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.
Create and set up a CBT environment with your preferred subjects.
Practice JAMB CBT with real UTME past questions in CBT format.
CB-WASSCE styled past question practice.
SSCE & GCE styled past question practice.
The authority to transfer fund from one head to another within the same organization is called
Which of the following is not charged to manufacturing account?
The part of capital issued only at the time of liquidation of the company is
The journal has the following headings except
In the absence of a partnership agreement, a loan given to the partnership by a partner attracts interest of
Which of the following is prepared to ascertain the trader's capital under incomplete records?
Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.
| Drawings: |
₦ |
| Dairo | 12000 |
| Segun | 18000 |
| Capital: | |
| Dairo | 120000 |
| Segun | 60000 |
- Interest on drawings 10%
- Interest on capital 5%
- Profit for the year ₦36,000
- Salary: Segun ₦10,000
Segun's share of profit is
Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.
|
Drawings: |
₦ |
| Dairo | 12000 |
| Segun | 18000 |
| Capital | |
| Dairo | 120000 |
| Segun | 60000 |
- Interest on drawings 10%
- Interest on capital 5%
- Profit for the year ₦36,000
- Salary: Segun ₦10,000
The interest on Dairo's drawings is
Which of the following is recorded in the folio column of the journal?
Bello withdraws cash from bank to office, this is called ---------- entry
Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?
Which fund is used to meet unforeseen or urgent expenditure
Goodwill can be introduced when
The discount column on the left-hand side of cash book represents a discount
When expenses are paid on behalf of the venture, the accounting entries is to debit
An advantage of FIFO method of stock valuation is that
Dr. Sales Ledger Control Account . Cr
| ₦ |
₦ |
||
| Bal b/f | 3,250 | Bal b/f | 125 |
| Sales | 19,075 | Bank | 16,387.50 |
|
Dishonoured cheque |
625 | Discount |
862.50 |
|
Stopped cheque |
250 | Returns inwards | 325 |
| Bal c/d | 230 | Set off | 900 |
| Bal c/d | 4740 | ||
| 23430 |
23430 |
||
| Bal b/d | 4740 | Bal b/d | 230 |
The amount ₦19,075 represents
| ₦ |
₦ |
||
|
Bal. b/f |
3,250 | Bal. b/f. | 215 |
|
Sales |
19,075 | Bank |
16,387.50 |
|
Dishonoured cheque |
625 | Discount | 862.50 |
|
Stopped cheque |
250 | Returns inwards | 325 |
|
Bal c/d |
230 | Set off | 900 |
| Bal c/d |
4740 |
||
| 23,430 |
23430 |
||
|
Bal b/d |
4740 | Bal b/d | 230 |
Dr. Sales Ledger Control Account . Cr
The amount ₦16,378.50 described as "Bank" represents
In manufacturing, depreciation of office machine is charged to
Discount allowed is enjoyed by