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.
The proprietor made drawings of N755 per month for personal use.
The profit for the period is?
AN3000
BN1,360
CN9060
DN7700
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Question 38
jamb2006
When goodwill is not retained in the business, the entries in the new partners' book will be to debit?
Agood account and credit partners' capital account
Bpartners' capital account and credit goodwill account
Ccash account and credit goodwill account
Dgoodwill account and credit cash account
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Question 39
jamb2006
Departmentalization of accounts is useful because it shows the?
Aoverall performance of a firm
Bprice per unit of a product
Ccost per unit of a product
Doverall performance of a division
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Question 40
jamb2006
Use the information below to answer question .
Prime cost..................N12 100
lighting....................N10 000
Heating.....................N15 000
Factory overhead............?
The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.
Interest on the drawings of partners is treated in the?
Aprofit and loss appropriation account
Bgoodwill account
Cprofit and loss account
Dtrading account
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Question 41
jamb2006
Use the information below to answer question .
Prime cost..................N12 100
lighting....................N10 000
Heating.....................N15 000
Factory overhead............?
The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.
The factory overhead is?
AN5050
BN7250
CN2750
DN5500
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Question 42
jamb2006
Stock 1/1/2002..................................N40 000
Goods received from head office.................N800 000
Goods returned to head office...................N34 000
Sales...........................................N916000
Stock 31/12/2000................................N72 000
From the data above determine the cost of goods credited to the head office trading account.
AN766 000
BN840 000
CN734 000
DN806 000
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Question 43
jamb2006
Use the information below were to answer questions
...................Stationary Dept.............Video Dept.
Sales ..............N10,600.....................N15,175
Cost of goods sold..N5,247......................N6704
The expenses incurred were rent N4500, motor repairs N1200 and telephone N900.
The basis of cost apportionment is 1/2 stationary 1/3 video.
Find the total expenses allocated to the stationary department?
AN3600
BN1400
CN4400
DN3800
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Question 44
jamb2006
Use the information below were to answer questions
...................Stationary Dept.............Video Dept.
Sales ..............N10,600.....................N15,175
Cost of goods sold..N5,247......................N6704
The expenses incurred were rent N4500, motor repairs N1200 and telephone N900.
The basis of cost apportionment is 1/2 stationary 1/3 video.
Determine the net profit of the business?
AN6600
BN6271
CN5353
DN7224
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Question 45
jamb2006
Given:
Stock of raw materials 1/40............N11 150
Purchases of raw materials.............N112 550
Raw material returned..................N31 150
Stock of Raw materials 31/12/04........N27 150
Calculate the cost of raw materials consumed?
AN156 000
BN38 300
CN183 150
DN66 550
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Question 46
jamb2006
Use the information below to answer question
Capital.................................N60 000
Bank....................................N12 500
General expenses........................N5 250
Creditors...............................N17 000
Stock...................................N98 500
Fixed assets............................N42 000
Insurance and rates.....................N18 800
Purchase................................N63 850
Determine the total of the trial balance?
AN123 325
BN160 050
CN166 525
DN326 575
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Question 47
jamb2006
Use the information below to answer question
Capital.................................N60 000
Bank....................................N12 500
General expenses........................N5 250
Creditors...............................N17 000
Stock...................................N98 500
Fixed assets............................N42 000
Insurance and rates.....................N18 800
Purchase................................N63 850
What is the cash balance on the debit side if it is the only item omitted?
AN6745
BN6754
CN6475
DN6574
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Question 48
jamb2006
Adaobi mistakenly entered N7000 as credit sales in Abba's account. This is?
Aan error of principles
Ba compensating error
Can error of commission
Dan error omission
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Question 49
jamb2006
Stationary which will be used over a long period of time is usually recorded as an expense instead of an asset.
This concept is called?
Aentity
Bmateriality
Crealization
Daccrual
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Question 50
jamb2006
which of the following is source of document for the preparation of debtors' ledger account?
