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.
Which of the following is shown in the profit and loss appropriation account of a company
Ainterest charges
Bdepreciation
Cdirectors emoluments
Ddividends
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Question 42
jamb2015
Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 53,000; creditors at the beginning 4000; creditors at the end 2,000
AN52,000
BN51,000
CN55,000
DN50,000
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Question 43
jamb2015
When shares are sold at more than the par value, they are said to have been issued at
AA premium
BNormal value
CA discount
DA profit
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Question 44
jamb2015
Which of the following accounts is debited when a delivery van is sold for cash?
Asales account
Bdelivery van account
Ccash account
Dprofit and loss accounts
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Question 45
jamb2015
Which of the following is true in public sector accounting? Cost of assets is
Adepreciated on straight line method
Bexpensed in the year of purchase
Ccharged to federation account
Ddepreciated on reducing balance method
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Question 46
jamb2015
Keeping records under single entry system has the advantage of
AQuality in terms of records
BSimplicity in terms of operation
CAccuracy in terms of operation
DCompleteness in terms of records
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Question 47
jamb2015
Use the information below to answer this question
Segun Ojo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000
Compute the capital as at 1st Jan, 2014.
A27,150
B43,350
C16,200
D34,350
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Question 48
jamb2015
A sales for N2,570 was recorded in the sales day book as N2750. The error committed was
Aerror of principle
Berror of commission
Cerror of original entry
Dcompensating error
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Question 49
jamb2015
Use the information below to answer this question.
A business has three departments x, y and z
You are given the following information
Selling and distribution expenses N5200
Rent for the yearN6000
Department turnover floor space in square metres
X N60,000 80
Y N80,000 60
Z N100,000 60
How much rent is apportioned to department Z?
AN1, 500
BN3, 000
CN1, 800
DN2, 000
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Question 50
jamb2015
If the partnership agreement does not specify how net profit is to be divided, the profit should be divided
.
Aequally
Bin accordance with an established
Cin proportion of current account balances
Din proportion of weighted average of capital
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Question 51
jamb2015
Use the information below to answer this question
SegunOjo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000
Determine the closing capital 31/12/2014
A17,500
B38,200
C20,700
D27,200
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Question 52
jamb2015
The basis of accounting for public sector is
Aaccrual basis
Bcost basis
Crevenue basis
Dcash basis
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Question 53
jamb2015
The following account are prepared when goods are sent to branch except
ABranch stock
BGoods set to branch account
CBranch adjustment account
DBranch debtors account
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Question 54
jamb2015
Sales ledger control account contains the total amount in respect of
Acreditors
Bdebtors
Cinvestors
Dshareholders
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Question 55
jamb2015
The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ----------------------------
Aconversion
Bcontrol
Callocation
Danalysis
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Question 56
jamb2015
One of the items listed below will not be found in a company’s memorandum and article of association. Which is it?
Aobjects and their alteration
Blocation of business
Cbank signatories
Dpowers of directors
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Question 57
jamb2015
The following accounting entries are made when bad debt is recovered
Adebit bad debts accounts and credit bad debt recovered account
Bdebit debtors accounts and recovered account
Cdebit bad debts recovered account and credit bad debts account
Ddebit bad debts account and credit profit and loss account
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Question 58
jamb2015
Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days).
A28 days
B42 days
C27 days
D23 days
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Question 59
jamb2015
What does liquidity ratio measure?
Ameasures operating efficiency of a company
Bmeasures the ability of a company to meet its current obligations.
Cmeasures the value of investments of a company
Dmeasures the financial leverage of a company
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Question 60
jamb2015
The accounting convention that state that, stock should be value that the lower of cost and net realized value is --------------- convention
