Accounting Past Questions

Use the following information to answer the question below

N
Net profit -------------------------17,460
Capital account: Taiwo--------50,000
                           Obi----------40,000
Drawings Account: Taiwo----12,000
                              Obi-------10,000
Salary - Obi---------------------1,500
Interest on capital--------------5%
Interest on drawings----------4%
Profit sharing ratio is 3:2 for Taiwo and Obi respectively

Taiwo's share of profit is------

Use the following information to answer the question that follows

Receipt and payments: 31st December 2016

Cash at bank------460        New equipment------200
Subscriptions-----520         Cleaner's wage-----540
Donations--------- 500         Stationary----------- 140
Sale of stickers---490         Cash at bank--------110
Entrance fee------670

The surplus for the year is-----------
 

Use the following information to answer the question that follows

Receipt and payments: 31st December 2016

Cash at bank------460        New equipment------200
Subscriptions-----520         Cleaner's wage-----540
Donations--------- 500         Stationary----------- 140
Sale of stickers---490         Cash at bank--------110
Entrance fee------670

The total income received for the year is...........

An event that will not require a change in the profit-sharing ratio of partners in a firm is when

The parties who are paid last in the event of winding-up are

The excess of assets over liabilities in a not for profit organization is--------------

Use the following information to answer the question below

                                01/01/2016   31/12/2016
Trade debtors-------80,000           100,000
Trade creditors-----30,000            40,000
Stock-----------------70,000             90,000

Cheques received from trade debtors in 2016: 350,000
Payment made to trade creditors in 2016: 220,000

Credit purchase for 2016 is?

Use the following information to answer the question below

                                01/01/2016   31/12/2016
Trade debtors-------80,000           100,000
Trade creditors-----30,000            40,000
Stock-----------------70,000             90,000

Cheques received from trade debtors in 2016: 350,000
Payment made to trade creditors in 2016: 220,000

Credit sales for 2016 is?
 

The balance on the sales ledger control account at the end of the accounting year represents a total.........

Use the following information to answer the question that follows

                                                       N
Direct material used-----------------64,000
Direct labour--------------------------30,000
Production overheads--------------22,000
Work-in-progress at beginning-----9,000
Work-in-progress at close---------14,000

The total cost of production is

Use the following information to answer the question that follows

                                                       N
Direct material used-----------------64,000
Direct labour--------------------------30,000
Production overheads--------------22,000
Work-in-progress at beginning-----9,000
Work-in-progress at close---------14,000

Prime cost of production is?

One of the components of factory overhead is............

In a manufacturing account, royalties paid

A credit entry is made in the plant and machinery account for the ......................

A fall in the value of a fixed asset due to technological changes is described as?

The amount set aside out of profits to strengthen the financial position of the business is

Use the information below to answer the question that follows

Sales--------------- 120,000
Purchase-----------100,000
Opening stock-----10,000
Closing stock------20,000

The gross profit or loss is?

Use the information below to answer the question that follows

Sales--------------- 120,000
Purchase-----------100,000
Opening stock-----10,000
Closing stock------20,000

The cost of goods sold is-----------

The wages of an office cleaner is classified as