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 account is kept by local governments in Nigeria?
ABalance sheet
BAdvances account
CDebtors account
DProfit account
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Question 32
jamb1999
Capital and revenue expenditures of government are usually accounted for under funds which include?
AA personal advances, technical, special trust and
Btechnical, special trusth and commercial funds
Cpersonal advances, treasury clearance and special trusth funds
Dcommercial loans and treasury clearance funds
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Question 33
jamb1999
What is the correct entry in the head office books at the point of initial transfer of the goods?
ABranch stock account would be credited with
BBranch stock account would be debited with N12,000
CGoods sent to branch account would be debited with N10,800
DGoods sent to branch account would be credited with N12,000
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Question 34
jamb1999
Use the information below to Answer questions 46 and 47.
Among Limited invoiced goods at a cost of N10,000 to its Ikeja branch at a marginal of 20%. The branch later returned goods worth N1,200 at invoice price to the head office.
The profit marginal should be?
Adebit to goods sent to branch account
Bdebit to branch stock adjustment account
Ccredit to branch adjustment account
Dcredit to branch stock adjustment account
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Question 35
jamb1999
To record the transfer of stock from one department to another, the correct entry would be to debit?
Agoods outwards and credit goods inwards
Bmerchandise account and credit department stock account
Cdepartment transfering and credit department receivving
Ddepartment receiving and credit department transfering
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Question 36
jamb1999
The best method of allocating expenses among departments is to?
Aallocate expenses to each department in proportion to the sales of that department
Bcharge against each department those costs which are within its control
Ccharge expenses against each department in proportion to the purchases of that department
Dallocate expenses to each section of the department in relation to the number of people
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Question 37
jamb1999
Shares issued to a vendor in payment of business purchased would require a debit to?
Acash account and credit to share capital account
Bshare capital account and credit to vendor's account
Cvendor's account and credit to share capital account
Dshare capital account and credit to cash account
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Question 38
jamb1999
Calls in advance are treated in the balance sheet as?
Acurrent asset
Bcurrent liability
Cfixed assets
Dfixed liability
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Question 39
jamb1999
If a promoter pays a lawyer N5,000 for services rendered in preparing a Memorandum of Incorporation, the journal entry is to debit?
Apreliminary expenses, credit cash accounts
Bpromoter, credit creditors' accounts
Clawyer's credit cash accounts
Dcash , credit incorporation accounts
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Question 40
jamb1999
Which of the following events increases a corporation's shareholders equity?
ADonation of shares out of the corporation's own stock to the corporation
BThe corporation's purchase of treasury stock
CShares of previously subscribed stock issue to subscribing stockholders
DA municipality donation of land to the corporation
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Question 41
jamb1999
The market price per ordinary share of a corporation listed on the stock exchange is most closely related to its?
Aearning per share
Bredemption price per share
Cbook value per share
Dcall price per share
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Question 42
jamb1999
If a sole proprietorship is purchased for cash, then?
Athe purchaser debits his business purchase account with the consideration he pays
Ball assets and liabilities must be bought
Cgoodwill results where value of assets
Dthe vendor debits his business purchase account with the considerstion he receives
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Question 43
jamb1999
Dele and Seun who are in partnership, have decided to covert their business into a limited liability company where both become directors. To convert the business?
Athey will simply continue since there are no new members
Bthe partnership is formally ended and new company books opened
Cthe shares and all other items will be shared equally and not in their former ratios
Dcomputation of goodwill must be done as it is legally required
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Question 44
jamb1999
When a partner makes a drawing of stock items from a partnership, the accounting impact of the drawing is to increase the partner's?
Agoodwill account balance
Bcurrent account credit balance
Ccurrent account debit balance
Dprofit and loss credit balance
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Question 45
jamb1999
As part of the initial investment, a partner contributes office equipment that originally cost N20,000 and on which provision for depreciation of N12,500 had been recorded. If the partners agree on a valuation of N9,000 for the equipment, what amount should be debited to the office equipment account?
AN7,500
BN9,000
CN12,500
DN20,000
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Question 46
jamb1999
Goodwill can be valued in partnership when?
Aa partners make profits
Blarge losses are made
Ca partner retires
Da new branch is opened
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Question 47
jamb1999
A credit balance on a receipt and payments account indicates that the non-profit making organization?
Ahad more revenues than expenses during the period
Bdid not owe much liabilities during the period
Creceived more cash than it paid out during the period
Dmade more cash payments than it received during the period
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Question 48
jamb1999
Given:
Club N150
Cash sales N4,850
Club debtors at close N900
Cash received from debtors N550
What is the amount of club sales?
AN6,150
BN4,850
CN4,650
DN1,300
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Question 49
jamb1999
Receipt and payments account of a non-profit making organization is principally a summary of the?
Abak entries
Bcash bok entries
Cexpenditure entries
Dbalance sheet entries
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Question 50
jamb1999
The difference between the factory cost of production and the prime cost of production is?
