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.
Use the information below to answer questions 28 and 29.
On January 1,2000, a club's assets and liabilities were as follows:
Club house...................N8,000
Subscription.................N300
Cash.........................N1,000
Wages owed...................N100
The club has 50 members and annual subscription is N100 per member.
Subscription received is N4,000 and this includes 1999 arrears of N200.
The accumulated fund is?
AN9,400
BN9,300
CN9,200
DN9,100
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Question 42
jamb2004
The market value of goods produced is?
AN30,500
BN30,600
CN31,600
DN31,620
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Question 43
jamb2004
Use the information below to answer questions 26 and 27.
Materials consumed...................N16,600
Direct cost..........................N5,400
Factory rent.........................N2,300
Factory lighting.....................N1,200
Cost of production to be transferred at cost plus 20% mark-up.
The gross profit on manufacture is?
AN6,120
BN6,100
CN5,100
DN5,000
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Question 44
jamb2004
Cost classification in relation to charges is determined by the level of?
Araw materials
Blabour
Cactivity
Dprofitability
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Question 45
jamb2004
What is the figure for purchases?
AN2,400
BN2,500
CN4,200
DN5,200
ENo option indicated
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Question 46
jamb2004
Use the information below to answer questions 23 and 24.
The beginning inventory was estimated at 80% of sales.
Determine the amount for the beginning inventory?
AN20,140
BN10,240
CN8,140
DN7,240
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Question 47
jamb2004
In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the?
Arevenue and expenditure account
Breceipts and payments account
Cprofit and loss apporpriation account
Dprofit and loss account
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Question 48
jamb2004
Given:
General expenses account.
Paid by cheque..................N671
Paid by cash....................N70
Accrued b/f.....................N65
Accrued c/f.....................N115
Determine how much to be charged to profit and loss account?
AN606
BN786
CN791
DN856
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Question 49
jamb2004
The beginning and ending accounts receivable balances were N20,000 and N30,000 respectively.
The collection from customers during the period was N70,000. What was the total sale on account?
AN20,000
BN60,000
CN80,000
DN120,000
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Question 50
jamb2004
In a sales ledger, contra entry is found on the?
Adebit side of the debtors' control account
Bdebit side of the crebtors' control account
Ccreadit side of the debtors' control account
Dcreadit side of the credtors' control account
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Question 51
jamb2004
Use the information below to answer questions 17 and 18.
At the end of the year, the purchase ledger showed a debit balance of N108
The balancing figure in the purchases ledger control account is?
AN15,828
BN15,720
CN14,940
DN14,694
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Question 53
jamb2004
The balancing figure in the purchases ledger control account is?
AN15,828
BN15,720
CN14,940
DN14,694
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Question 54
jamb2004
Where closing stock is undervalued, the effect is?
Aan increase in gross profit
Ba decrease in gross profit
Can increase in purchases
Da decrease in purchase
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Question 55
jamb2004
Given:
Rates paid during the year amounted to N2,250 at N125 per month and 1,035 was paid for electricity in the same period at N115 per month.
Determine the amount of prepaid rates?
AN345
BN750
CN1,380
DN1,500
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Question 56
jamb2004
The balance on the provision for depreciation account is?
Aadded to fixed assets on the balance sheet
Bdeducted from the fixed assets on the balance sheet
Cdeducted from the profitand loss account
Dadded to current liabilities of the account
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Question 57
jamb2004
Zakari started a business in January 2000. He bought a shop costing N54,000 and stock worth N7,600. Profit for the year amounted to 22,100. His closing capital was N73,800.
Zakari's personal drawings amounted to?
AN2,300
BN9,900
CN17,100
DN19,500
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Question 58
jamb2004
The imprest account is subsidiary to the?
Aledger account
Bbank account
Ccash book
Dbank column
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Question 59
jamb2004
The receipt whose name appears on a cheque is called a?
Apayer
Bdrawer
Cdrawee
Dpayee
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Question 60
jamb2004
A debit in the suspense accounting will appear in the balance sheet as?
