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.
An item of appropriation in partnership profit and loss account is?
Ainterest on partners' capital
Binterest on partners' loan
Cemployees' salaries
Dpartners' drawings
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Question 12
jamb2000
When a purchase business is revalued, the effect is that?
Aa decrease in the value of asset has no effect on value of goodwill
Ban increase in the value of asset is treated as an increase in the value of goodwill
Ca decrease in the value of asset is treated as an decrease in the value of goodwil
Dan increase in the value of asset is treated as an decrease in the value of goodwill
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Question 13
jamb2000
The accumulation fund of a non-trading concern can equally be referred to as?
Amembers' equity
Bshare capital
Cgeneral fund
Dsurplus fund
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Question 14
jamb2000
The Partnership Deed normally specifies?
Ahow profit or losses are to be shared
Bthe capital to be contributed annually
Chow salaries are paid to employees
Dthe profit that should be earned annually
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Question 15
jamb2000
Use the information below to answer question Maimalari Ltd had (i) Earning per share 47k (ii) Dividend per share 30k (iii) Par value of each share N1.20 (iv) Market price per share N1.50
What will be the price earnings ratio of the company?
A3.91
B3.19
C2.95
D2.55
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Question 16
jamb2000
Use the information below to answer question
Maimalari Ltd had (i) Earning per share 47k
(ii) Dividend per share 30k
(iii) Par value of each share N1.20
(iv) Market price per share N1.50
The company's earning yield is?
A20.00%
B25.00%
C31.33%
D39.17%
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Question 17
jamb2000
Given:
Opening cash balance N20,000
Sales of match tickets N15,000
Clearing of pitch N1,200
Refreshments N3,500
Referees' allowance N1,000
Cost of petrol N1,120
Donation from local government N3,800
The club's balance is?
AN39,180
BN34,830
CN34,380
DN31,980
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Question 18
jamb2000
An outright sale of a partnership amounts to the?
Acompensation of vendors by the purchase
Badmission of a new partner
Cpurchase of rights of a dead partner
Dchange of sharing ratio of vendors
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Question 19
jamb2000
Which of the following items does not feature in the balance sheet of a club?
AArrears of current year's subscription
BSalary arrears paid in the current year
CRental income received in advance
DAdvances subscription in respect of a coming year
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Question 20
jamb2000
Use the information below to answer questions Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share. Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
What will be the number of shares to be issued to a subscriber who applied for N30,000 shares?
AN20,000
BN18,000
CN15,000
DN12,000
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Question 21
jamb2000
Use the information below to answer questions
Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share.
Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
The refund due to an application for N25,000 shares is?
AN45,000
BN30,000
C7,500
DN5,000
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Question 22
jamb2000
Didi Ltd offered 10,000 ordinary shares of N1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above?
Ashares are never offered at a discount; the offer is invalid
Bthe value of shares in the capital account will be lowered by 2%
Cthe company incurs a loss to the tune of 2% of the offer
Deach of the subscribers loses 2% of investment
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Question 23
jamb2000
When a customer's cheque is returned unpaid in a debtor's control accounting system, the treatment will be?
Adebit bank, credit custmer and credit conyrol account
Bcredit bank, debit customer, and credit control account
Cdebit customer, debit control accountand credit bank
Dcredit control account, debit bank and debit customer
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Question 24
jamb2000
One of the advantage of the shortcomings of single entry procedures is that?
Aa trial balance is not available
Bprofits are overestimated
Cthere are no subsidiary books
Dthere are no control accounts
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Question 25
jamb2000
A fixed cost is fixed only in relation to?
Athe quality of goods produced
Bthe quantity of goods sold
Ca given period of time and a range of activities
Da given period of time and the nature of activity
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Question 26
jamb2000
The simplest form of single entry procedure consists fo keeping a?
Aday book or general journal
Bcash book and ledger accounts showing debtors and creditors balances
Ccash journal, sales journal and purchases journal
Dday book in which transactions are described in chronological order
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Question 27
jamb2000
Given:
Sales Ledger Control Account (Extracts)
Balance b/f N10,600
Total cash payments by debtors N32,275
Total credit sales N59,193
Discount received N9,700
Balance c/f N20,751
Discount allowed N2,890
Determine the sales returns?
AN24,577
BN13,877
CN7,067
DN2,890
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Question 28
jamb2000
In a manufacturing company, the total cost of goods produced is equivalent to?
Apurchases
Bsales
Ccost of goods sold
Dcost of materials used
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Question 29
jamb2000
An expenses account is closed by a debit to?
Aan asset account and a credit to the expenses account
Bthe expenses account and a credit to an asset account
Cprofit and loss account and a creit to the expenses account
Dthe expenses account and a credit to profit and loss account
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Question 30
jamb2000
Which of the following errors will affect the trial balance total?
Aposting disscount allowed to the debit side of the discount allowed account
Bomision of one account from the list when extracting from the ledger
Cfailure to post sales of N2,000 and purchases of N2,000 from the subsidiiary ledger
Domission of sales of N3,000 and purchases of N2,000
