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 major point of agreement carried by the partnership deed is?
A5% interest annum on any loan
Ban oral agreement among the partners
Cmethod of inhertance by the partners' children
Dthe profit and loss sharing ratio of the partners
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Question 32
jamb2011
Goods invoiced to a branch can be sent using?
Acost price, selling price and fixed percentage on selling price
Bcost price, selling price and fixed percentage on cost price
Ccost priceand fixed percentage on cost price
Dcost price and fixed percentage on selling price
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Question 33
jamb2011
The two accounts that are normally opened in the head office when goods are transferred to a branch are?
Abranch supplies and branch receipts
Bbranch stock account and goods sent to branch accounts
Cgoods sent to brannch account and branch receipt account
Dgoods sent to branch accounts and branch supplies
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Question 34
jamb2011
The correct entries to record goods transferred to branch from head office is to debit?
Abranch stock account and credit goods sent to branch account
Bbranch supplies account and credit branch stock account
Cbranch stock account and credit purchases account
Dgoods sent to branch account and credit branch stock account
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Question 35
jamb2011
The cost method of charging goods to branch is used where?
Abranch stock adjustment account is in use
Bthe retention of branch trading account is in addition to the cost of goods sold
Cgoods are sent without invoice or any source documents
Dgoods are of a perishable nature on which a pre-determined price is inapplicable
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Question 36
jamb2011
The transactions relating to liquidation in partnership account is drawn by using?
Acurrent account
Bcash account
Ccapital account
Drealization account
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Question 37
jamb2011
The major objective of departmental accounts is to ascertain the?
Acontribution of each department to profit
Bmaterials sold in each department
Cinsurance premium payable on employees
Dnumber of employees in each department
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Question 38
jamb2011
The capital of not-for-profit-making organization is referred to as?
Aentity fund
Bcapital owned
Caccumulated fund
Dcapital employed
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Question 39
jamb2011
The subscription paid in advance is treated in the balance sheet of a club as?
Aa surplus
Ba liability
Ca deflicit
Dan asset
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Question 40
jamb2011
The major festure of not-for-profit-making-organization is that they are formed?
Ato use accumulated fund to described the net amount owed to members
Bmainly to improve the welfare of her member
Cto engaged in trading activities to sponsor its activities
Din order to compute the receipts and payment account
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Question 41
jamb2011
Work-in-progress is the?
Avalue of party finished goods
Bvalue of finished goods sold
Csales less cost of goods sold
Dvalue of goods produced
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Question 42
jamb2011
The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the?
Aprime cost
Bindirect cost
Ctotal cost
Ddirect cost
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Question 43
jamb2011
The cost that are directly traceable to the the goods being produced is?
Aparty manufactured goods
Boverhead cost
Ctotal factory expenses
Dprime cost
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Question 44
jamb2011
Calculate the net profit?
AN1 620
BN1 920
CN1 420
D2 120
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Question 45
jamb2011
Use the information below to answer questions 23 and 24.
Incomplete Record (Extract)
Sales......................................N10,600
Rent...........................N200
Depreciation of vehicle (cost N5000) 10%
Gross profit margin is 20%
What is the cost of goods sold?
AN4 800
BN8 480
CN2 320
DN 9 900
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Question 46
jamb2011
The control accounting can be used in?
Arecording all the business transactions of the enterprise
BKeeping records of all direct deposit in the bank account
Cmonitoring the books of original entry
Dmonitoring the efficiency of bookkepping by accountants
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Question 47
jamb2011
A typical example of a real account is?
Aprepayment
Bexpenses
Cplant
Dincome
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Question 48
jamb2011
What is the value of stock as at the end of July 10 using FIFO?
AN14 400
BN13 300
CN15 200
DN12 600
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Question 49
jamb2011
Use the information above to answer questions 19 and 20.
July 30 Closing stock 100 units at N90
July 8 Purchased 200 units at N95
July 10 Sold 160 units
July 17 Returned 80 faulty units purchased at N95
July 18 Purchased 200 units at N105
July 20 Sold 180 units
July 28 Purchased 200 units at N110
July 29 Sold 120 units
July 30 Sold 100 units
How many units were at hand as at July 30?
A80
B100
C60
D160
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Question 50
jamb2011
The item on the credit side of the trading account is the?
