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.
Partners' salaries and drawings are usually posted to the?
Atrading account
Bcurrent account
Ccapital account
Dpartners' account
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Question 12
jamb2001
The excess of income over expenditure is usually transferred to the?
Aaccumulated fund
Bprofit and loss account
Ccurrent assets in the balance sheet
Dcurrent liabilities in the balance sheet
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Question 13
jamb2001
Given:
Club trading profit N12,000
Members'' subscription N15,000
Profit on sale of fixed assets N2,500
Loss on sale of investments N1,000
Wages N16,500
Other expenses N10,000
Determine the club''s excess of income over expenditure?
AN500
BN1,500
CN2,000
DN2,500
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Question 14
jamb2001
A club received rent N10,000 and donation N30,000. It paid N6,000 for entertainment and is still owing N16,000.
The balance of the payments account is?
AN24,000
BN22,000
CN14,000
D8,000
ENO OPTION INDICATED
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Question 15
jamb2001
Use the information below to answer questions Subscription received during the year N30,000 Subscription owed last year N4,000 Subscription received for next year N6,000
What is the subscription to be charged to income and expenditure account?
AN36,000
BN34,000
CN30,000
DN20,000
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Question 16
jamb2001
Use the information below to answer questions
Subscription received during the year N30,000
Subscription owed last year N4,000
Subscription received for next year N6,000
The N6,000 subscription received is?
Acurrent asset
Bcurrent liability
Cfixed asset
Dcapital
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Question 17
jamb2001
Lubricating oil and spare parts of machinery are examples of?
Adirect materials
Bindirect materials
Cindirect expenses
Ddirect expenses
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Question 18
jamb2001
Use the information below to answer question 25 and 26.
Bar opening stock N10,000
Amount owed to bar suppliers at
the end the beginning of the year N10,000
Bar sales N50,000
Bar credit purchases N40,000
Payment to suppliers N30,000
Bar expenses N1,000
Bar closing stock N15,000
How much is owed to suppliers?
AN50,000
BN40,000
CN30,000
D20,000
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Question 19
jamb2001
Use the information below to answer question 25 and 26.
Bar opening stock N10,000
Amount owed to bar suppliers at
the end the beginning of the year N10,000
Bar sales N50,000
Bar credit purchases N40,000
Payment to suppliers N30,000
Bar expenses N1,000
Bar closing stock N15,000
What is the bar profits?
AN20,000
BN15,000
CN14,000
DN10,000
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Question 20
jamb2001
Given:
Direct material N2,500
Direct labour N5,000
Direct expenses N1,000
Overhead expenses N1,500
From the data above, compute the prime cost?
AN8,500
BN7,500
CN6,500
D6,000
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Question 21
jamb2001
Use the information below to answer question
Given: 31/12/98 31/12/99
Assets: Plant and Mach. N1,500 N1,200
Fixtures N700 N520
Stock N500 N600
Debtors N900 N400
Cash N200 N300
Liabilities: Creditor N500 N600
Loan N600 N400
Determine the total fixed assets from the opening balance sheet?
AN2,200
BN2,020
CN1,720
DN2,070
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Question 22
jamb2001
For an incomplete record to provide necessary information, it must be converted to?
Acomplete records
Bdouble entry records
Cstatement of affairs
Dsingle entry
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Question 23
jamb2001
Use the information below to answer question . Purchases ledger opening balances N4,000 Sales ledger opening balances N6,000 Credit purchases during the year N25,000 Discounts allowed N1,000 Returns inwards N2,000 Credit sales during the year N10,000 Returns outwards N6,000
What is the purchases ledger balance?
AN4,000
BN23,000
CN24,000
DN29,000
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Question 24
jamb2001
Use the information below to answer question .
Purchases ledger opening balances N4,000
Sales ledger opening balances N6,000
Credit purchases during the year N25,000
Discounts allowed N1,000
Returns inwards N2,000
Credit sales during the year N10,000
Returns outwards N6,000
Calculate the sales ledger balance?
AN3,000
BN6,000
CN10,000
DN13,000
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Question 25
jamb2001
A reduction in the catalogue price of an article given by a wholesaler to a retailer is called a?
Abad debt
Btrade discount
Cpremium
Dcash discount
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Question 26
jamb2001
Use the information below to answer question
Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year.
The depreciation expenses charged for the year is?
AN450,000
BN250,000
CN150,000
DN100,000
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Question 27
jamb2001
Use the information below to answer question
Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year.
What was the value of fixed assets at the beginning of the year?
AN2,900,000
BN3,800,000
CN3,900,000
DN4,000,000
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Question 28
jamb2001
If a property developing company sells a completed building to an interested third party, this sale can be treated in the books of the company as?
Acapital receipt
Brevenue receipt
Cwindfall receipt
Dmiscellaneous receipt
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Question 29
jamb2001
Given that the balance as per cash book after necessary adjustment was N4,315, unpresented cheques were N1,688 and the bank statement balance was N4,791, what was the balance of uncredited cheques?
AN1,223
BN1,212
CN1,202
DN1,115
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Question 30
jamb2001
When a bill is negotiated to a bank, it is said be?
