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Accounting Past Questions

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1,611 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

1,611 questions

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Question 341

jamb 2014

Which of the following affects the accuracy and authenticity of the trial balance?

AError of ommission

BError of commission

CError of transposition

DError of original entry

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Question 342

jamb 2014

Aduke Motors bought three Toyota Hilux vans on cash at the cost of #6,000,000, on debiting the vehicle account, the corresponding credit for the purchase will appear in the

Asales day book

Bpurchases day book

Csales subsidiary book

Dcash book

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Question 343

jamb 2014

A cheque of #5,000 paid to Sulieman had been correctly entered in the cash book but had not been entered in Sulieman's account. To correct this error, debit Sulieman's account and credit

Acash account

Bbank account

Csuspense account

Dpurchases account

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Question 344

jamb 2014

The concept which states that revenue should be recognized at the point when the sale is deemed to have been made is

Amatching

Bconsistency

Crealization

Dgoing concern

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Question 345

jamb 2014

One of the the differences between bookkeeping and accounting is that the former

Arecords data while the latter interprets

Bis regarded as the language of the business while the latter ascertains its strenght

Cinterprets data while the latter records it

Dsummarises information while the latter communicates it

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Question 346

jamb 2013

An instrument which allows public officers to increase expenditure within a year is

Astatutory allocation

Bsupplementary budget

Cvirement

Dwarrant

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Question 347

jamb 2013

Given:

Assets and Liabilities of a Local Government
Bank balance #6,484,000
Cash # 900,000
General revenue balances #9,774,500
Accrued salaries #1,220,000
Investment in shares #1,480,000
Vehicles #7,620,000

Calculate the liabilities of the local government

A#10,994,500

B#17,394,500

C#18,774,500

D#18,874,500

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Question 348

jamb 2013

Accountant-general of the federation is responsible for

Athe general supervision of all auditing personnel in all the ministeries

Bthe compilation of annual financial statement

Cthe interpretation of rules and regulations affecting the private sectors

Densuring the efficient operation of the ministries

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Question 349

jamb 2013

The debenture issued at par above the nominal value is said to be issued at a

Acost price

Bmark-up

Cpremium

Dmargin

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Question 350

jamb 2013

The distributable profit available to shareholders at the end of each year is the

Atotal profit and debtors balance

Bgeneral reserve and retained profit

Cretained profit and fictitious assets

Dtotal profit less creditors balance

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Question 351

jamb 2013

The issued share capital is the number of shares that are

Aauthorized by share holders

Bshared among the directors

Cfully subscribed

Din the share certificate

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Question 352

jamb 2013

Given:
Applications were invited by the directors of Abiodun PLC for 500,000 ordinary shares of #1:00 each at #1:10 per share payable as follows;
On application 46k
On allotment 20k
1st Call 15k
2nd Call 19k

How much is to be paid for application?

A#230,000

B#280,000

C#500,000

D#550,000

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Question 353

jamb 2013

Which of the following is the capital reserve of a company

AShare premium

BRetained profit

CAccumulated depreciation

DLoss on forfeited shares

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Question 354

jamb 2013

The objective of departmental account is to

Aascertain the cost of running the organization

Bascertain the amount of profit or loss for each department

Cascertain the amount of profits for losses for the enterprises

Doffset the loss of each treatment

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Question 355

jamb 2013

Department K Y
Opening stock #2,500 #800
Purchases #120,000 #100,000
Sales #180,000 #200,000
Salaries #8,000 #30,000
Closing stock #3,000 #1,500
Rate expenses of #1,500 are apportioned in the ratio 1:2.

What is the net profit of Y?

A#52,000

B#68,300

C#68,800

D#69,300

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Question 356

jamb 2013

A#23,500

B#60,500

C#60,700

D#82,500

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Question 357

jamb 2013

When there is no basis of apportionment in an organization, the expenses should be apportioned based on

Asales

Bpurchases

Cequality

Dfloor space

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Question 358

jamb 2013

When shares are issued at a discount, entries are to debit

Aapplication allotment account and credit discount accoun

Bdiscount account and credit

Ccash account and credit discount account

Ddiscount account and credit bank account

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Question 359

jamb 2013

The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of

Anet income

Brevenue reserve

Ccapital reserve

Dnet loss

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Question 360

jamb 2013

When a share valued at 50k is issued at #1.59, it is said to be issued at

Apar

Bpremium

Cdiscount

Dinterest

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