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 difference in the sales ledger control account is transferred to the?
Aprofit and loss account
Bsales account
Cbalance sheet
Dtrading account
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Question 22
jamb2006
Use the information below to answer question .
Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000
Determine the current assets?
AN7 000
BN6 000
CN8 000
DN9 000
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Question 23
jamb2006
Use the information below to answer question .
Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000
The company maintains a current ratio of 3:1.
The capital balance is?
AN95 00
BN12 500
C11 500
D10 00
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Question 24
jamb2006
A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the?
Aweighted average method
Bsimple average method
CFIFO method
DLIFO method
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Question 25
jamb2006
The objective of a trading account is to establish the?
Acost of goods sold
Bgross profit
Cmanufacturing profit
Dnet profit
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Question 26
jamb2006
The objective of the purchase ledger control account is to established the?
Acredit purchases
Bnet profit
Ctotal purchases
Dgross profit
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Question 27
jamb2006
Use the information below to answer questions .
On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.
the rate of the yearly depreciation expense would be?
A50%
B40%
C30%
D20%
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Question 28
jamb2006
Use the information below to answer questions .
On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.
Calculate the yearly depreciation expense using the straight line method.
AN11 000
BN11 200
CN11 400
DN11 300
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Question 29
jamb2006
Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?
Astock account and credit profit and loss account
Bdrawings account and credit stock account
Cprofit and loss account and credit drawing account
