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 transaction that completes its double entry in the same ledger account appears in?
Acash account and personal account
Bbank account and general ledger
Cdiscount received and discount allowed
Dcash account and bank accont
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Question 612
jamb2003
Which accounting concept supports the assertion that economic reality takes precedence over legal issues?
ARealization concept
BSubstance over form
CConservatism
DMeasurement concept
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Question 613
jamb2003
Use the information below to answer question.
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The transaction would be recorded in the cash book as debit?
Acash and credit bank
Bbank and credit cash
Ccash and credit cash
Dbank and credit bank
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Question 614
jamb2003
Use the information below to answer question.
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The credit sales for the period would be?
AN5000
BN1900
CN1000
DN950
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Question 615
jamb2003
Verifiability in accounting is only possible when there are?
Aminutes of meetings
Bpayment vouchers
Csource documents
Daudit certificates
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Question 616
jamb2003
Use the information below to answer question .
Capital ...................N2000
Bank ......................N1200
Purchase ..................N2500
Sales .....................N6700
Stock .....................N1300
Creditors .................N1000
Fixed assets...............N3700
Drawings ..................N?
Drawings are always estimated at 50% of capital.
The trial balance total is?
AN9700
BN8700
CN7900
DN7800
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Question 617
jamb2003
The two legally recognized professional accounting bodies in Nigeria are the?
AInstitute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
BAssociation of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
CInstitute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
DNigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria
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Question 618
jamb2003
Which of the following is used to update the cash book in bank reconciliation?
AInterest received and unpresented cheques
BCommission and debit note
CUnpresented cheques and direct credit
DInterest received and direct credit
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Question 619
jamb2002
Subscriptions received are always put at 125% of the total donations received and refreshment sales.
Compute the subscriptions received.
AN30000
BN28000
CN24000
DN20000
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Question 620
jamb2002
Subscriptions received are always put at 125% of the total donations received and refreshment sales.
What is the closing cash balance ?
AN11500
BN12000
CN13000
DN13500
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Question 621
jamb2002
Miscellaneous expense is 10% of revenue Calculate the net income.
AN583,000
BN563,000
CN483,000
DN581,000
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Question 622
jamb2002
It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.
Determine the club's excess of income over expenditure
AN12000
BN15000
CN10000
DN14500
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Question 623
jamb2002
It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.
What is the amount to be written off as other expenses?
AN4500
BN6000
CN4000
DN5000
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Question 624
jamb2002
The working capital of the club is
AN5000
BN4000
CN3000
DN7000
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Question 625
jamb2002
Use the information below to answer this question.
.............Total......... Dept.P.............Dept.Q
...............N...............N.................N
Sales.........10000............6000..............4000
Purchases......4000............1000..............3000
Discount received.1000..........?..................
Discounts allowed..2000...........................?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.
What is department Q's share of discount allowed?
AN2000
BN1500
CN800
DN1200
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Question 626
jamb2002
Use the information below to answer this question.
.............Total......... Dept.P.............Dept.Q
...............N...............N.................N
Sales.........10000............6000..............4000
Purchases......4000............1000..............3000
Discount received.1000..........?..................
Discounts allowed..2000...........................?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.
Department P's share of discount received is
AN750
BN1000
CN250
DN500
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Question 627
jamb2002
The gross profit on manufactured goods is the difference between the cost of goods manufactured and the
Amarket value of goods produced
Bprime cost of production
Cindirect cost of production
Dgoods produced.
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Question 628
jamb2002
Use the information below to answer this question
The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250
Current account balance of Kaka at the end of the year will be
AN250
BN350
CN175
DN325
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Question 629
jamb2002
Use the information below to answer this question
The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250
Abba's capital balance at the end of the year will be
AN5475
BN5725
CN4400
DN5000
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Question 630
jamb2002
Use the information below to answer this question
Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200
The value of closing stock as at February 14th by simple average method is
