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Accounting Past Questions

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3,370 questions JAMB 1611 WAEC 1757 CUSTOM 2

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3,370 questions

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Question 431

jamb 2017

Which of these is a content of a master file?

AAll records relevant to the organisation.

BRecords of assets of the organisation

CA collection of data items

DAll records relating to employees

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Question 432

jamb 2017

Subscription in advance is treated in the balance sheet as a

Acurrent asset

Bcurrent liability

Cfixed asset

Dlong term liability

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Question 433

jamb 2017

The correct expression of accounting equation is

AAssets = Liabilities + Equity

BNet assets = Liabilities + Equity

CAssets + Liabilities = Equity

DAssets = Equity - liabilities

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Question 434

jamb 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Stock Jan 1} & 2000 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500\end{array}\)

Carriage outwards

A₦9,000

B₦2,500

C₦3,000

D₦1,500

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Question 435

jamb 2017

The principle of double entry developed from the axioms of accounting equation is given as

AAssets + Liability = Equity

BAssets + Equity = Liabilities

CLiabilities + Equity = Asset

DLiabilities + Equity = Net assets

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Question 436

jamb 2017

What is the effect of transaction when cash is paid into the bank

ABank balance decrease and cash balance increase

Bbank balance decrease and cash balance decrease

Ccash balance increase and bank balance increase

Dcash balance decrease and bank balance increase

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Question 437

jamb 2017

The tier of government that uses financial memorandum

AFederal government

Bstate government

Clocal government

Dmunicipal government

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Question 438

jamb 2017

Which of the following is used to service all operations of government?

AConsolidated Revenue Fund

BConsolidated Reserve Fund

CSpecial Operational Fund

DGeneral-Reserve Fund

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Question 439

jamb 2017

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

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Question 440

jamb 2017

The use of a three column cash book is determined by

Acash discount

Btrade discount

Ccash transaction

DBank transaction

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Question 441

jamb 2017

Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?

AII and IV only

BI,II and IV only

CI,II and III only

DII,III and IV only

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Question 442

jamb 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors clsoing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount Received} & 1000\end{array}\)

What is the amount of sales of sales for the year?

A₦3850

B₦6650

C₦1550

D₦6850

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Question 443

jamb 2017

Goodwill can be created in the books of a partnership firm when

Athe partnership experiences super profit

Ba new member is admitted

Cthe business is being expanded

Dthe business suffers high loss

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Question 444

jamb 2017

The following appears in trading account except

Asales

Bcarriage outward

Ccarriage inward

Dopening stock

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Question 445

jamb 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Balance as per cashbook} & 5 467 \\ \hline \text{Uncredited cheques} & 4 410 \\ \hline \text{Unpresented cheques} & 19 404 \\ \hline \text{Cheques wrongly debited by bank} & 1 404 \end{array}\)

The balance as per bank statement is

A₦21,901

B₦19,021

C₦21,109

D₦21,091

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Question 446

jamb 2017

The accounting entries for goods stolen in branch will be to debit

AThe accounting entries for goods stolen in branch will be to debit

Bbranch stock account and credit branch adjustment account

Cbranch adjustment account and credit profit and loss account

Dbranch adjustment account and credit branch stock account

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Question 447

jamb 2017

\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 150,000 \\ \hline \text{Purchases} & 500,000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & &
\end{array}\)

Determine the discount allowed by Department A

A₦5,000

B₦9,375

C₦5,625

D₦8,000

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Question 448

jamb 2017

Discount allowed is enjoyed by

AManagers

BCustomers

CSuppliers

DStaff of the company

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Question 449

jamb 2017

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.

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Question 450

jamb 2017

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

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