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 capital of not-for-profit-making organization is referred to as?
Aentity fund
Bcapital owned
Caccumulated fund
Dcapital employed
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Question 12
jamb2011
The subscription paid in advance is treated in the balance sheet of a club as?
Aa surplus
Ba liability
Ca deflicit
Dan asset
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Question 13
jamb2011
The major festure of not-for-profit-making-organization is that they are formed?
Ato use accumulated fund to described the net amount owed to members
Bmainly to improve the welfare of her member
Cto engaged in trading activities to sponsor its activities
Din order to compute the receipts and payment account
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Question 14
jamb2011
Work-in-progress is the?
Avalue of party finished goods
Bvalue of finished goods sold
Csales less cost of goods sold
Dvalue of goods produced
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Question 15
jamb2011
The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the?
Aprime cost
Bindirect cost
Ctotal cost
Ddirect cost
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Question 16
jamb2011
The cost that are directly traceable to the the goods being produced is?
Aparty manufactured goods
Boverhead cost
Ctotal factory expenses
Dprime cost
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Question 17
jamb2011
Calculate the net profit?
AN1 620
BN1 920
CN1 420
D2 120
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Question 18
jamb2011
Use the information below to answer questions 23 and 24.
Incomplete Record (Extract)
Sales......................................N10,600
Rent...........................N200
Depreciation of vehicle (cost N5000) 10%
Gross profit margin is 20%
What is the cost of goods sold?
AN4 800
BN8 480
CN2 320
DN 9 900
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Question 19
jamb2011
The control accounting can be used in?
Arecording all the business transactions of the enterprise
BKeeping records of all direct deposit in the bank account
Cmonitoring the books of original entry
Dmonitoring the efficiency of bookkepping by accountants
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Question 20
jamb2011
A typical example of a real account is?
Aprepayment
Bexpenses
Cplant
Dincome
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Question 21
jamb2011
What is the value of stock as at the end of July 10 using FIFO?
AN14 400
BN13 300
CN15 200
DN12 600
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Question 22
jamb2011
Use the information above to answer questions 19 and 20.
July 30 Closing stock 100 units at N90
July 8 Purchased 200 units at N95
July 10 Sold 160 units
July 17 Returned 80 faulty units purchased at N95
July 18 Purchased 200 units at N105
July 20 Sold 180 units
July 28 Purchased 200 units at N110
July 29 Sold 120 units
July 30 Sold 100 units
How many units were at hand as at July 30?
A80
B100
C60
D160
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Question 23
jamb2011
The item on the credit side of the trading account is the?
Areturns outwards
Bcaarriage on sales
Csales
Dpurchases
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Question 24
jamb2011
In a period of declining price, which of the following methods would result in higher profit?
AFIFO
BSimple average
CLIFO
DWeighted average
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Question 25
jamb2011
The type of expense charged against administration of a firm is the?
Arepairs on building
Binteresr paid on loan
Cdiscount allowed
Dtax expense
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Question 26
jamb2011
Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Find the current assets?
Aiii and v
Bii and i
Civ and v
Di and iv
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Question 27
jamb2011
Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Determine the current liabilities?
Aiii and v
Bii and iii
Civ and v
Di and ii
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Question 28
jamb2011
In a bank reconciliation statement, interest charged for overdrawn balances should be added to the?
Abalance as per bank statement
Bbank balance as per adjusted cash book
Caggregate balance as per cash book
Dbank balance as per cash book
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Question 29
jamb2011
The process of reconciling cheques between banks is termed cheque?
Aclearing
Btruncation
Cholding
Dconfirmation
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Question 30
jamb2011
In bank reconciliation process, discrepancies cause by timing arises as a result of?
Acash book bank statement
Bbank statement only
Ccash book, bank statement and other incidental records
