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.
Create and set up a CBT environment with your preferred subjects.
Practice JAMB CBT with real UTME past questions in CBT format.
CB-WASSCE styled past question practice.
SSCE & GCE styled past question practice.
Why are adjustments in the profit and loss account necessary?
Calls in advance are treated in the balance sheet as_______
Ade, Tony, Rose share profit and losses in the ratio of 3 : 2 : 1 respectively. Ade retires and the remaining partners decide to take Ade’s share in the existing ratio. What is the new ratio?
Gross profit in the branch adjustment account is transferred to the branch____________
If the purchase price exceeds the net assets of a company, the excess amount is debited to________________
In the head office ledger, the value of goods sent to the branch are____________
Use the information below to answer the question
| Liabilities ₦ | Assets ₦ |
| Capital 40,000 | Furnishing 10,000 |
| Ceiling Fan 1,500 | |
| Cash in Hand 28,500 | |
| 40,000 | 40,000 |
If at 31/1/95 the following information was ascertained
(i). rent for shop #12,000 paid for the year
(ii). Total purchases #15,000
(iii). Total sales #8,200
(iv). Stock of goods left #10,000
(v). paid sales boy #500
What is the new balance sheet total as at 31/1/95?
When goodwill is not retained in the business, the entries in the new partners books will be to debit______________
The amount called in respect of a share but not paid before or on the date fixed for payment is referred to as:
Use the information below to answer question
Trading account for the year ended 31st December 2009
| ₦ | ₦ |
| Opening Stock 32,000 | Sales 48,000 |
| Purchases 40,000 | Less Return 2,000 |
| Carriage inwards 1,000 | |
| 41,000 | |
| Less Return 2,000 39,000 | |
| Cost of goods available ?? | |
| Less closing stock 9,000 | |
| Cost of goods sold ?? |
Calculate the cost of goods sold
Use the information below to answer question
Trading account for the year ended 31st December 2009
| ₦ | ₦ |
| Opening Stock 32,000 | Sales 48,000 |
| Purchases 40,000 | Less Return 2,000 |
| Carriage inwards 1,000 | |
| 41,000 | |
| Less Return 2,000 39,000 | |
| Cost of goods available ?? | |
| Less closing stock 9,000 | |
| Cost of goods sold ?? |
The office responsible for ascertaining whether all public expenditures and appropriations are in line with approved guidelines is the________
When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________
| N | N |
| Capital 39,000 | Land 20,000 |
| Long Term Loan 15, 000 | Building 30,000 |
| Creditors 9,000 | Stock 40,000 |
| Debtors 6,000 | |
| Accrued wages 5,000 | Cash 8, 000 |
| 68,000 | 68,000 |
Use the information above to answer the question
: The acid test ratio in the company is___________
Advertising expenses incurred on a product in a business organization should be charged to
What is the amount of capital employed?