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.
Which of the following is the basis for apportioning rent among departments?
Asales
Bfloor area
Cnumber of employees
Ddirect labour cost
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Question 22
waec2003
Use the following information to answer the given question.
\(\begin{array}{c|c} \text{Net profit for the year} & N75.000\\ \text{Ordinary share capital of 50 kobo each} & N65,000\\ \text{10% Preference shares of 50 kobo each} & N100,000\end{array}\)
Dividend per ordinary share is
AN1.00
BN0.50
CN0.45
DN0.40
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Question 23
waec2003
Use the following information to answer the given question.
\(\begin{array}{c|c} \text{Net profit for the year} & N75.000\\ \text{Ordinary share capital of 50 kobo each} & N65,000\\ \text{10% Preference shares of 50 kobo each} & N100,000\end{array}\)
Preference dividend for the year is
AN20,000
BN10,500
CN10,000
DN7,500
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Question 24
waec2003
Use the following information to answer the given question.
\(\begin{array}{c|c} \text{Net profit for the year} & N75.000\\ \text{Ordinary share capital of 50 kobo each} & N65,000\\ \text{10% Preference shares of 50 kobo each} & N100,000\end{array}\)
The amount available as dividend to ordinary shareholders is
AN75,000
BN65,000
CN55,000
DN52,500
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Question 25
waec2003
Patient and trade marks are classified under
Aintangible assets
Bcurrent assets
Cfixed assets
Dwasting assets
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Question 26
waec2003
The procedure for utilizing the savings from one sub-head of expenditure to pay for another under the same head is
Aapportionment
Bvirement
Cappropriation
Dallocation
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Question 27
waec2003
Which of the following is the responsibility of a local government?
Aconstructing market stalls
Braising income tax revenue
Cdeveloping highways and tolling them
Ddeveloping major ports for tax purposes
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Question 28
waec2003
Which of the following is not an externally visible part of a computer?
Acentra processing unit
Bmicrochip
Cmonitor
Dkeyboard
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Question 29
waec2003
The document which advertises the sale of shares of a company is a/an
Aprospectus
Bdebenture
Cstatement
Dinvoice
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Question 30
waec2003
The transformation of pieces of information into a more useful format is
Adata processing
Binformation processing
Ccomputerization
Dsystem analysis
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Question 31
waec2003
A chain store is known as?
Adepartment store
Bmultiple store
Csupermarket
Dhypermarket
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Question 32
waec2003
An unfavourable balance of trade for a country means that her?
Aimports exceed exports
Bvisible exports exceed invisible import
Cinvisible exports exceed visible exports
Dimports and exports are equal
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Question 33
jamb2003
What is the capital at start?
AN53 000
BN63 000
CN73 000
DN83 000
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Question 34
jamb2003
Credit purchases are always put at 150% of the total cash paid to suppliers
Determine the credit purchases
AN13 500
BN15 500
CN13 400
DN12 000
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Question 35
jamb2003
Credit purchases are always put at 150% of the total cash paid to suppliers
Calculate the closing balance of the ledger account
AN6 900
BN6400
CN5000
DN4000
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Question 36
jamb2003
Use the information to answer this question
Date.............Details........................
Feb........1 Purchased 400 units at N1.00 each
,, ........5 Purchased 200 units at N2.00 each
,,.........10 Purchased 200 units at N300 each
,, .........15 Issued 320 units
,,..........20 Issued 200 units at N4,00 each
,,..........25 Issued 120 units
Using the periodic simple average method, the cost per unit is
AN4.25
BN3.25
CN2.25
DN1.25
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Question 37
jamb2003
Use the information to answer this question
Date.............Details........................
Feb........1 Purchased 400 units at N1.00 each
,, ........5 Purchased 200 units at N2.00 each
,,.........10 Purchased 200 units at N300 each
,, .........15 Issued 320 units
,,..........20 Issued 200 units at N4,00 each
,,..........25 Issued 120 units
Calculate the price per unit of closing stock using the periodic weighted average method.
AN3.20
BN3.00
CN2.20
DN2.00
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Question 38
jamb2003
Use the information below to answer this questions
Capital..................N............N........
Land and building.......18470........24000....
Mortgage on premises...................11090...
Drawings...............3000...................
Profit and loss........................3600...
Furniture and fittings...5120.................
Motor Vehicles...........3462................
Closing Stock............3000................
Debtors..................11474...............
Creditors..............................7354.
Cash.....................1518................
..........................46044.........46044
Calculate the value of fixed assets
AN15 992
BN18 470
CN27 000
DN27 052
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Question 39
jamb2003
Use the information below to answer this questions
Capital..................N............N........
Land and building.......18470........24000....
Mortgage on premises...................11090...
Drawings...............3000...................
Profit and loss........................3600...
Furniture and fittings...5120.................
Motor Vehicles...........3462................
Closing Stock............3000................
Debtors..................11474...............
Creditors..............................7354.
Cash.....................1518................
..........................46044.........46044
