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Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{ordinary shares of ₦1 each} & 500,000\\ \text{8% preference shares of ₦1 each} & 200,000\\ \text{Interim dividends paid} & \\ \text{- ordinary shares} & 40,000\\ \text{-preference shares} & 12,000\\ \text{profit for the year} & 100,000\end{array}\)
If no profit is to be retained, proposed preference shares dividend is
A₦28,000
B₦16,000
C₦12,000
D₦4,000
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Question 22
waec2006
Which of the following is not a revenue account?
Asales
Bpurchases
Cdiscount received
Dinterest received
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Question 23
waec2006
The basis of accounting which eliminates debtors and creditors is
Acash basis
Baccral basis
Cfund basis
Dcommitment basis
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Question 24
waec2006
A sales ledger contains
Acreditors' accounts
Bnominal accounts
Creal acounts
Ddebtors' accounts
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Question 25
waec2006
A book that contains the account for the financial transactions of an organizations is the
Ajournal
Bledger
Cfolio
Dregister
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Question 26
waec2006
Public sector accounting is practiced in
Apublic limited companies
Bgovernment organization
Cprofit making organization
Dpublic trainging company
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Question 27
waec2006
A system where a separate cash book is maintained for small payments is
Asingle entry
Bimprest
Cfloat
Dreimbursement
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Question 28
waec2006
The depreciation method in which the number of years of the useful life of an asset is allocated in a reverse order is
Astraight line
Breducing balance
Csum of the yeara; digits
Drevaluation
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Question 29
waec2006
The art of collecting, recording, presenting and interpreting accounting data is
Acost accounting
Bmanagement accounting
Cfinancial accounting
Ddata processing
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Question 30
jamb2006
Determine the value of closing stock using the LIFO method
AN2 000
BN2500
CN4000
DN35000
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Question 31
jamb2006
Assuming the closing stock was valued at N19 000 at the end of November, what was the gross profit?
AN30 000
BN50 000
CN70 000
DN100 000
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Question 32
jamb2006
X represents
Abank charges
Ban unpresented cheque
Cdividends
Dan uncredited cheque
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Question 33
jamb2006
The value of Y is
AN11 500
BN 8 500
CN13000
DN10000
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Question 34
jamb2006
What was the bank balance at the end of the month?
AN7 000
BN6 500
CN 7 500
DN 9 000
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Question 35
jamb2006
On Jan. 30 Khalifa withdraw N2500 from the bank for office use.
The cash balance at end of the month was
AN1 600
BN4 100
CN 6 600
DN6 100
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Question 36
jamb2006
Which of the following is a journal as well as a ledger?
ANominal ledger
BSales day book
CGeneral ledger
Dcash book
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Question 37
jamb2006
Head office sends goods to its branch at cost plus mark-up of of 25%. A debit of N40,000 to the branch stock account in the head office books will indicate that the head office has sent goods with a profit of
AN4000
BN6000
CN10000
DN8000
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Question 38
jamb2006
LOAN IS 30% OF CREDITORS.
A company has departments S,T and U. The sales are N20 000,20 000, N40 000 AND N60 000 respectively if the sales commission paid is N12 000, how much is T's share?
AN8000
BN2000
CN4000
DN6000
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Question 39
jamb2006
LOAN IS 30% OF CREDITORS.
What is the capital balance?
AN1000
BN2 100
CN900
DN1200
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Question 40
jamb2006
The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
