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.
In an incomplete record system a trading account cannot be prepared until the?
Aday book has been balanced
Bamount of personal drawings has been established
Ccash book has been balanced
Damount os sales and purchases has been established
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Question 12
jamb2002
In a control account, discount received is found on the?
Adebit side of the purchase ledger control account
Bdebit side of the sales ledger control account
Ccredit side of the purchase ledger control account
Dcredit side of the sales ledger control account
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Question 13
jamb2002
Given:
Capital at start.......................N3250
Capital at close ......................N6250
Additional capital during the period...N1000
Calculate the profit or loss?
AN8500 profit
BN2000 loss
CN2000 profit
DN8500 loss
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Question 14
jamb2002
Which method of pricing can be used satisfactorily in either a rising or falling price situation?
AStandard price
BMarketing price
CFIFO
DAverage method
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Question 15
jamb2002
Given:
Cash purchases ..............................N25000
Trading creditors............................N45000
Opening balance of trade creditors...........N35000
Calculate the purchases for the period?
AN80,000
BN35,000
CN105,000
DN70,000
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Question 16
jamb2002
A company operating a chain of retail provision stores invoices goods to the branches at cost plus a mark-up of 25%. What is the mark-up percentage on selling price?
A35%
B30%
C20%
D15%
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Question 17
jamb2002
Costs that vary in proportion to the level of production in a manufacturing environment are known as?
Acontrol costs
Boverheads
Cdirect costs
Dindirect costs
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Question 18
jamb2002
Given that 1/3 of the N6000 stock held by a branch is purchased from outsiders. If goods are invoiced to branch at 25% on cost, the provision for unrealized profit is?
AN1000.00
BN333.33
CN666.66
DN800.00
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Question 19
jamb2002
Nasara Manufacturing Plc has three direct labour employees that work 40 hours each a week for 50 weeks a year. Factory overhead costs of N60,000 is distributed on the basis of direct labour hours.
Compute the overhead rate?
AN12 per hour
BN16 per hour
CN10 per hour
DN15 per hour
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Question 20
jamb2002
Use the information below to answer questions Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch. Stock at branch 1st January at cost............N400 Goods sent to branch at cost...................N8000 Returns to head ...............................N340 Cash sales ....................................N9160 Stock at branch 31st December at cost..........N720
Calculate the cost of goods credited to the head office trading account?
AN7660
BN7500
CN7460
DN7200
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Question 21
jamb2002
Use the information below to answer questions
Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch.
Stock at branch 1st January at cost............N400
Goods sent to branch at cost...................N8000
Returns to head ...............................N340
Cash sales ....................................N9160
Stock at branch 31st December at cost..........N720
What is the gross profit carried to the profit and loss account?
AN1820
BN1640
CN1530
DN1870
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Question 22
jamb2002
(i)Orientation (ii) Entity (iii)Legal status
(iv)Finance.
Which of the characteristics above distinguishes a profit-making from a not-for-profit-making organizations?
Ai, ii, iii and iv
Bi, ii, and iii
Cii, and iii
Di and ii
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Question 23
jamb2002
Stock or raw materials(1st January) 3000
Direct wages 2500
Direct expenses 1000
Factory overheads 2000
Cost of raw materials used 5500
Stock of finished goods (31st December) 2000
The cost of goods manufactured is?
AN11000
BN12000
CN14000
DN9000
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Question 24
jamb2002
Use the information below to answer question
Stock of raw materials (1st January) N3000
Direct wages N2500
Direct expenses N1000
Factory overheads N2000
Cost of raw materials used N5500
Stock of finished goods (31st December) N2000
Determine the prime cost?
AN7500
BN6500
CN9000
DN8000
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Question 25
jamb2002
The gross profit on manufactured goods is the difference between the cost of goods manufactured and the?
Amarket value of goods produced
Bprime cost of production
Cindirect cost of production
Dgoods produced
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Question 26
jamb2002
In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover?
Acarriage outwards
Bcarriage inwards
Cdiscounts received
Dreturns outwards
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Question 27
jamb2002
The concise statement used to explain entries in the general journal is known as?
Anarration
Bsummary
Cinformation
Dcommentary
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Question 28
jamb2002
Use the information below to answer question .
Statement of assets and liabilities as at 31st December, 2001.
Shareholders' interest N240
Current liabilities N20
Current assets N110
Fixed assets N140
What is the networking capital?
AN90m
BN70m
CN100m
DN80m
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Question 29
jamb2002
Use the information below to answer question . Statement of assets and liabilities as at 31st December, 2001. Shareholders' interest N240 Current liabilities N20 Current assets N110 Fixed assets N140
Determine the value of the trade investment?
AN8m
BN10m
CN15m
DN20m
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Question 30
jamb2002
The normal accounting entry to record the dishonor of a businessman is to?
