Accounting Past Questions

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A company advertised and issued 750,000, 12% preference shares of N1 each to be issued ₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis.

The second final call account was debited with

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A company advertised and issued 750,000, 12% preference shares of N1 each to be issued ₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis.

The share premium account would be

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i. cash at bank  ii. cash in hand  iii. premises  iv. land  v. creditors  vi. loan from friends/bank

What are the current assets?

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i. cash at bank  ii. cash in hand  iii. premises  iv. land  v. creditors  vi. loan from friends/bank

Determine the fixed assets

Given:
                                  ₦
Bank overdraft       2,000
Cash                      2,000
Furniture                4,000

Derive the total amount on the credit side of the trial balance

Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called

The accounting method that reports incomes when earned and expenses when incurred is called 

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It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.

The depreciation to be charged to department B is

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It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.

What is the net profit made by department A?

Given:
                                                                  ₦
Total debtors b/d 31/12/99                    25,000
Cheques received from debtors         255,000
Total debtors c/d 31/12/00                    15,000

Calculate the sales figure

In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover

The excess of income over expenditure is usually transferred to the

Given:

Determine the total factory overhead cost

Capital and revenue expenditures of government are usually accounted for under funds which include

The ordinary shareholders enjoy the following right except the right to

Which of the following stock valuation method is suitable under inflationary conditions?

Sales ledger control account contains the total amount in respect of