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.
Musa, a prepaid customer of XYZ and KLM, bought N1500 recharge card from XYZ, and N2000 recharge recharge card from KLM, for business calls. The entry to record these transaction is debit?
Atelephone N3,500 credit XYZ and KLM, N3,500
Btelephone N3,500, credit cash N3,500
Csundries N3,500, credit KLM N3,500
Dsundries N3,500, credit telephone N3,500
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Question 467
jamb2009
The process of bookkeeping includes records produced from?
Aledgers
Bsource documents
Cminutes of meeting
Dintuitive reasoning
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Question 468
jamb2009
The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is?
Aaccruals
Bmateriality
Cobjectivity
Dperiodicity
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Question 469
jamb2009
Which of the following branches of accounting was first developed?
ACost accounting
BFinancial acounting
CManagement accounting
DPetroleum accounting
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Question 470
jamb2008
Goods worth N300 was transferred from department Q to P Similarly, P's total expenses for the period was N200
Department P's net profit was
AN5 200
BN3000
CN2800
DN2 500
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Question 471
jamb2008
Goods worth N300 was transferred from department Q to P Similarly, P's total expenses for the period was N200
What was department Q's gross profit?
AN2 500
BN2 300
CN 2 200
DN1700
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Question 472
jamb2008
Which of the following is true of Uju Nig.Ltd?
AIt is a highly geared company
BIt has no liquidity problem in the short term
CIt is adequately secured in fixed assets
DIt's working capital is zero
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Question 473
jamb2008
The debit ratio is approximately
A43%
B42%
C41%
D23%
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Question 474
jamb2008
Give:
1. Ascertainment of the particulars of the proposed company
II. Preparation of the incorporation documents
III. Filling of the documents
IV. Registration of the company
From the information above, the stages involved in the formation of a company are
AI, II and III
BI, II, III and IV
CI,IIand IV
DII, III and IV
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Question 475
jamb2008
Use this information below to answer this question.
Trading Account (Extract)
.................N.............................N......
Opening stock...19500........Sales............96 000..
Add purchases...68700.................................
................88200.................................
Less closing stock..?.................................
Cost of goods sold..?.................................
Gross profit C/D....?.................................
....................?..........................?......
The gross profit margin is 20%
Determine the closing stock
AN76 800
BN67 800
CN14 100
DN11 400
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Question 476
jamb2008
Use this information below to answer this question.
Trading Account (Extract)
.................N.............................N......
Opening stock...19500........Sales............96 000..
Add purchases...68700.................................
................88200.................................
Less closing stock..?.................................
Cost of goods sold..?.................................
Gross profit C/D....?.................................
....................?..........................?......
The gross profit margin is 20%
What is the gross profit?
AN88 200
BN76 800
CN 19 200
DN12 900
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Question 477
jamb2008
Given that the balance as per cash book after adjustment was N6315, nu-presented cheques N1000 and the bank statement balance N3240. What was the balance of the nu-credited cheques?
AN4075
BN4240
CN3315
DN3075
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Question 478
jamb2008
The Auditor General of the Federation can be removed by the?
ANational Assembly
BChief Justice
CThe president
DHead of Service
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Question 479
jamb2008
Which of the following is among the categories of government cash book?
AReceipt cash book
BPayment cash book
CPetty cash book
DTreasury cash book
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Question 480
jamb2008
The salary of the chief Justice of the Federation is paid from the?
