN105,800
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Question 19
jamb1998
Mini Enterprises Sales Ledger as at 31/12/94
read:
N
Balance b/f 12750
Total credit sales 28185
Payments by debtors 12112
Discount allowed 638
Sales returns 1500
Prepare the sales ledger control account and determine the balance due from debtors.
AN40,935
BN27,961
CN26,685
DN1,185
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Question 20
jamb1998
A powerful instrument of control over both the sales ledger and the clek whose duty is to post the ledger is the?
Atotal debtors account
Bpurchase day book
Csales day book
Dcash book
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Question 21
jamb1998
The balance on a purchase ledger control account represents the?
Apresent amount that a business owes its suppliers at date
Btotal credit avaiable to the end of the year to be utilized in future
Ctotal credit the business enjoyed for the particular year from its suppliers
Dtotal credit owd the business by its customers
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Question 22
jamb1998
On Ist January, 1993, lobo Company purchased equipment for N18,000. it uses straight-line depreciation with an estimates eight-year useful life and a N2,000 salvage value. On 31st December, 1996, it sells the equipment for N8000. In recording this sales, it should reflect?
AN10,000 loss
BN2,000 loss
CN4,000 loss
DN8,000 gain
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Question 23
jamb1998
A pottery company had sales of N176,000 during the current period and a gross profit rate of 40%.
The company's cost of merchandize available for sale during the period was N128,000. The company's ending inventory is?
AN22,400
BN32,000
CN51,200
DN76,800
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Question 24
jamb1998
Sobande Incorporation acquired a machine that involved the following expenditures and related factors.
N
Gross invoice price 15,000
Sales tax 900
Purchases discount taken 300
Freight 750
Assembly of machine 500
Installation of machine 800
Assorted spare parts for future use 1200
Turing and adjusting machine 700
What is the initial accounting cost of the machine?
AN19,550
BN18,950
CN18,350
DN17,500
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Question 25
jamb1998
Mayana Corporation uses special journals to record its transactions. If one of Mayana's customers returns merchandize purchased with cash (for a refund), it makes an entry in the?
Acash receipts journal
Bsales journal
Cgeneral journal
Dcash disbursement journal.
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Question 26
jamb1998
State Bank collected a note for A-Makura Company. This collection, not yet recorded in AL-Makura's books, appears on the bank reconciliation as?
Aan addition to balance per book
Ba deduction from balance per bank statement
Can addition to balance per bank statement
Da deduction from balance per books
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Question 27
jamb1998
The amount required to replenish the payments made from the imprest was?
AN399
BN394
CN358
DN101
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Question 28
jamb1998
Use the information below to answer questions 11 and 12.
The initial imprest as at July Ist was N500. Petty cash vouchers with the custodian by July 15th added up to N394. An IOU slip received from a co-worker was N65 and there was a shortage of N5 cash. The co-worker made refund on July 18th just before the imprest was replenished.
What was the actual cash in the till as at 15th July?
AN106
BN101
CN70
DN36
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Question 29
jamb1998
The total of the discounts received column in the cash book is posted to the?
Acredit of the discounts received account
Bdebit of the discounts allowed account
Ccredit of the discounts allowed account
Ddebit of the discounts received account
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Question 30
jamb1998
If the inventory at the end of the current year is understated and the error is not caught during the following year, the effect is to?
Aoverstate income this year and understate in next year
Bunderstate income this year and overstate in next year
Cunderstate this year's income with no effect on the next year's
