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.
Given:
Returns inwards............N1500
cash.......................N1550
Discount...................N2850
Capital....................N3800
Debtors....................N900
Sundry.....................N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors.
How much is sundry expenses?
AN2700
BN2250
CN1550
DN2000
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Question 32
jamb2007
The fourth stage of the accounting information system is?
Arecording
Binterpreting
Csummarizing
Dclassifying
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Question 33
jamb2007
Use the information below to answer questions
Balance as per cash book................N13560
Unpresented cheques.....................N5120
Uncredited lodgements...................N2300
Dividend received not entered
in the cash book........................N2000
Bank charges............................N280
Standing order payments.................N600
Balance as per bank statement............?
What is the adjusted cash book balance?
AN14 680
BN15 560
CN16 440
DN17 000
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Question 34
jamb2007
Use the information below to answer questions
Balance as per cash book................N13560
Unpresented cheques.....................N5120
Uncredited lodgements...................N2300
Dividend received not entered
in the cash book........................N2000
Bank charges............................N280
Standing order payments.................N600
Balance as per bank statement............?
Calculate the balance in the bank statement.
AN14 680
BN15 560
C17 500
D16 380
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Question 35
jamb2007
Journal proper is used in recording?
Atransactions that are not regular
Breturns from customers
Ccredit sales
Dthe receipt and payment for money
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Question 36
jamb2007
The process whereby a cheque received by one person is given to another is known as?
Acheque crossing
Bpayment in cheque
Ccheque transfer
Dcheque endorsement
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Question 37
jamb2007
Use the information below to answer question
Net loss.......................N2300
Capital........................N10500
Liabilities....................N7200
What will be the equity of the business?
AN12 800
BN4900
CN8200
DN9500
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Question 38
jamb2007
Use the information below to answer question
Net loss.......................N2300
Capital........................N10500
Liabilities....................N7200
Find the value of the total assets?
AN17 700
BN10 500
CN20 000
DN15 400
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Question 39
jamb2007
Given:
Prepaid b/f.......................N10 000
Cash paid during the year.........N20 000
The amount to be charged to the profit and loss account is?
AN30 000
BN25 000
CN5 000
D20 000
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Question 40
jamb2007
The purchases ledger control account showed a credit balance of N525 000 on April 30, 2006.
This amount shows?
Awhat the debtor of a business enterprise owed the business
Bthe total amount which each debtor owed the business
Cwhat a business enterprise owed its creditors
Dthe amount whicih a business enterprise owed creditor
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Question 41
jamb2007
Use the information below to answer question .
Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%
The provision for bad debt is?
AN2000
BN800
CN3000
DN1900
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Question 42
jamb2007
Use the information below to answer question
Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%
Determine the amount provided for discount allowed on debtors?
AN1000
BN3000
CN900
DN1500
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Question 43
jamb2007
(i) Facilitating the preparation of final accounts
(ii) Making the existence of error easy to detect
(iii)Checking the accuracy of positions periodically.
From the above, which of the following are among the uses of control accounts?
An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.
What was the asset value at the beginning of the third year?
AN63m
BN133m
CN36m
DN28m
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Question 48
jamb2007
Use the information below to answer question
An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.
Using the straight method. The depreciation of the asset in the first year was?
AN210m
BN343m
CN105m
DN270m
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Question 49
jamb2007
Stock valuation is useful because it forms the sales department on the?
Aprice of the competing goods
Bprices that will affect profitability
Cnumber of goods to produce
Dnumber of goods to sell
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Question 50
jamb2007
The federal government approved N140m to local governments W, X, Y and Z. The amount is to be shared on the basis of 40% equality, 35% population and 25% internal revenue generation. Calculate the share of local government W on equality?
