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Accounting Past Questions

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1,611 questions

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Question 411

jamb 2011

In bank reconciliation process, discrepancies cause by timing arises as a result of?

Acash book bank statement

Bbank statement only

Ccash book, bank statement and other incidental records

Dcash book only

View Explanation & Discuss

Question 412

jamb 2011

Use the information below to answer question .

Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.

Calculate the cash discount?

AN60

BN90

CN40

DN100

View Explanation & Discuss

Question 413

jamb 2011

AN260

BN300

CN200

DN380

View Explanation & Discuss

Question 414

jamb 2011

The medium of correcting errors whose differences are shown in the trial balance is by the use of?

Adebtors' account

Bcreditor's account

Csuspense account

Dledger account

View Explanation & Discuss

Question 415

jamb 2011

The major feature of a journal is that it has?

Asix columns, date, particulars, folio, amount, debit and credit

Bfive columns, date particulars, folio, debit and credit

Cthree columns, date particulars and folio

Dfour columns, date particulars, folio and amount

View Explanation & Discuss

Question 416

jamb 2011

Given:

Light expenses...................N400
Purchases........................N3,000
Sales............................N1,200
Creditors........................N2,250
Debtors..........................N50

Calculate the total of the trial balance?

AN4,250

BN3,500

CN4,300

DN3,450

View Explanation & Discuss

Question 417

jamb 2011

i) Deducted the smaller side figure from the bigger side figure .
ii) Add up both side
iii)Take the difference to the smaller and add to the smaller figure

The correct procedure for balancing account is?

Aii, i and iii

Bi, iii and ii

Cii, iii and i

Di, ii and iii

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Question 418

jamb 2011

The principle of double entry system ensures?

Amathematical accuracy in trial balance

Bbalances at the bank

Cincrease in the assets and liabilities

Dbalance of cash account

View Explanation & Discuss

Question 419

jamb 2011

In a trial balance, income and liabilities are?

Adebited and credited respectively

Bcredited

Ccredited and debited respectively

Ddebited

View Explanation & Discuss

Question 420

jamb 2011

The historical development of accounting reveals that it?

Adeals with debit and credit of items

Bis a product of financial development

Cis a product of its own evironmnent

Dis an ideal subject for finacial development

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Question 421

jamb 2010

Calculate the cash balance after the discount

AN2760

BN4 300

CN6 200

DN2.400

View Explanation & Discuss

Question 422

jamb 2010

If Fatima was granted a discount of 2% what will be discount allowed?

AN20

BN40

CN60

DN4

View Explanation & Discuss

Question 423

jamb 2010

When Your Silence Is Loud..& Your Eyes Speaking Volumes..

Calculate the value of credit sales

AN484 000

BN448000

CN584 000

DN558 000

View Explanation & Discuss

Question 424

jamb 2010

Credit sales is given at 160% of cash received.

What is the balance c/d?

debit 64300

AN333 000

BN234 000

CN343 000

DN243 000

View Explanation & Discuss

Question 425

jamb 2010

How much selling and distribution expenses is apportioned to department M?

AN 800

BN 600

CN400

DN1800

View Explanation & Discuss

Question 426

jamb 2010

How much rent is apportioned to department K?

AN1200

BN1800

CN2000

DN750

View Explanation & Discuss

Question 427

jamb 2010

As evidence of payments to a government ministry, the revenue collectors will issue?

Atreasury receipt

Breceipts vourcher card

Ctreasury card

Dstores receipts vourcher

View Explanation & Discuss

Question 428

jamb 2010

An increase in government expenditure within a year is taken care of by means of?

Afinancial regulations

Bvirement

Cwarrant

Dsupplementary estimate

View Explanation & Discuss

Question 429

jamb 2010

An ordinary share of N80 was issued at N96. The share was issued at?

Apremium

Bpar

Cdiscount

Dloss

View Explanation & Discuss

Question 430

jamb 2010

The financial plan of the government for a year is contained in the?

Abudget

Bcash analysis book

Cvote book

Dgazette

View Explanation & Discuss

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