Accounting Past Questions

Use the information below to answer this question:
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 

Use the information below to answer the question

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

Use the information below to answer the question

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

A method of charging depreciation at a fixed percentage of the net book value is 

The document which contains the internal regulations of a limited liability company is the 

The excess of net assets acquired over purchase consideration is 

Discount allowed N2,000;
Bad debts 1,000
Cheque received from customers 24,000
Returns inwards 500;
Sales ledger balance at the beginning 2.000

The amount of sales is

Income received in advance is treated in the balance sheet as a