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Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%
Determine the amount provided for discount allowed on debtors?
AN1000
BN3000
CN900
DN1500
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Question 12
jamb2007
(i) Facilitating the preparation of final accounts
(ii) Making the existence of error easy to detect
(iii)Checking the accuracy of positions periodically.
From the above, which of the following are among the uses of control accounts?
An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.
What was the asset value at the beginning of the third year?
AN63m
BN133m
CN36m
DN28m
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Question 17
jamb2007
Use the information below to answer question
An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.
Using the straight method. The depreciation of the asset in the first year was?
AN210m
BN343m
CN105m
DN270m
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Question 18
jamb2007
Stock valuation is useful because it forms the sales department on the?
Aprice of the competing goods
Bprices that will affect profitability
Cnumber of goods to produce
Dnumber of goods to sell
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Question 19
jamb2007
The federal government approved N140m to local governments W, X, Y and Z. The amount is to be shared on the basis of 40% equality, 35% population and 25% internal revenue generation. Calculate the share of local government W on equality?
AN35m
BN14m
CN56m
DN28m
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Question 20
jamb2007
A pension granted to any past president or vice-president shall be charged to the?
Aconsilidation revenue fund
Bspecial pension fund
Ccontingency fund
Ddevelopment fund
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Question 21
jamb2007
Partners' share of profit is credited to?
Aa partner's current account
Ba partner's capital account
Cthe profit and loss account
Dthe profit and loss appropriation account
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Question 22
jamb2007
The gross profit disclosed in the branch stock adjustment account represents?
The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.
The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.
The lighting charge to be apportioned to zema is?
AN891
BN819
CN927
DN975
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Question 25
jamb2007
The amount of subscriptions accrued is reported in the balance sheet under?
Afixed asset
Blong-term liability
Ccurrent asset
Dcurrent liability
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Question 26
jamb2007
Osei and Yabo were in partnership sharing profits and losses in the ratio of 2:3. On admitting Takwa, the profit and loss sharing ratio was charged to 1:1:1. Suppose Takwa paid N30 000 for goodwill , this amount would be?
Acredited to Takwa's current acount
Bdebited to goodwill account
Cshare to all the partners' capital account
Dcredited to the old partners' capital account
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Question 27
jamb2007
the receipt and payment s acpunt of a not-for-profit-making organization plays a similar role in a profit-making organization as?
Aa cash acount
Ba balance sheet
Can income account
Dan expenses account
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Question 28
jamb2007
Given:
Shaku Company Ltd.
Stock..........................N3600 000
Cash at hand...................N800 000
Cash at bank...................N2400 000
Debtors........................N580 000
Trade creditors................N920 000
Bank overdraft.................N200 000
Tax liabilities................N600 000
Salary owed to staff...........N180 000
Determine the working capital?
AN7380 000
BN8480 000
CN5480 000
DN6480 000
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Question 29
jamb2007
Use the information below to answer question
A company's authorized share capital was one million ordinary shares at N1 each. Issued 80% of its shares at N1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.
The total amount of money received on application was?
AN560 000
BN220 000
CN800 000
DN1000 000
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Question 30
jamb2007
Use the information below to answer question .
A company's authorized share capital was one million ordinary shares at N1 each. Issued 80% of its shares at N1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.
What would be the total amount received on second call?
