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.
Use the information below to answer questions 23 and 24.
Incomplete Record (Extract)
Sales......................................N10,600
Rent...........................N200
Depreciation of vehicle (cost N5000) 10%
Gross profit margin is 20%
What is the cost of goods sold?
AN4 800
BN8 480
CN2 320
DN 9 900
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Question 743
jamb2011
The control accounting can be used in?
Arecording all the business transactions of the enterprise
BKeeping records of all direct deposit in the bank account
Cmonitoring the books of original entry
Dmonitoring the efficiency of bookkepping by accountants
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Question 744
jamb2011
A typical example of a real account is?
Aprepayment
Bexpenses
Cplant
Dincome
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Question 745
jamb2011
What is the value of stock as at the end of July 10 using FIFO?
AN14 400
BN13 300
CN15 200
DN12 600
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Question 746
jamb2011
Use the information above to answer questions 19 and 20.
July 30 Closing stock 100 units at N90
July 8 Purchased 200 units at N95
July 10 Sold 160 units
July 17 Returned 80 faulty units purchased at N95
July 18 Purchased 200 units at N105
July 20 Sold 180 units
July 28 Purchased 200 units at N110
July 29 Sold 120 units
July 30 Sold 100 units
How many units were at hand as at July 30?
A80
B100
C60
D160
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Question 747
jamb2011
The item on the credit side of the trading account is the?
Areturns outwards
Bcaarriage on sales
Csales
Dpurchases
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Question 748
jamb2011
In a period of declining price, which of the following methods would result in higher profit?
AFIFO
BSimple average
CLIFO
DWeighted average
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Question 749
jamb2011
The type of expense charged against administration of a firm is the?
Arepairs on building
Binteresr paid on loan
Cdiscount allowed
Dtax expense
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Question 750
jamb2011
Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Find the current assets?
Aiii and v
Bii and i
Civ and v
Di and iv
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Question 751
jamb2011
Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Determine the current liabilities?
Aiii and v
Bii and iii
Civ and v
Di and ii
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Question 752
jamb2011
In a bank reconciliation statement, interest charged for overdrawn balances should be added to the?
Abalance as per bank statement
Bbank balance as per adjusted cash book
Caggregate balance as per cash book
Dbank balance as per cash book
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Question 753
jamb2011
The process of reconciling cheques between banks is termed cheque?
Aclearing
Btruncation
Cholding
Dconfirmation
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Question 754
jamb2011
In bank reconciliation process, discrepancies cause by timing arises as a result of?
Acash book bank statement
Bbank statement only
Ccash book, bank statement and other incidental records
Dcash book only
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Question 755
jamb2011
Use the information below to answer question .
Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.
Calculate the cash discount?
AN60
BN90
CN40
DN100
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Question 756
jamb2011
Use the information below to answer question .
Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.
Find the total amount paid?
AN260
BN300
CN200
DN380
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Question 757
jamb2011
The medium of correcting errors whose differences are shown in the trial balance is by the use of?
Adebtors' account
Bcreditor's account
Csuspense account
Dledger account
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Question 758
jamb2011
The major feature of a journal is that it has?
Asix columns, date, particulars, folio, amount, debit and credit
Bfive columns, date particulars, folio, debit and credit
i) Deducted the smaller side figure from the bigger side figure .
ii) Add up both side
iii)Take the difference to the smaller and add to the smaller figure
