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.
If a GSM operator based in Lagos supplies recharge cards to its branch in Akure, the head office can charge the goods at?
Aselling price
BAkure price
Ccompany price
DLagos price
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Question 886
jamb2008
Given:
(i) Cost price (ii) Selling price (iii) Cost plus fixed percentage (iv) Price above cost and selling price
From the information above, the prices used in charging goods to the branches are?
Ai and ii
Bi, ii and iii
Ci, ii, iii and iv
Diii and iv
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Question 887
jamb2008
The main reason for adopting a departmental account is to?
Arecord transactions for each department for betterdocumentation
Btackle any recording problem as a result of expansion
Ccontinuously evaluate the profitability of different departments
Densure that departmental mangers are adequately monitored
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Question 888
jamb2008
Given:
Subscription in arrears 01/10/06...........N2 000
Subscription in advance 01/10/06...........N1 500
Subscription paid during the year..........N7 000
Subscription in arrears 31/12/06...........N3 000
Determine the amount of subscription included in the income and expenditure account for the year?
AN3500
BN7000
CN9500
DN13 500
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Question 889
jamb2008
Receipt and payment account discloses?
Adebtors
Bcreditors
Cprepayment
Ddepreciation
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Question 890
jamb2008
Use the information below to answer questions .
Stock of material 1/1..............N10 000
Purchase of raw material...........N160 000
Manufacturing wages................N420 000
Royalties..........................N3 000
Stock of raw materials 31/12.......N14 000
Calculate the prime cost?
AN597000
BN579000
CN576000
DN5967000
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Question 891
jamb2008
Use the information below to answer questions .
Stock of material 1/1..............N10 000
Purchase of raw material...........N160 000
Manufacturing wages................N420 000
Royalties..........................N3 000
Stock of raw materials 31/12.......N14 000
What is the cost of raw materials consumed?
AN173 000
BN170 000
CN160 000
DN156 000
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Question 892
jamb2008
The floor space occupied by manufacturing and administration departments in a company is 200 sqm and 300 sqm respectively. N20 000 rent incurred is shared using floor space occupied. How much is the rent chargeable to manufacturing?
Total fixed assets.........N7 800............N6 600
Total current assets.......N12 100............N17800
Total current liabilities..N4 700............N3 800
Total fixed assets.........N7 800............N6 600
Total current assets.......N12 100............N17800
Total current liabilities..N4 700............N3 800
Drawings for 2006 is N5 200.
Determine the capital balance as at Dec. 31,2005?
AN20 600
BN15 200
CN13 800
DN11 600
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Question 895
jamb2008
Discount allowed as represented in the control account appears on the?
Acredit side of the purchases control account
Bdebit side of the purchases control account
Ccredit side of the sales control account
Ddebit side of the sales control account
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Question 896
jamb2008
Which of the following is a credit item in creditors ledger control account?
APurchases returns
BBills payable
CPurchases
DCash receipts
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Question 897
jamb2008
The main purpose of control account is to?
Adetect errors and irregularities
Bassist purchases
Cassist sales
Dcheck management incompetence
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Question 898
jamb2008
In a period of inflation, which of the following method normally gives a closing closing stock?
AFIFO
BLIFO
CSinple average
Dperiodic simple average
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Question 899
jamb2008
Use the information below to answer questions .
Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units
Using the FIFO method, what is the value of the closing stock?
AN1280
BN1184
CN1024
DN960
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Question 900
jamb2008
Use the information below to answer questions .
Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units
Using the simple average method, what is the cost per unit of the closing stock?
