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Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The authorized capital of Tale Ltd is
A₦176,000
B₦166,000
C₦160,000
D₦16,000
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Question 22
waec2008
Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The balance of the profit and loss appropriation account as at the end of the year was
A₦16,000
B₦10,000
C₦5,400
D₦1,400
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Question 23
waec2008
Returns inwards is also called
Apurchases returns
Bsales returns
Cgoods on sales or return
Dgoods in transit
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Question 24
waec2008
In the preparation of manufacturing accounts, prime cost plus factory overheads equal to cost of
Amaterials available
Bproduction
Csales
Dmaterials used
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Question 25
waec2008
Which of the following is the effect of an increase in the provision for discount allowed?
Aincrease in net profit
Bdecrease in ross profit
Cdecrease in net profit
Dincrease in gross profit
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Question 26
waec2008
In a partnership business, the net profit serves as opening figure for
Atrading account
Bprofit and loss accoun
Ccurrent account
Dappropriation account
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Question 27
waec2008
Which of the following concepts is exposed to hold when a proprietor makes a drawing of goods or cash from the business?
Abusiness entity
Brealization
Cgoing concern
Dsual-aspect
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Question 28
waec2008
An analytical cash book is used to
Aindicate source of cash received
Bcategorise petty cash payment
Cseparate cash and bank balance
Danalyse amounts due from debtors
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Question 29
waec2008
A sales Day book is used for recording
Acredit sales
Bsales returns
Chire purchase
Dcash sales
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Question 30
waec2008
Which of the following is the basis accounting equation?
Aassets = capital + liabilities
Bcapital = assets + liabilities
Cliabilities = assets + capital
Dassets = liabilities + equity
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Question 31
jamb2008
Goods worth N300 was transferred from department Q to P Similarly, P's total expenses for the period was N200
Department P's net profit was
AN5 200
BN3000
CN2800
DN2 500
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Question 32
jamb2008
Goods worth N300 was transferred from department Q to P Similarly, P's total expenses for the period was N200
What was department Q's gross profit?
AN2 500
BN2 300
CN 2 200
DN1700
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Question 33
jamb2008
Which of the following is true of Uju Nig.Ltd?
AIt is a highly geared company
BIt has no liquidity problem in the short term
CIt is adequately secured in fixed assets
DIt's working capital is zero
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Question 34
jamb2008
The debit ratio is approximately
A43%
B42%
C41%
D23%
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Question 35
jamb2008
Give:
1. Ascertainment of the particulars of the proposed company
II. Preparation of the incorporation documents
III. Filling of the documents
IV. Registration of the company
From the information above, the stages involved in the formation of a company are
AI, II and III
BI, II, III and IV
CI,IIand IV
DII, III and IV
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Question 36
jamb2008
Use this information below to answer this question.
Trading Account (Extract)
.................N.............................N......
Opening stock...19500........Sales............96 000..
Add purchases...68700.................................
................88200.................................
Less closing stock..?.................................
Cost of goods sold..?.................................
Gross profit C/D....?.................................
....................?..........................?......
The gross profit margin is 20%
Determine the closing stock
AN76 800
BN67 800
CN14 100
DN11 400
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Question 37
jamb2008
Use this information below to answer this question.
Trading Account (Extract)
.................N.............................N......
Opening stock...19500........Sales............96 000..
Add purchases...68700.................................
................88200.................................
Less closing stock..?.................................
Cost of goods sold..?.................................
Gross profit C/D....?.................................
....................?..........................?......
The gross profit margin is 20%
What is the gross profit?
AN88 200
BN76 800
CN 19 200
DN12 900
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Question 38
jamb2008
Given that the balance as per cash book after adjustment was N6315, nu-presented cheques N1000 and the bank statement balance N3240. What was the balance of the nu-credited cheques?
AN4075
BN4240
CN3315
DN3075
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Question 39
jamb2008
The Auditor General of the Federation can be removed by the?
ANational Assembly
BChief Justice
CThe president
DHead of Service
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Question 40
jamb2008
Which of the following is among the categories of government cash book?
