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Accounting Past Questions

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1,611 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

1,611 questions

Question 1 of 20 1,611 total questions

Question 421

jamb 2010

Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled N800.
A provision of 2% was made for discount and 5% provision for bad and doubtful debts.

Find the amount for sundry debtors after provision?

AN760 000

BN744800

CN744 000

DN784 000

View Explanation & Discuss

Question 422

jamb 2010

The directors' salaries paid are items of?

Acurrent liabilities

Bprofit and loss account

Ctrading account

Dcurrent account

View Explanation & Discuss

Question 423

jamb 2010

Given:

N6 000 10% preference shares of N0.50 each
N6 000 ordinary shares of N1 each
Capital reserves N2 700 000
Long-term liabilities N4 000 000

Find the value of authorized share capital?

A13 000 000

B12 000 000

C9 000 000

D15 700 000

View Explanation & Discuss

Question 424

jamb 2010

The capital contribution by the partners is treated in the?

Acurrent account

Bcapital account

Ctrading account

Dbalance sheet

View Explanation & Discuss

Question 425

jamb 2010

The interest on partners' loans is?

Adebited in current account

Bcredited in profit and loss account

Cdebited in profit and loss account

Dcredited in current account

View Explanation & Discuss

Question 426

jamb 2010

The rules which govern the internal management of a firm and its financial affairs in a partnership business is a?

Amemorandum

Bbye-law

Cdeed

Dfinancial regulation

View Explanation & Discuss

Question 427

jamb 2010

The salary of a partner is usually debited to the?

Asundry debtors' account

Bappropriation account

Cprofit and loss account

Dsundry current account

View Explanation & Discuss

Question 428

jamb 2010

Which of the following is mostly used in treating partners' current earnings?

ASavings account

BCurrent account

CCapital account

DShare capital account

View Explanation & Discuss

Question 429

jamb 2010

Goods returned to branch by customers is recorded in the head office books be debiting?

Abank account and crediting branch stock account

Bgoods sent to branch account and crediting branch debtors''account

Cbranch stock account and crediting branch debtors account

Dbranch debtors' and credting cash acount

View Explanation & Discuss

Question 430

jamb 2010

The branch expenses paid by the head office is recorded in the books by debiting branch?

Abad debt account and crediting branch debtor's account

Bexpenses account and crediting bank account

Cprofit and loss account and crediting branch stock account

Ddiscount allowed account and crediting branch debtors' account

View Explanation & Discuss

Question 431

jamb 2010

If goods were returned to branch by the customers, the correct posting for this transaction is to debit?

Abranch debtor's account and credit head office account

Bhead office account and credit branch stock account

Cbranch stock account and credit branch debtors' account

Dbranch cash account and credit branch stock account

View Explanation & Discuss

Question 432

jamb 2010

The Akachala Limited has four department W, X Y and Z. The profits or loss of the departments were N20 000 loss, X N25 profit, Y were N30 000 loss and Z N1800 profit. How much is the net profit or loss of the company?

AN7 000 loss

BN5 000 loss

CN5 000 profit

DN7 000 profit

View Explanation & Discuss

Question 433

jamb 2010

The summary of receipts and payments account represent?

Acash at hand

Bjournal proper

Cgeneral journal

Dledger accounts

View Explanation & Discuss

Question 434

jamb 2010

The equivalent of a club's receipts and payment account is the?

Atrading account

Brevenue account

Ccash account

Dsuspense account

View Explanation & Discuss

Question 435

jamb 2010

In the not-for-profit-making organization, the excess of income over expenditure is?

Adeducted from the capital

Badded to the accumulated fund

Cadded to the capital

Ddeducted from the the accumulated fund

View Explanation & Discuss

Question 436

jamb 2010

The prime cost is the total of the?

Aproduction cost + selling expenses

Bdirect material + direct labour + direct expenses

Cdirect material + work overhead expenses

Dadministrative expenses + selling + distribution expenses

View Explanation & Discuss

Question 437

jamb 2010

The depreciation on a motor vehicle that is being used for manufacturing and administration is charged to the?

Adebit side of manufacturing and profit and loss account

Bdebit side of profit and loss account only

Ccredit side of profit and loss account only

Ddebit side of manufacturing and balance sheet

View Explanation & Discuss

Question 438

jamb 2010

The gross loss on manufacturing is always transferred to the?

Acredit side of balance sheet

Bdebit side of profit and loss account

Ccredit side of profit and loss account

Ddebit side of balance sheet

View Explanation & Discuss

Question 439

jamb 2010

Use the information below to answer questions

........................31/12/08...........31/12/09

Furniture and fittings..N21 000,............N28 000
Office equipment........N9 800,.............N13 200
Debtors.................N6 800,.............N5 200
Creditors...............N4 900,.............N5 100
Cash at bank............N7 000,.............N4 600
Accrued electricity bills...................N1 200

Monthly drawings average N330.

Determine the net profit ?

AN5 000

BN3 960

CN1 040

DN8 960

View Explanation & Discuss

Question 440

jamb 2010

Use the information below to answer questions 25 and 26.

........................31/12/08...........31/12/09

Furniture and fittings..N21 000,............N28 000
Office equipment........N9 800,.............N13 200
Debtors.................N6 800,.............N5 200
Creditors...............N4 900,.............N5 100
Cash at bank............N7 000,.............N4 600
Accrued electricity bills...................N1 200

Monthly drawings average N330.

Find the opening capital?

AN39 700

BN35 900

CN35 740

DN43 660

View Explanation & Discuss

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