Accounting Past Questions

Use the information below to answer questions 23 and 24.

............................31/12/07.......31/12/08
Stocks........................N4 200.........N3 900
Rates in advance..............N1 000.........N1 500
Accrued wages.................N1 150.........N1 350

Cost of goods sold was valued at N6 000.
Cash paid for rates and wages during the year was N1 300 and N2 200 respectively.

What is the value of purchases for the year 2008?

If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to?

If an organization maintains a periodic stock system, the stock quantities are?

Use the information below to answer questions

Sundry debtor..................N20,000
Provision for bad debts........N500

Provision for bad debt at 4% of sundry debtors.
 

Calculate the provision to be taken to the balance sheet?

Use the information below to answer questions 

Sundry debtor..................N20,000
Provision for bad debts........N500

Provision for bad debt at 4% of sundry debtors.

Determine the provision for bad debts to profit and loss account?

Benefit enjoyed for which payments have not been made are?

Use the information below to answer question 

Sales....................................N10,900
Stock 1/1................................N1, 000
Stock 31/12..............................N2, 000
Purchases................................N4, 000
Returns outwards.........................N800
Returns inwards..........................N600
Carriage outwards........................N300
Carriage inwards.........................N200

The cost of goods available for sale is?

Use the information below to answer question 

Sales....................................N10,900
Stock 1/1................................N1, 000
Stock 31/12..............................N2, 000
Purchases................................N4, 000
Returns outwards.........................N800
Returns inwards..........................N600
Carriage outwards........................N300
Carriage inwards.........................N200

Find the gross profit.

The course of discrepancies between the bank statement and the cash book that overstates the cash book is the?

The bank charges levied on a current account holder is the charge on?

A major cause of discrepancy between bank statement and the cash book that overstates the bank statement balance is the?

The source documents include?

Th major feature of an invoice is that, it?

The account which refers to the tangible assets of a company that is of permanent nature is the?

If stationery bought for N200 has been entered as N2000. To correct this error?

If salary account is debited instead of stationary account, the error committed is that of?

Ledger account is mainly classified into?