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.
Accounting information is used by investors and creditors of a company to predict
Apotential merger candidates for the company
Bappropriate remunerations for the company’s staff
Cfuture cash flows of the company
Dfuture tax payments of the company
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Question 13
jamb2015
If sales return is understated, it implies that ------------------------------ is overstated
Areturn inward
Bsales figure
Ccost of sales
Dreturn outward
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Question 14
jamb2015
Use the following information to answer this question.
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000
What is the club’s total liabilities
AN11, 700
BN26, 700
CN88, 000
DN85, 000
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Question 15
jamb2015
If a trail balance is in agreement, one of the statement is untrue
Athe accounting system is error free
Bequal debit entries and credit entries were recorded for each transaction
Cthe debit and credit from the journal were posted to the accounts
Daccount balances were correctly computed
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Question 16
jamb2015
Which of the following cannot be realized?
Acreditors
Bdebtors
Cmotor vehicles
Dgoodwill
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Question 17
jamb2015
Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as ---------------------
Afinancial accounting
Baccounting policies
Ccost accounting
Daccounting conventions
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Question 18
jamb2015
Goods stolen at the branch is debited to
Abranch stock account
Bdefalcations account
Cbranch debtors account
Dbranch adjustment account
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Question 19
jamb2015
The income and expenditure account of a club is the same as
Asingle entry account
Ba profit and loss account
Ca trading account
Da cash book
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Question 20
jamb2015
Use the information below to answer this question.
Dangote acquired Dantata’s business for N350,000. The total asset work were N820,000 and liabilities amounted to N 640,000
The double entry to record the goodwill in the books is debt
Apurchase of business account and credit cash account
Bgoodwill account and credit purchase of business account
Ccash account and credit goodwill account
Dgoodwill account and credit cash account
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Question 21
jamb2015
Which of the following is shown in the profit and loss appropriation account of a company
Ainterest charges
Bdepreciation
Cdirectors emoluments
Ddividends
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Question 22
jamb2015
Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 53,000; creditors at the beginning 4000; creditors at the end 2,000
AN52,000
BN51,000
CN55,000
DN50,000
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Question 23
jamb2015
When shares are sold at more than the par value, they are said to have been issued at
AA premium
BNormal value
CA discount
DA profit
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Question 24
jamb2015
Which of the following accounts is debited when a delivery van is sold for cash?
Asales account
Bdelivery van account
Ccash account
Dprofit and loss accounts
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Question 25
jamb2015
Which of the following is true in public sector accounting? Cost of assets is
Adepreciated on straight line method
Bexpensed in the year of purchase
Ccharged to federation account
Ddepreciated on reducing balance method
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Question 26
jamb2015
Keeping records under single entry system has the advantage of
AQuality in terms of records
BSimplicity in terms of operation
CAccuracy in terms of operation
DCompleteness in terms of records
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Question 27
jamb2015
Use the information below to answer this question
Segun Ojo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000
Compute the capital as at 1st Jan, 2014.
A27,150
B43,350
C16,200
D34,350
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Question 28
jamb2015
A sales for N2,570 was recorded in the sales day book as N2750. The error committed was
Aerror of principle
Berror of commission
Cerror of original entry
Dcompensating error
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Question 29
jamb2015
Use the information below to answer this question.
A business has three departments x, y and z
You are given the following information
Selling and distribution expenses N5200
Rent for the yearN6000
Department turnover floor space in square metres
X N60,000 80
Y N80,000 60
Z N100,000 60
How much rent is apportioned to department Z?
AN1, 500
BN3, 000
CN1, 800
DN2, 000
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Question 30
jamb2015
If the partnership agreement does not specify how net profit is to be divided, the profit should be divided
