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.
Which of the following are advantages of departmental accounts?
I. The department making the highest profit can be easily determined
II. The capital of the business can be calculated easily
III. Easy knowledge of the sources of funding
IV. Encouragement of healthy rivalry among the various departments
AI and IV only
BII and III only
CII and IV only
DIII and IV only
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Question 742
jamb1997
If goods are invoiced to the branch at cost and the invoice par value is N 2 000 with 5%discount rate, can remitted to the head office is
AN2 100
BN 200
CN 1 900
DN 100
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Question 743
jamb1997
The acid test ratio in the company is
A1:1
B1:2
C2:3
D3:2
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Question 744
jamb1997
What is the working capital?
AN12 000
BN 11 000
CN 8 000
DN4 000
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Question 745
jamb1997
A dividend of 10% in a company on 500 000 ordinary shares of N 1 nominal value has been declared, How much will a shareholder receive if he has 200 shares?
AN 500 000
BN 50 000
CN200
DN 20
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Question 746
jamb1997
A company has 5% debentures worth N500 000 ordinary share capital N 2 000 000, and preference shares N1500 000. if the company made a profit of N 1 000 000, the debenture interest would amount to
AN 1 000 000
BN 500 000
CN 50 000
DN 25 000
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Question 747
jamb1997
On partnership dissolution, if a partner's capital account has a debit balance and the partnr is insolvent, the deficiency will, in accordance with the decision of the case of Garner v Murray, be
Aborne by all the partners
Bborne by the insolvent partner
Cwritten off
Dborne by the solvent partners
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Question 748
jamb1997
Accumulated fund on 1st January 1993 is
AN 8 570
BN8 470
CN 850
DN7 520
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Question 749
jamb1997
Additional information :
1: 1: 93 31 : 12 : 93
N N
Subscription in arrears 300 450
Furniture 7000
Subscription received
in advance 500 400
Rate owing 50 60
Subscription relating to the accounting year 1993 in the income and expenditure account is
AN 15 050
BN 14 550
CN14 300
DN 13 400
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Question 750
jamb1997
An income and expenditure account is a summary of
Aall income and expenditure during a period
Brevenue income and expenditure during a period
Creceipts and payments during a period
Dthe trading income a period
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Question 751
jamb1997
The difference between a trading account and a manufacturing account is that while the manufacturing account
Ahas no particular period, the trading account has
Bdoes not consider the cost of goods involved, the trading account does
Cis concerned with the cost of production, the trading account is not
Dis not concerned with the stock of raw materials the rading account is
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Question 752
jamb1997
Given: N
Direct material - 10 000
Direct labour - 5000
Direct expenses - 2000
Factory overhead - 4000
What is the prime cost?
AN21 000
BN 17 000
CN 15 000
DN 6 000
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Question 753
jamb1997
In analyzing incomplete records, which of the following should be investigated?
Athe general ledger
Bthe purchases day book and sales day book
Cthe nature of trading activities and the basis on which goods are sold
Dthe asset register together with the depreciation schedule
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Question 754
jamb1997
What is the balance of the bank account shown above?
AN88 500 debit
BN 88 500 credit
CN 59 410 credit
DN 59 410 debit
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Question 755
jamb1997
Alabede (NIG) limited issued 50 000 ordinary shares of N1 each at a market value of N2.50 each. the share premium is?
AN125 000
BN500 000
CN50 000
DN25 000
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Question 756
jamb1997
Share premium can be used to?
i. write off discount on shares
ii. give loans to directors
iii.pay dividends
iv. pay company's formation expenses.
Ai and iv only
Bi and iii only
Cii and iii only
Diii and iv only
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Question 757
jamb1997
Faruk and Osawe are in partnership sharing profits and losses in the ratio of 3:7. Faruk is to receive a salary of N9 000. In one accounting period, the business recorded a loss of N1 500 (before deduction of Faruk's salary). The appropriate distribution of the net loss would be?
AFaruk, (N450); Osawe, (N1 050)
BFaruk, (N3 150); Osawe, (N7350)
CFaruk, (2 250); Osawe, (N7 350)
DFaruk, (N450); Osawe, (N1 050)
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Question 758
jamb1997
Adamu, Babaji and Chukwu are in partnership and they share profit and losses on ratio 3:2:1. Their respective capitals are N20 000, N15 000 and N5 000 on which on which they are entitle to interest at 5% per annum. The profit for the year before charging interest on capital amounted to N5 500.
Calculate the profit for Adamu?
AN583
BN1 000
CN1 167
DN1 750
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Question 759
jamb1997
Emeka Manufacturing Company (Extract) Manufacturing Account.
Direct material.....................N5 000
Direct labour.......................N4 500
Direct expenses.....................N3 000
Factory overhead....................N2 500
Selling distribution................N1 500
Calculating the production cost?
AN16 500
BN15 000
CN14 000
DN12 500
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Question 760
jamb1997
The understatement of closing value of work-in-process would have the effect of?
