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 body constitutionally charged with the responsibility of examining the audited accounts of the Federation and other reports as referred by the National Assembly is the?
APublic Accounts Committee
BPublic Audit Committee
CInternal Audit Committee
DExternal Audit Committee
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Question 672
jamb2000
The most appropriate basis for apportioning inventory holding cost among departments is to use the value of?
Apurchases
Bopening stock
Cclosing stock
Daverage stock
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Question 673
jamb2000
Yola Social Club
Statement of Account 1998 financial year
31/12/98:
Subscription in arrears N21,000
Subscription in advance N12,000
Receipt during 1999:
Arrears 1998 N21,000
Dues 1999 N48,000
Advance 2000 N11,000
The subscription transferable to the income and expenditure account is?
AN48,000
BN59,000
CN60,000
DN69,000
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Question 674
jamb2000
Given:
Depreciation of plant and machinery N1,600
Factory rent N650
Indirect wages N695
General indirect expenses N726
lubricants N1235
Carriage inwards N829
Factory power N350
Bank charges N612
Carriage outwards N2,900
Determine the total factory overhead cost?
AN4,485
BN5,256
CN6,085
DN6,556
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Question 675
jamb2000
Given:
cash book item:
Paid to suppliers N10,800
Expenses paid N6,900
Drawings made N900
Balances at start N15,750
Balances at end N3,870
Drawings from bank to shop N1,720
Determine the receipt from debtors?
AN22,470
BN17,470
CN8,440
DN5,000
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Question 676
jamb2000
A business is required at par when the?
Apurchase consideration equals goodwill
Bpurchase consideration equals net value
Cpurchase consideration is greater than the net value
Dnet assets is greater than the liabilitties
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Question 677
jamb2000
Use the information below to answer question
Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.
Assuming that Rakiya was not credited with any income during the period, what is her closing current account balance?
AN340,000 credit
BN349,75 debit
CN500.00 credit
DN 511.25 debit
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Question 678
jamb2000
Use the information below to answer question
Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.
The interest on joy's drawing is?
AN6.00
BN7.25
CN9.00
DN9.75
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Question 679
jamb2000
An item of appropriation in partnership profit and loss account is?
Ainterest on partners' capital
Binterest on partners' loan
Cemployees' salaries
Dpartners' drawings
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Question 680
jamb2000
When a purchase business is revalued, the effect is that?
Aa decrease in the value of asset has no effect on value of goodwill
Ban increase in the value of asset is treated as an increase in the value of goodwill
Ca decrease in the value of asset is treated as an decrease in the value of goodwil
Dan increase in the value of asset is treated as an decrease in the value of goodwill
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Question 681
jamb2000
The accumulation fund of a non-trading concern can equally be referred to as?
Amembers' equity
Bshare capital
Cgeneral fund
Dsurplus fund
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Question 682
jamb2000
The Partnership Deed normally specifies?
Ahow profit or losses are to be shared
Bthe capital to be contributed annually
Chow salaries are paid to employees
Dthe profit that should be earned annually
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Question 683
jamb2000
Use the information below to answer question Maimalari Ltd had (i) Earning per share 47k (ii) Dividend per share 30k (iii) Par value of each share N1.20 (iv) Market price per share N1.50
What will be the price earnings ratio of the company?
A3.91
B3.19
C2.95
D2.55
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Question 684
jamb2000
Use the information below to answer question
Maimalari Ltd had (i) Earning per share 47k
(ii) Dividend per share 30k
(iii) Par value of each share N1.20
(iv) Market price per share N1.50
The company's earning yield is?
A20.00%
B25.00%
C31.33%
D39.17%
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Question 685
jamb2000
Given:
Opening cash balance N20,000
Sales of match tickets N15,000
Clearing of pitch N1,200
Refreshments N3,500
Referees' allowance N1,000
Cost of petrol N1,120
Donation from local government N3,800
The club's balance is?
AN39,180
BN34,830
CN34,380
DN31,980
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Question 686
jamb2000
An outright sale of a partnership amounts to the?
Acompensation of vendors by the purchase
Badmission of a new partner
Cpurchase of rights of a dead partner
Dchange of sharing ratio of vendors
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Question 687
jamb2000
Which of the following items does not feature in the balance sheet of a club?
AArrears of current year's subscription
BSalary arrears paid in the current year
CRental income received in advance
DAdvances subscription in respect of a coming year
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Question 688
jamb2000
Use the information below to answer questions Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share. Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
What will be the number of shares to be issued to a subscriber who applied for N30,000 shares?
AN20,000
BN18,000
CN15,000
DN12,000
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Question 689
jamb2000
Use the information below to answer questions
Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share.
Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
The refund due to an application for N25,000 shares is?
AN45,000
BN30,000
C7,500
DN5,000
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Question 690
jamb2000
Didi Ltd offered 10,000 ordinary shares of N1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above?
Ashares are never offered at a discount; the offer is invalid
Bthe value of shares in the capital account will be lowered by 2%
Cthe company incurs a loss to the tune of 2% of the offer
