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 process of cost apportionment is carried out so that
Aindirect costs may be controlled
Bcost units could gather overhead as they pass through cost centres
Cvariable costs may be controlled
Dcommon costs are shared among cost centres
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Question 32
jamb2015
To realize an asset means to
Amortgage it
Bopen its account in the ledger
Cturn it to cash
Dgive it out as a collateral
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Question 33
jamb2015
The ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------
Aappreciation
Bamortization
Cprovisions
Ddepreciation
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Question 34
jamb2015
The imprest of a petty cashier is N2450
Expenses on Printing 420
Cleaning 250
Stamp and postage 175
How much was received to maintain the imprest at the end of the month?
AN1, 605
BN875
CN2, 450
DN1, 300
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Question 35
jamb2015
Use the information below to answer this question.
A limited liability company has an authorized shares capital of 50 million split into 100 millions shares. 80million shares are offered for subscriptions at 60k per share in full on application. These have been fully subscribed on issue
What is the nominal value of each share
AN2
BN0.80
CN0.60
DN0.50
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Question 36
jamb2015
Use the following information to answer this question.
Provision for bad debt 1500
Additional information
1. Bad debt written off amount to 3000
2. Debtors balance as at the end of the year is 28,000
3. Provision for bad debts stand at 10%
How much is to be charged to profit and loss account as provision for bad debt?
AN2, 800
BN1, 000
CN2, 500
DN3, 000
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Question 37
jamb2015
If rent account is debited instead of rate account, the error committed is that of;
Aomission
Bcommission
Cprinciple
Doriginal entry
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Question 38
jamb2015
The loss made by a non profit making organization is called
Adeficit
Bsurplus
Cdiscount
Dshortage
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Question 39
jamb2015
The document setting out the regulations regarding shares, meetings and internal organization of a company is known as
Aprospectus
Bmemorandum of association
Ccompany law
Darticles of association
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Question 40
jamb2015
An advantage of using accounting ratios is that
Acan be easily calculated
Bshow errors and frauds
Cfacilitate decision making
Dare stipulated by law
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Question 41
jamb2015
Use the information below to answer this question.
Accounting information is used by investors and creditors of a company to predict
Apotential merger candidates for the company
Bappropriate remunerations for the company’s staff
Cfuture cash flows of the company
Dfuture tax payments of the company
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Question 43
jamb2015
If sales return is understated, it implies that ------------------------------ is overstated
Areturn inward
Bsales figure
Ccost of sales
Dreturn outward
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Question 44
jamb2015
Use the following information to answer this question.
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000
What is the club’s total liabilities
AN11, 700
BN26, 700
CN88, 000
DN85, 000
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Question 45
jamb2015
If a trail balance is in agreement, one of the statement is untrue
Athe accounting system is error free
Bequal debit entries and credit entries were recorded for each transaction
Cthe debit and credit from the journal were posted to the accounts
Daccount balances were correctly computed
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Question 46
jamb2015
Which of the following cannot be realized?
Acreditors
Bdebtors
Cmotor vehicles
Dgoodwill
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Question 47
jamb2015
Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as ---------------------
Afinancial accounting
Baccounting policies
Ccost accounting
Daccounting conventions
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Question 48
jamb2015
Goods stolen at the branch is debited to
Abranch stock account
Bdefalcations account
Cbranch debtors account
Dbranch adjustment account
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Question 49
jamb2015
The income and expenditure account of a club is the same as
Asingle entry account
Ba profit and loss account
Ca trading account
Da cash book
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Question 50
jamb2015
Use the information below to answer this question.
Dangote acquired Dantata’s business for N350,000. The total asset work were N820,000 and liabilities amounted to N 640,000
The double entry to record the goodwill in the books is debt
Apurchase of business account and credit cash account
Bgoodwill account and credit purchase of business account
