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Total sales of ticket.......................N300 000
Amount received from the sales..............N260 000
Cash purchase of club house.................N100 000
Credit purchase of equipment ...............N60 000
Electricity bill paid ......................N5 000
Salaries owed ..............................N2 000
What is the receipts and payment account balance?
AN260 000
BN233 000
CN155 000
DN100 000
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Question 602
jamb2003
The first step in converting as single entry to a double entry system of bookkeeping is to prepare a?
Asuspense account
Bstatement of affairs
Crealization account
Dtrial balance
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Question 603
jamb2003
A company has departments M and N. The expenses incurred wholly in M is N5000. General expenses incurred amount toN25000. Expenses are apportioned in the ratio 2:3 for departments M and N respectively.
What is N's share of the expense?
AN10 000
BN15 000
CN18 000
DN20 000
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Question 604
jamb2003
Use the information below to answer question .
...........PQ Manufacturing Company
Raw materials (1/11/2001)...........N3 500
Raw materials (31/12/2001)..........N4 900
Purchase of raw materials...........N56 000
Salary .............................N63 000
Wages...............................N148 000
Factory lighting ...................N3 080
Plant Depreciation..................N2 800
Factory Insurance ..................N2 170
The company consumed raw materials worth?
AN54 600
BN56 000
CN57 400
D59 500
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Question 605
jamb2003
Use the information below to answer question .
...........PQ Manufacturing Company
Raw materials (1/11/2001)...........N3 500
Raw materials (31/12/2001)..........N4 900
Purchase of raw materials...........N56 000
Salary .............................N63 000
Wages...............................N148 000
Factory lighting ...................N3 080
Plant Depreciation..................N2 800
Factory Insurance ..................N2 170
The overhead cost is?
AN71 050
BN68 250
CN67 970
DN66 080
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Question 606
jamb2003
During the year ended 31st December 2001,
Nuju Enterprises paid rent as follows:
Jan. 20, N24 000 for a period of 4 months.
May. 16, N30 000 for a period of 5 months.
Oct. 15, N36 000 for a period of 6 months.
What is the overpaid portion of the rent?
AN36 000
BN18 000
CN12 000
DN6 000
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Question 607
jamb2003
Given:
..............Rich Social Club...........
Cash.........................N100,000
Loan ........................N30,000
Subscription in arrears......N5,000
Subscription in advance......N15,000
What is the accumulation fund?
AN60,000
BN80,000
CN90,000
DN110,000
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Question 608
jamb2003
A company has two departments X and Y. Y transferred goods to X at a profit margin of 25%. N10,000 worth of goods was not sold at the end of the accounting period.
How much is the unrealized profit?
AN2000
BN2500
C12000
D12500
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Question 609
jamb2003
Income and expenditure account is more informative than receipts and payments account because it discloses?
Acash
Bcheques
Cdebtors
Dstocks
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Question 610
jamb2003
Given:
Cost of raw materials issued to production.....N37000
Opening stock of raw material..................N2000
Purchases of raw material......................N3800
Wages .........................................N500
What is the closing stock of raw material?
AN4000
BN3000
CN2000
DN1000
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Question 611
jamb2003
four broad classifications of overheads are?
Aproduction, selling, distribution and material
Bproduction, selling, distribution and administration
Cselling, distribution and production and wages
Ddistribution, selling, administration and material
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Question 612
jamb2003
The stock valuation data is important because it enables management to?
Aseparate debtors from creditors
Bdetermine the cost of stock at the end of business
Cdetermine the cost of stock at the beginning of business
Ddetermine the total cost of goods purchased
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Question 613
jamb2003
Advertising expenses incurred on a product in a business organization should be charged to?
Aproduction department
Bsales department
Cadministration department
Dpurchases department
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Question 614
jamb2003
In a control account, provision for bad debts is found on the?
Adebit side of the purchases ledger control account
Bdebit side of the sales ledger control account
Ccredit side of the purchases ledger control account
Dcredit side of the sales ledger control account
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Question 615
jamb2003
Provision for discount allowed can be recorded as debit to?
Athe profit and loss account and a credit to provision for discount allowed
Bprovision for discount allowed and a credit to the profit and loss account
Cdiscount allowed and a credit to the profit and loss account
Dexpenses and a credit to customers' account
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Question 616
jamb2003
Given:
(i) Order of performance
(ii) Order of liquidity
(iii)Vertical order
(iv) Horizontal order
The order in which a balance assets is arranged are?
Ai and ii
Bi and iv
Cii and iii
Diii and iv
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Question 617
jamb2003
Use the information below to answer questions .
Motor Vehicle Account as at 31st December 2001.
Debit:
Jan. 1, cost ................N1950 000
Dec.31, Addition ............ N400 000
Credit:
Jan. 1, Depreciation ........N1360 000
June 30, Sales proceeds...... N700 000
The vehicle sold was purchase on January 1, 1998 at a cost of N1,000 000 and had depreciation at 25% on cost.
What is the actual profit or loss arising from the vehicle disposed of?
AN250 000 loss
BN50 000 loss
CN450 000 profit
DN575 000 profit
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Question 618
jamb2003
Use the information below to answer questions .
Motor Vehicle Account as at 31st December 2001.
Debit:
Jan. 1, cost ................N1950 000
Dec.31, Addition ............ N400 000
Credit:
Jan. 1, Depreciation ........N1360 000
June 30, Sales proceeds...... N700 000
The vehicle sold was purchase on January 1, 1998 at a cost of N1,000 000 and had depreciation at 25% on cost.
Assuming that depreciation is charged on the addition of the year at the rate of 15% on reducing balance, what should be the net book value of the vehicle as at 31st December 2003?
AN280,000
BN289,000
CN250,000
DN340,000
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Question 619
jamb2003
Given:
Capital ...........N1000
Liabilities........N500
Assets.............N1500
The accounting equation can be expressed as?
