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.
Which of the following is used to service all operations of government?
AConsolidated Revenue Fund
BConsolidated Reserve Fund
CSpecial Operational Fund
DGeneral-Reserve Fund
View Explanation & Discuss
Question 32
jamb2017
The discount column on the left-hand side of cashbook represents a discount
Areceived from a creditor
Ballowed to a debtor
Creceived from a debtor
Dallowed to a creditor
View Explanation & Discuss
Question 33
jamb2017
The use of a three column cash book is determined by
Acash discount
Btrade discount
Ccash transaction
DBank transaction
View Explanation & Discuss
Question 34
jamb2017
Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?
An advantage of FIFO method of stock valuation is that
Ait serves-as a control during inflation
Bit is calculated at the end of the year
Cit is progressive in nature
Dits flow of cost is in sequence with the flow of stock.
View Explanation & Discuss
Question 43
jamb2017
Calculate the discount received in Department B
\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 500 000 \\ \hline \text{Purchases} & 150 000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & &
\end{array}\)
A₦12,000
B₦15,000
C₦16,000
D₦9,000
View Explanation & Discuss
Question 44
jamb2017
One of the options below have the same features as the profit and loss account in non-profit organization
AIncome and expenditure account
Bprofit and loss account
Creceipts and payment account
DNon profit account
View Explanation & Discuss
Question 45
jamb2017
The current growth in the volume of trading and financial dealing in Nigeria is helped by
Aincreased financial activities
Bgovernment intervention
Ccredit as a factor in business
DPayment for goods in cash
View Explanation & Discuss
Question 46
jamb2017
The following are the importance of branch account except
Ait enable the organization to determine the branch that is making either profit or loss
Bit allows proper control over the branch by the head office
Cit assist the organization to determine the performance of a branch manager
Dit allows fraud and wastage of resources
View Explanation & Discuss
Question 47
jamb2017
The movement of goods from head office to a branch is treated in the head office as
ASales
Bissue
Cpurchases
Drequisition
View Explanation & Discuss
Question 48
jamb2017
Given:
I. It records subscription in arrears
II. Payments of liabilities is effected
III. The account does not show if cash payment is revenue or capital expenditure
IV. It performs the same function as cashbook
The features of receipts and payment account includes
AI,II and IV
BII,III and IV
CIII and IV
DI,II and III
View Explanation & Discuss
Question 49
jamb2017
Which of these is the main source document for recording cash paid into bank?
Ainvoice
Bcheque book
Ccredit note
Dpay-in-slip
View Explanation & Discuss
Question 50
jamb2017
When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added
