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.
The accounting entry to record the premium on goodwill is to debit?
Acash and credit old partners' capital
Bgoddwill and credit revaluation
Cassets and credit capital
Dcapital and credit assets
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Question 573
jamb2004
When a new partner is admitted to a partnership, there is a need to revalue the?
Acapital of the business
Bcapital and liabilities of the business
Cassets and capital of the business
Dassets and liabilities of the business
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Question 574
jamb2004
What is Kunle's share of the profit?
AN600
BN300
CN180
DN120
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Question 575
jamb2004
Use the information below to answer questions 39 and 40.
Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.
Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.
The balance of profit and loss account will be?
AN4,000
BN2,800
CN1,500
D300
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Question 576
jamb2004
On dissolution, the final distribution of cash to partners is based on?
Apatnership agreement
BArticles os asssociation
Cgoodwill
Dcapital balances
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Question 577
jamb2004
Transfers from the head office to branches are best carried out at?
Acost price
Bselling price
Ccost plus mark-up
Dmarket price
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Question 578
jamb2004
Discounts granted branch customers are treated as a debit to branch?
Astock account and a credit to branch debtors'account
Bdiscount account and a credit to branch bank account
Cstock account and a credit to branch bank account
Ddiscount account and a credit to branch debtors' account
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Question 579
jamb2004
How are credit sales by a department treated?
Athe same way as normal debtors' transactions
Bin a different way from normal debtors' transactions
Cas an addition to the production manager's account
Das an addition to the production managers' account
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Question 580
jamb2004
A rapidly growing business organization with multiple units that is interested in comparing the performances and weaknesses of each unit should adopt?
Amanufacturing accounts
Bconsolidated accounts
Cdepartmental accounts
Djoint venture accounts
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Question 581
jamb2004
In the balance sheet of a not-for-profit-making organization, subscription paid in advance is regarded s a?
Acurrent assets
Bcurrent liability
Ccapital
Dreserve
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Question 582
jamb2004
Where the debit side of the income and expenditure account is higher than the credit side, the difference is a?
Adeflicit
Bsurplus
Cgain
Dloss
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Question 583
jamb2004
In the balance sheet, the subscription in arrears will be?
AN200
BN300
CN1,200
DN1,300
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Question 584
jamb2004
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 585
jamb2004
The market value of goods produced is?
AN30,500
BN30,600
CN31,600
DN31,620
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Question 586
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 587
jamb2004
Cost classification in relation to charges is determined by the level of?
Araw materials
Blabour
Cactivity
Dprofitability
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Question 588
jamb2004
What is the figure for purchases?
AN2,400
BN2,500
CN4,200
DN5,200
ENo option indicated
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Question 589
jamb2004
Use the information below to answer questions 23 and 24.
