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.
Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200
The closing stock on March 11th by LIFO valuation is
AN4200
BN2700
CN4500
DN3900
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Question 32
jamb2002
In the public sector, the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called?
Afund accounting
Bcommitment accounting
Ccash accounting
Daccrual accounting
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Question 33
jamb2002
Upon the dissolution of a partnership, the Partnership Act provides that the amount realized should be?
Aused to pay all taxes due to government
Bused to start a new partnership business by members who are willing
Cshared equally by the existing partners
Dused in paying the debts and liabilities of the firm to persons who are not partners
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Question 34
jamb2002
Given:
Balance at 31st December ............N14,744m
Treasury Bills issued Jan-Dec........N7124m
Revenue for the year ................N6387m
Expenditure .........................N8767m
What is the opening balance on the consolidated revenue fund account?
AN10,000m
BN12,000m
CN90,000m
DN11,000m
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Question 35
jamb2002
Given:
Sales ............................N195,200
Stock 1st January.................N34,000
Purchases ........................N126,000
Sales returns ....................N1,200
Purchases returns ................N2,000
If the gross profit is N66,000, what is the value of stock at 31st December?
AN30,000
BN40,000
C50,000
DN20,000
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Question 36
jamb2002
Control accounts help to verify the arithmetic accuracy of the postings from the?
Asubsidiary books into the trial balance
Bledger into the trial balance
Cjournals into the ledgers
Dsubsidiary books into the ledgers
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Question 37
jamb2002
keeping records under the single entry system has the advantage of?
Aquality in terms of records
Bcompleteness in terms of records
Caccuracy in terms of operation
Dsimplicity in terms of operation
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Question 38
jamb2002
Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to?
Adraw up the statement of affairs
Bdraw up a T-account to establish the amount
Ccompare the journal entries with the cash book
Dcross-check the cash book for further information
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Question 39
jamb2002
In an incomplete record system a trading account cannot be prepared until the?
Aday book has been balanced
Bamount of personal drawings has been established
Ccash book has been balanced
Damount os sales and purchases has been established
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Question 40
jamb2002
In a control account, discount received is found on the?
Adebit side of the purchase ledger control account
Bdebit side of the sales ledger control account
Ccredit side of the purchase ledger control account
Dcredit side of the sales ledger control account
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Question 41
jamb2002
Given:
Capital at start.......................N3250
Capital at close ......................N6250
Additional capital during the period...N1000
Calculate the profit or loss?
AN8500 profit
BN2000 loss
CN2000 profit
DN8500 loss
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Question 42
jamb2002
Which method of pricing can be used satisfactorily in either a rising or falling price situation?
AStandard price
BMarketing price
CFIFO
DAverage method
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Question 43
jamb2002
Given:
Cash purchases ..............................N25000
Trading creditors............................N45000
Opening balance of trade creditors...........N35000
Calculate the purchases for the period?
AN80,000
BN35,000
CN105,000
DN70,000
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Question 44
jamb2002
A company operating a chain of retail provision stores invoices goods to the branches at cost plus a mark-up of 25%. What is the mark-up percentage on selling price?
A35%
B30%
C20%
D15%
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Question 45
jamb2002
Costs that vary in proportion to the level of production in a manufacturing environment are known as?
Acontrol costs
Boverheads
Cdirect costs
Dindirect costs
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Question 46
jamb2002
Given that 1/3 of the N6000 stock held by a branch is purchased from outsiders. If goods are invoiced to branch at 25% on cost, the provision for unrealized profit is?
AN1000.00
BN333.33
CN666.66
DN800.00
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Question 47
jamb2002
Nasara Manufacturing Plc has three direct labour employees that work 40 hours each a week for 50 weeks a year. Factory overhead costs of N60,000 is distributed on the basis of direct labour hours.
Compute the overhead rate?
AN12 per hour
BN16 per hour
CN10 per hour
DN15 per hour
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Question 48
jamb2002
Use the information below to answer questions Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch. Stock at branch 1st January at cost............N400 Goods sent to branch at cost...................N8000 Returns to head ...............................N340 Cash sales ....................................N9160 Stock at branch 31st December at cost..........N720
Calculate the cost of goods credited to the head office trading account?
AN7660
BN7500
CN7460
DN7200
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Question 49
jamb2002
Use the information below to answer questions
Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch.
Stock at branch 1st January at cost............N400
Goods sent to branch at cost...................N8000
Returns to head ...............................N340
Cash sales ....................................N9160
Stock at branch 31st December at cost..........N720
What is the gross profit carried to the profit and loss account?
AN1820
BN1640
CN1530
DN1870
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Question 50
jamb2002
(i)Orientation (ii) Entity (iii)Legal status
(iv)Finance.
Which of the characteristics above distinguishes a profit-making from a not-for-profit-making organizations?
