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.
A pottery company had sales of N176,000 during the current period and a gross profit rate of 40%.
The company's cost of merchandize available for sale during the period was N128,000. The company's ending inventory is?
AN22,400
BN32,000
CN51,200
DN76,800
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Question 732
jamb1998
Sobande Incorporation acquired a machine that involved the following expenditures and related factors.
N
Gross invoice price 15,000
Sales tax 900
Purchases discount taken 300
Freight 750
Assembly of machine 500
Installation of machine 800
Assorted spare parts for future use 1200
Turing and adjusting machine 700
What is the initial accounting cost of the machine?
AN19,550
BN18,950
CN18,350
DN17,500
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Question 733
jamb1998
Mayana Corporation uses special journals to record its transactions. If one of Mayana's customers returns merchandize purchased with cash (for a refund), it makes an entry in the?
Acash receipts journal
Bsales journal
Cgeneral journal
Dcash disbursement journal.
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Question 734
jamb1998
State Bank collected a note for A-Makura Company. This collection, not yet recorded in AL-Makura's books, appears on the bank reconciliation as?
Aan addition to balance per book
Ba deduction from balance per bank statement
Can addition to balance per bank statement
Da deduction from balance per books
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Question 735
jamb1998
The amount required to replenish the payments made from the imprest was?
AN399
BN394
CN358
DN101
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Question 736
jamb1998
Use the information below to answer questions 11 and 12.
The initial imprest as at July Ist was N500. Petty cash vouchers with the custodian by July 15th added up to N394. An IOU slip received from a co-worker was N65 and there was a shortage of N5 cash. The co-worker made refund on July 18th just before the imprest was replenished.
What was the actual cash in the till as at 15th July?
AN106
BN101
CN70
DN36
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Question 737
jamb1998
The total of the discounts received column in the cash book is posted to the?
Acredit of the discounts received account
Bdebit of the discounts allowed account
Ccredit of the discounts allowed account
Ddebit of the discounts received account
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Question 738
jamb1998
If the inventory at the end of the current year is understated and the error is not caught during the following year, the effect is to?
Aoverstate income this year and understate in next year
Bunderstate income this year and overstate in next year
Cunderstate this year's income with no effect on the next year's
Doverstate the income for the two-year period
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Question 739
jamb1998
The purchase of two generators by Hassan Electronics Enterprises should be recorded as?
Aan acquistion of fixed assets
Ban expenses in its general office expenses account
Can acquistion of stock
Da part of capital in the capital account
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Question 740
jamb1998
N
Bank account 59,410
Capital account 50,000
Purchase account 20,000
Rent 2,500
Stationery 90
typewriter 6,500
Sales 38,000
In preparing a trial from the list of balances given above, what is the total in debit and credit columns?
AN147,910
BN138,500
CN88,500
DN85,800
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Question 741
jamb1998
When a transaction causes an assets account to increase, there is?
Aa decrease of equal amount inthe owner's equity account
Ban increase in a liability account
Can increase of equal amonut in another assets account
Da decrease of equal amount in a liability account
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Question 742
jamb1998
A business transaction is recorded in the books of account when the?
Aowner of the business invests his N10,000 in another company
Bbusiness retains part of ofits profits for future expansion purposes
Cbusiness invest applies for overdraft facilities from its bankers
Downer of the business collects N5,000 from the accountant
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Question 743
jamb1998
An advantage of the use of the voucher system is that it?
Areduces the number of cheques that will be writen during any given period
Bprovides a highly flexible system for handling unusual transactions
Cprovides a comprehensive record of business done with particular suppliers
Densure that every expenditure is reviewed and verified before payment is made
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Question 744
jamb1998
Responsibility accounting is particularly concerned with?
Ahistoical accounting
Bcontrollable costs
Cstorekeeping
Dvaluation of stock
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Question 745
jamb1998
Cost reports for the intention of management should reflect?
Aas much details as possible
Bsummary figures only
Cdetails of non-controllable expenses
Dcost and comparable data useful in decision-making
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Question 746
jamb1998
The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on?
AIst September, 1960
BIst October, 1960
CIst October,1963
DIst , September,1965
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Question 747
jamb1997
The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal]
The correct closing balance for lawal's current account is
AN21 100 debit
BN14 740 debit
CN14 740 credit
DN540 credit
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Question 748
jamb1997
The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal
The Correct closing balance for Musa's current account is
AN36 000 Credit
BN16 600 credit
CN16 600 debit
DN1 800 credit
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Question 749
jamb1997
The end result of governmental accounting procedure is to
Akeep proper records of government expenditures
Bgive financial information to the public and investors
Cproduce timely and accurate financial reports for legislators and the public
Dgive information on the performance of public enterprises
