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 accounts is debited when a delivery van is sold for cash?
Asales account
Bdelivery van account
Ccash account
Dprofit and loss accounts
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Question 302
jamb2015
Which of the following is true in public sector accounting? Cost of assets is
Adepreciated on straight line method
Bexpensed in the year of purchase
Ccharged to federation account
Ddepreciated on reducing balance method
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Question 303
jamb2015
Keeping records under single entry system has the advantage of
AQuality in terms of records
BSimplicity in terms of operation
CAccuracy in terms of operation
DCompleteness in terms of records
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Question 304
jamb2015
Use the information below to answer this question
Segun Ojo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000
Compute the capital as at 1st Jan, 2014.
A27,150
B43,350
C16,200
D34,350
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Question 305
jamb2015
A sales for N2,570 was recorded in the sales day book as N2750. The error committed was
Aerror of principle
Berror of commission
Cerror of original entry
Dcompensating error
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Question 306
jamb2015
Use the information below to answer this question.
A business has three departments x, y and z
You are given the following information
Selling and distribution expenses N5200
Rent for the yearN6000
Department turnover floor space in square metres
X N60,000 80
Y N80,000 60
Z N100,000 60
How much rent is apportioned to department Z?
AN1, 500
BN3, 000
CN1, 800
DN2, 000
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Question 307
jamb2015
If the partnership agreement does not specify how net profit is to be divided, the profit should be divided
.
Aequally
Bin accordance with an established
Cin proportion of current account balances
Din proportion of weighted average of capital
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Question 308
jamb2015
Use the information below to answer this question
SegunOjo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000
Determine the closing capital 31/12/2014
A17,500
B38,200
C20,700
D27,200
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Question 309
jamb2015
The basis of accounting for public sector is
Aaccrual basis
Bcost basis
Crevenue basis
Dcash basis
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Question 310
jamb2015
The following account are prepared when goods are sent to branch except
ABranch stock
BGoods set to branch account
CBranch adjustment account
DBranch debtors account
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Question 311
jamb2015
Sales ledger control account contains the total amount in respect of
Acreditors
Bdebtors
Cinvestors
Dshareholders
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Question 312
jamb2015
The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ----------------------------
Aconversion
Bcontrol
Callocation
Danalysis
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Question 313
jamb2015
One of the items listed below will not be found in a company’s memorandum and article of association. Which is it?
Aobjects and their alteration
Blocation of business
Cbank signatories
Dpowers of directors
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Question 314
jamb2015
The following accounting entries are made when bad debt is recovered
Adebit bad debts accounts and credit bad debt recovered account
Bdebit debtors accounts and recovered account
Cdebit bad debts recovered account and credit bad debts account
Ddebit bad debts account and credit profit and loss account
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Question 315
jamb2015
Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days).
A28 days
B42 days
C27 days
D23 days
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Question 316
jamb2015
What does liquidity ratio measure?
Ameasures operating efficiency of a company
Bmeasures the ability of a company to meet its current obligations.
Cmeasures the value of investments of a company
Dmeasures the financial leverage of a company
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Question 317
jamb2015
The accounting convention that state that, stock should be value that the lower of cost and net realized value is --------------- convention
Amarching
Bconsistency
Crealization
Dprudency
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Question 318
jamb2015
Which of the following is not a proper form of the accounting equation
Afixed assets + current assets - liabilities = capital
Bfixed assests + current assests + liabilities = capital
Cfixed assets – liabilities + current assets = capital
Dfixed asset + current asset – capital = liabilities
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Question 319
jamb2015
Which of the following is a debit entry in debtors control account?
Adiscount allowed
Breturn inwards
Ccredit sales
Dcash from debtors
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Question 320
jamb2015
In a bank reconciliation statement, Dishonoured cheques is added to
