Accounting Past Questions

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Past Questions

86 questions
Question 1 of 6 86 total questions
Question 41
jamb 2018

Use the information below to answer question

 
Trading account for the year ended 31st December 2009

 

₦ ₦
Opening Stock                                               32,000 Sales                48,000     
Purchases                           40,000 Less Return       2,000
Carriage inwards                   1,000  
                                            41,000  
Less Return                          2,000                 39,000  
   
Cost of goods available                                     ??  
Less closing stock                                            9,000  
Cost of goods sold                                            ??  

 

A#20,500
B#23,000
C#28,000
D#27,000
View Explanation & Discuss
Question 42
jamb 2018

The office responsible for ascertaining whether all public expenditures and appropriations are in line with approved guidelines is the________

AAccountant general
BFinance minister
CAuditor general
DPermanent secretory.
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Question 43
jamb 2018

When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________

APrice above or below the stipulated price
BAny price but not below the transfer price
CCost price
DA price that is equal to the mark up
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Question 44
jamb 2018
                                      N                              N
Capital                                         39,000  Land  20,000
Long Term Loan      15, 000                    Building 30,000
Creditors                                       9,000 Stock  40,000
  Debtors  6,000
Accrued wages                             5,000 Cash  8, 000
                       68,000    68,000

 

 

 

Use the information above to answer the question

 : The acid test ratio in the company is___________

 

 

 

 

A1:1
B2:3
C1:2
D3:2
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Question 45
jamb 2018

Advertising expenses incurred on a product in a business organization should be charged to

ASales department
BProduction department
CPurchase department
DAdministration department
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Question 46
jamb 2018

What is the amount of capital employed?

A₦7000
B₦10000
C₦22000
D₦15000
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