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.
An advantage of FIFO method of stock valuation is that
Ait serves-as a control during inflation
Bit is calculated at the end of the year
Cit is progressive in nature
Dits flow of cost is in sequence with the flow of stock.
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Question 13
jamb2017
Calculate the discount received in Department B
\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 500 000 \\ \hline \text{Purchases} & 150 000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & &
\end{array}\)
A₦12,000
B₦15,000
C₦16,000
D₦9,000
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Question 14
jamb2017
One of the options below have the same features as the profit and loss account in non-profit organization
AIncome and expenditure account
Bprofit and loss account
Creceipts and payment account
DNon profit account
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Question 15
jamb2017
The current growth in the volume of trading and financial dealing in Nigeria is helped by
Aincreased financial activities
Bgovernment intervention
Ccredit as a factor in business
DPayment for goods in cash
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Question 16
jamb2017
The following are the importance of branch account except
Ait enable the organization to determine the branch that is making either profit or loss
Bit allows proper control over the branch by the head office
Cit assist the organization to determine the performance of a branch manager
Dit allows fraud and wastage of resources
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Question 17
jamb2017
The movement of goods from head office to a branch is treated in the head office as
ASales
Bissue
Cpurchases
Drequisition
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Question 18
jamb2017
Given:
I. It records subscription in arrears
II. Payments of liabilities is effected
III. The account does not show if cash payment is revenue or capital expenditure
IV. It performs the same function as cashbook
The features of receipts and payment account includes
AI,II and IV
BII,III and IV
CIII and IV
DI,II and III
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Question 19
jamb2017
Which of these is the main source document for recording cash paid into bank?
Ainvoice
Bcheque book
Ccredit note
Dpay-in-slip
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Question 20
jamb2017
When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added
one of the options below is not the source of income for non- profit organization
AEntrance fees
Bsubscription/dues
Codrinary shares
DDonations
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Question 25
jamb2017
The authority warrant issued prior to the approval of the appropriate bill at the beginning of the year
Aprovisional general warrant
Bannual general warrant
CReserved expenditure warrant
Dcontigencies
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Question 26
jamb2017
Changes can occur in partnership when:
i. partnership is dissolved
ii. There is amalgamation of partnership
iii.There is a change in the profit or loss sharing ratio
Iv. Intangible asset increase
AI,II and IV
BI & III
CI,II and III
DI, III and IV
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Question 27
jamb2017
Processed data is only useful to user if it is
Acomplex
Bquantitative
Crelevant
Dqualitative
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Question 28
jamb2017
What is the main purpose of transaction file?
ATo record assets and liabilities
BTo update income and expenses
Cto update master files
Dto make organization decision
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Question 29
jamb2017
A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a
Aoriginal entry
Bcontra entry
Cprime entry
Dcontract entry
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Question 30
jamb2017
Which of these is the subsidiary book for return inwards?
