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 accounting ratio that considers only quick assets to determine the short-term safety margin of a firm is the?
Afixed assets ratio
Bcapital gearing ratio
Ccurrent assets ratio
Dacid test ratio
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Question 22
jamb2007
Goods worth N50 000 were sent at different times from head office to the branch during the year.
By the end of the period, only N40 000 worth of goods had arrived at the branch. Which of the following is correct about the treatment of this transaction?
ABranch should debit goods received from head ofice with N50 000
BHead office should debit goods sent to branch account with N10 000
CHead office should debit goods sent to branch account with N50 000
DBranch should debit goods received from head office with N10 000
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Question 23
jamb2007
In the trading and profit and loss account of a manufacturing organization, purchases is?
Aalways the same amount as the total factory overhead cost
Bgiven separately
Cequivalent to the total cost of goods manufactured
Dalways the same as the prime cost
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Question 24
jamb2007
Expense paid during the conversion of a partnership to a company are?
Adebited to the partners' capital account
Bdebited to the realization account
Cdebited to the cash account
Dcredited to the realization account
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Question 25
jamb2007
Use the information below to answer question .
Stock (1/1/02) at selling price..........N2000
Goods sent to branch (selling price).....N?
Sales by branch (selling price)..........N4500
Stock (31/12/02).........................N?
Opening stock is 1/4 of goods sent to branch.
The value of goods sent to branch is?
AN4 000
BN6 000
CN8 000
DN2 000
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Question 26
jamb2007
Use the information below to answer question
Stock (1/1/02) at selling price..........N2000
Goods sent to branch (selling price).....N?
Sales by branch (selling price)..........N4500
Stock (31/12/02).........................N?
Opening stock is 1/4 of goods sent to branch.
Determine the closing stock?
AN5 500
BN6 500
CN2 500
DN4 500
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Question 27
jamb2007
(i) Profits and looses will be shared unequally.
(ii) Interest is not allowed on capital.
(iii) Salaries are not allowed.
(iv) Interest is charged on drawings.
From the above, which of the following would apply where there is no agreement during partnership formation?
Ai only
Bi, ii and iii
Ci, ii and iv
Dii and iii
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Question 28
jamb2007
Given:
Stock at start:
Raw materials................N57 000
Work-in-progress.............N42 000
Finished goods...............N71 000
Purchase of raw materials amount to N81 000, direct labour is N38 000 and factory overhead N29 000.
Calculate the prime cost?
AN176 000
BN170 000
CN167 000
DN156 000
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Question 29
jamb2007
Use the information below to answer questions.
Entrance fees.........................N1200
Subscriptions(including N850 arrears).N4310
Donations received....................N1500
Proceeds from sales...................N2300
Total payments........................N8200
Depreciation..........................N2100
Closing cash balance..................N1110
The club deposited 200% of the closing cash balance in he bank during the period.
Calculate the total figure for the receipt and payments account?
AN11 410
BN13 630
CN9 310
DN11 530
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Question 30
jamb2007
A company has departments X, Y and Z. Department X occupies a space of Y while Z occupies half the space of Y. If the company pays N70 000 on rent, what is the amount of rent that should be allocated to Y?
