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.
Hauwa Ltd bought 10bags of rice for N500 each.
The company was given 5% AND 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?
AN250
BN570
CN600
DN850
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Question 662
jamb2001
The accuracy of journalist is checked by?
Aensuring that debit totals equal credit totals
Bposting all journal entries to ledger accounts
Cadding all figures in the debit column
Dcomparing accounts in the ledger against the journals
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Question 663
jamb2001
Use the information below to answer question.
Given:
If liabilities amounted to N12,045, other assets N36,800and equity N26,896, the cash at hand would be?
AN2,241
BN2,214
CN2,141
DN2,114
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Question 666
jamb2001
The main objective of accounting report is to provide information about?
Aa company's shareholding
Ban entity's management
Cthe efficacy of assets
Da company's economic resources
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Question 667
jamb2001
Cost accounting entails the provision of information?
Afor investment purposes
Bfor descision making
Cto shareholders
Dto stockholders
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Question 668
jamb2001
The current growth in the volume of trading and financial dealings in Nigeria is helped by?
Aincreased financial activities
Bgovernment intervention
Ccredit as a factor in business
Dpayment for goods in cash
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Question 669
jamb2000
Given
Dept A Dept B
Floor space 40m2 60m2
Machine hours 1200 1400
Turnover N36 million N64 million
Labour hours 1000 1400
A joint cost of N 72 million incurred by the two departments was apportioned N30 million to A and N42 million to B. the basis used for apportionment must have been
Alabour hours
Bfloor space
Cturnover
Dmachine hours
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Question 670
jamb2000
The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are
Asales income
Breceipt from debtors
Cfixtures and fittings
Drent paid
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Question 671
jamb2000
Amin Ltd. Creditor Ledger Control Account (Extracts)
Beginning control account
Balance: Debit 32,000
Credit 61,000
Purchases during the year:
Cash 30,000
Credit 60,000
Payment to suppliers:
Cash 13,000
Cheque 29,000
Debtor's contra 6,000
The closing control account balance is
AN 41,000
BN65,000
CN71,000
DN77,000
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Question 672
jamb2000
Use the information below to this question Cost of raw materials consumed 300,600 Carriage inwards 6,700 Returns of raw materials 10,800 Closing stock of raw materials 100,250 Manufacturing wages 27,000 Lighting, power, insurance and rent relation to the factory are apportioned 1/3,2/5, 1/6 and 17 with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.
The production cost of finished goods is
AN 524,600
Bn408,600
Cn381,600
Dn327,600
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Question 673
jamb2000
Use the information below to this question
Cost of raw materials consumed 300,600
Carriage inwards 6,700
Returns of raw materials 10,800
Closing stock of raw materials 100,250
Manufacturing wages 27,000
Lighting, power, insurance and rent
relation to the factory are
apportioned 1/3,2/5, 1/6 and 17
with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.
What is the cost of the opening raw materials?
AN 418,350
BN404,950
CN400,250
DN398,250
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Question 674
jamb2000
The accounting convention which stipulates that money or goods taken from the business by the owner for personal use should be treated as deductions from capital is
Acost
Bprudence
Cconsistency
Dentity
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Question 675
jamb2000
Yahuza Enterpises
Trial Balance (Extracts) as at Dec. 31, 1998.
Capital
Premises 90,000 21,000
Debtors 35,000
Provisions 1/1/98:
Depreciation 9,000
Bad and doubtful 1,500
If premises is to be depreciated at 10% on cost and a 5% provision is to be allowed on debtors, the total asset in the balance sheet is
AN 125, 000
BN114,500
CN105,500
DN105,250
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Question 676
jamb2000
Halal Limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/97.
The company's policy provides for 15% bad debt annually. Which of the following represents the total balance of debtors before adjustment?
AN6,120,000
BN6,120,300
CN8,280,000
D8,820,000
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Question 677
jamb2000
A major benefit derived from the reconciliation of branch and head office books is to?
Adetermine accurate returns by the branch
Bascertian the correct profit or loss on branch activities
Cenable the branch to keep control over stock
Denable the branch to ascertain debtor's balance
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Question 678
jamb2000
Recurrent expenditure are expenses for the period not exceeding?
A10 years
B5 years
C2 years
D1 year
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Question 679
jamb2000
The channel through which all government borrowing and domestic lending transactions pass is called?
Aspecial trust fund
Bagency fund
Cnational loan fund
Dcontingency fund
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Question 680
jamb2000
(i) Meet growth and diversification need.
(ii) Reach out to particular customers or markets
(iii) Comply with some regulatory directives
(iv) Increase employees' income.
Which of the reasons above do companies consider in establishing branches?
