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.
Create and set up a CBT environment with your preferred subjects.
Practice JAMB CBT with real UTME past questions in CBT format.
CB-WASSCE styled past question practice.
SSCE & GCE styled past question practice.
In a partnership account, interest on drawings is
A partnership's internal regulations are set out by
The amount paid by a new partner on admission as a compensation for the reputation built up by old partners is a
i. Direct materials
ii.Direct labour
iii.Direct expenses
iv. Factory expenses
Prime cost consist of
Which of the following expenses relates to the profit and loss account of a manufacturing firm
Which of the following is accounted for in receipts and payment account
In manufacturing account, the work-in-progress at the end of the year is
Purchase of raw materials - #330,000
Closing stock of raw materials - #80,000
Direct wages - #30,000
Carriages of raw materials - #10,000
Determine the prime cost
Opening stock of raw materials - #75,000
Purchase of raw materials - #330,000
Closing stock of raw materials - #80,000
Direct wages - #30,000
Carriages of raw materials - #10,000
Calculate the cost of raw materials used
The addition of prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of
When goods produced are transferred at cost plus mark-up sale, the difference between the cost and the transferred price is a
Given:
Drawings - #3,500
Net loss - #2,500
Capital 1/1/2007 - #35,000
Additional capital - #10,000
The adjusted capital as at 31/1/2007 is
Given:
Opening capital - #50,000
Closing capital - #64,000
Drawings - #16,000
Determine the net profit
1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500
Calculate the closing capital
What type of stock valuation would a vegetable seller adopt in valuing it's product?
Given:
Opening capital - #1,500
Capital introduced - # 500
Profit for the year - # 800
Cash drawings - # 250
Calculate the closing capital
Sales - #232,000
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000
Calculate the expenses debited to the profit and loss account