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.
The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as
Acredit note
Bdebit note
Cinvoice
Dvoucher
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Question 763
jamb1997
The instrument that are generated when firms enter into business transactions with others are called
Apurchase document
Bjournals
Csource documents
Dinvoices
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Question 764
jamb1997
Creditors use Accounting information for the purpose of
Aplanning sales to a company
Bcontrolling a company's affairs
Cinvesting in a company
Dassessing a company's liquidity
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Question 765
jamb1997
In preparing accounting records, the owner of a business and the business are treated as
Athe same person
Bhaving business relationship
Cseparate legal entities
Dpartners
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Question 766
jamb1997
The most important reason for studying accounting is that
Athe information provided by accounting is useful in making decision
BAccounting plays an important role in the society
Cthe study of Accounting leads to challeging career
DAccounting provides gross profit information
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Question 767
jamb1995
The trial balance showed wages, N2 500 and a note stated that N500 wages, were due but unpaid when preparing final accounts and loss account with
AN 3000 and show wages accrued N 500 in the balance sheet in the balance sheet
BN 2 000 and show wages accured N500 in the balance sheet
CN 3000 and show wages prepaid N 500 in the balance sheet
DN 2000 and show wages paid in advance N 500 in the balance sheet
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Question 768
jamb1995
What was the balance showed wages, N2 500 and a note stated that N 500 wages were due but unpaid when preparing final accounts and loss account with
AN 3 000 and show wages accrued N 500 in the balance sheet
BN2 000 and show wages accrued N500 in the balance sheet
CN 3 000 and show wages perpaid N 500 in the balance sheet
DN 2000 and show wages paid in advance N500 in the balace sheet
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Question 769
jamb1995
Trade creditors account was maintained at 25% of the capital.
What was the balance in the trade creditors account as at 31/12/92?
AN 29 800
BN 29 500
CN29 400
DN 29 000
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Question 770
jamb1995
THE BOOK VALUE OF THE ASSET AS AT 31/12/86 WAS
AN 3 731 250.00
BN 2 487 500.00
CN 1 268 750.00
DN1 020 000. 00
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Question 771
jamb1995
Accumulated depreciation on the asset as at 31/12/81 was
AN 2 487 500 .00
BN 2 736 250 . 00
CN 4 511 192.00
DN 4 975 000 .00
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Question 772
jamb1995
A charitable club has the following figures:
N
Subscriptions received in 1991 2 800
Subscriptions unpaid in 1990 300
Subscriptions paid for 1992 150
Subscriptions due 1991 180
How much should be charged to the income and expenditure of this club as subscription for 1991?
AN 2 530
BN 2 680
CN 2 830
DN 2 980
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Question 773
jamb1995
If a 10% dividend is approved, what is the dividend payable to ordinary shareholders?
AN 13 000
BN 11 300
CN 10 000
DN 8 000
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Question 774
jamb1995
Equity shareholders' fund is
AN133 000
BN 120 000
CN113 000
DN 100 000
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Question 775
jamb1995
A government accounting systems must make sure that
Arevenue exceeds expenditure
Ball applicable legal provisions are complied with
Ccapital expenditure is equal to revenue
Dcapital project fund is tied to recurrent expenditure
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Question 776
jamb1995
Eko Local Government expenditure
Hospital building ---------------------- N200,000
Drugs ---------------------------------- N180,000
Hospital beds and mattresses ------------ N40,000
Doctors' and nurses' salaries ---------- N120,000
Administrative expenses ----------------- N50,000
Recurrent expenditure is
AN390,000
BN360,000
CN350,000
DN170,000
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Question 777
jamb1995
Eko Local Government expenditure
Hospital building ---------------------- N200,000
Drugs ---------------------------------- N180,000
Hospital beds and mattresses ------------ N40,000
Doctors' and nurses' salaries ---------- N120,000
Administrative expenses ----------------- N50,000
Capital expenditure is
AN420,000
BN380,000
CN240,000
DN200,000
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Question 778
jamb1995
Which of the following are sources of revenue to state government in Nigeria?
I Statutory allocation
II Fines from customary courts
III Petroleum tax
IV Income tax
IV
AI and II only
BII and III
CI and IV
DIII and IV
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Question 779
jamb1995
Which of the following statement is correct about the head office current account and the branch current account?
ABoth always have debit balances
Bboth always have credit balances
Cthe head office current account has a credit balance while the branch current account has a debit balance
Dthe head office current account has a debit balance while the branch current account has a credit balance
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Question 780
jamb1995
The Asa branch of Emene company Ltd, made a sales of N549,000 from the goods sent from the head office during the period ended 31/12/94. These sales were based on a 22% mark up. If branch expenses were N34,400 and there were no discrepancies, what should be the profit of the branch for the period?
