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.
In a cash book, the opening balance was N7,600, closing balance N9,200 and the total cash received during the period was N18,000. What was the amount of cash paid out during the period?
AN8,900
BN9,800
CN14,600
DN16,400
View Explanation & Discuss
Question 712
jamb1999
A source document for the sales day book is?
Aa requisition form
Ban invoice
Ca customer advice
Da credit advice
View Explanation & Discuss
Question 713
jamb1999
A basic unifying concept in accounting implies that?
Awhere creditors'account is zero, the assets are equal to the owners' equity
Bthere should be a balance in the creditors' account in order to measure total assets
Crevenues should be supported by invested and owners'capital
Dtotal assets can be less than liabilities and equity
View Explanation & Discuss
Question 714
jamb1999
When a proprietor withdraws cash from the business for private use, he?
Adebits cash account and credits drawings account
Bcredits cash account and debits bank account
Cdebits bank account and credits drawings account
Dcredits cash account and debits drawings account
View Explanation & Discuss
Question 715
jamb1999
A bookkeeping error occurs when there is?
Aa deliberate manipulation of records
Bunintentional correct posting in the ledger
Cintentional failure to record transactions completely
Dincorrect records and oversights that are not intended
View Explanation & Discuss
Question 716
jamb1999
The need for changes in accounting theory in Nigeria was influenced by the?
Adynamics of commercialization and privatization policies
Bgrowh in size of business units
Cintroduction of the structural adjustment programme
Dinconvertibility of the nation's currency
View Explanation & Discuss
Question 717
jamb1999
The basic role of accounting is to?
Adetect fraud
Battest to finacial statements
Cmeasure performance
Dprotect sharehlders
View Explanation & Discuss
Question 718
jamb1999
Accrual concept stipulates that?
Arevenue should be recognized when it is earned
Bcosts should be recognized when the expenditure is paid
Crevenue should be recognized only when cash is paid
Dcosts should be recognized when the are incurred
View Explanation & Discuss
Question 719
jamb1998
If a monthly insurance premium is remitted to a company by the state government, the initial deductions from employees are recorded in?
Athe general fund
Bagency fund
Cspecial fund
Dgeneral long-term fund
View Explanation & Discuss
Question 720
jamb1998
Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be?
Asurrendered to the consolidated revenue fund
Bcarried forward to the next financial year
Creserved to meetany deficits or contingencies
Dreturned to the taxpayer
View Explanation & Discuss
Question 721
jamb1998
In a public corporation, the capital expenditure incurred in a financial period is?
Aspread over the useful life of the assets through depreciation
Bapportioned at a pre-determined rate stipulated by law
Cwritten off in the year in which they occur
Dmerged with recurrent expenditure and reported in one required lump sum
View Explanation & Discuss
Question 722
jamb1998
The term fiscal compliance means?
Aal financial and related laws and regulations are adhered to
Bonly the budget fir the current period is complied with and no deficits allowed
Call physical assets requirements have been met
Dfiscal planning is necessary for proper accountabilit in the public sector
View Explanation & Discuss
Question 723
jamb1998
The difference between the closure of the books of a branch and those of a separate company is that?
Athere is retained earnings account on the branch books
Bthe revenue and expenses account is closed to branch current account
Cthere is no retained earnings account on the branch
Dthe revenue and expenses account is not closed to the home office current account
View Explanation & Discuss
Question 724
jamb1998
Which of the following entries is effected by a department when goods are charged to it at selling prices?
Astock account is debited
Bpurchases account is debited
Cstock account is credited
Dmark-up account is debited
View Explanation & Discuss
Question 725
jamb1998
To compute gearing ratio, divide?
Aprofit by capital employed
Bcurrent assets by current liability
Cprofit by total assets
Dlong-term debts by equity capital
View Explanation & Discuss
Question 726
jamb1998
The part of equity which is payable on winding up is called?
Ageneral reserve
Brevenue reserve
Ccapital reserve
Dnormal reserve
View Explanation & Discuss
Question 727
jamb1998
Under which of these conditions can a company issue shares at discount? (i)A resolution must be passed at a general meeting (ii) The amount of discount must be stated in the resolution (iii) The share must have existed for at least six years (iv) On the order of a court.
Ai, ii and iii only
Bi, ii and iv only
Ci, iii, and iv only
Dii, iii and iv only
View Explanation & Discuss
Question 728
jamb1998
Granada Corporation has net assets of N600,000 and contributed capital of N180,000. The corporation has 30,000 shares of common stock outstanding with no preferred stock. This suggest that the corporation has?
Aa book value of N14 per share
Ba book value of N20 per share
Ca deficit of N420,000
Dretained earnings of N600,000
View Explanation & Discuss
Question 729
jamb1998
The ordinary shareholders enjoy the following rights except the right to?
Avote at annual general meetings
Belect the board of directors
Cparticipate in additional issues of shares
Dreceive dividends at a preddetermined rate
View Explanation & Discuss
Question 730
jamb1998
Dan and Baker are in partnership with capitals of N50,000 and N30,000 each. The partnership agreement provides that: (i) profits be shared in the ratio of capital (ii) both partners earn interest on capital at 6% p.a (iv) both parents pay interest on drawings at 6% p.a. At the end of the year, Dan drew N15,000 while baker drew N14,000 in four installments on 31/3, 30\6, 30\9 and 30\12. The net profit for the year was N48,000. N5000 is to be written off the goodwill account.
Determine the total interest on capital due to the partners?
