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 process whereby a cheque received by one person is given to another is known as?
Acheque crossing
Bpayment in cheque
Ccheque transfer
Dcheque endorsement
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Question 933
jamb2007
Use the information below to answer question
Net loss.......................N2300
Capital........................N10500
Liabilities....................N7200
What will be the equity of the business?
AN12 800
BN4900
CN8200
DN9500
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Question 934
jamb2007
Use the information below to answer question
Net loss.......................N2300
Capital........................N10500
Liabilities....................N7200
Find the value of the total assets?
AN17 700
BN10 500
CN20 000
DN15 400
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Question 935
jamb2007
Given:
Prepaid b/f.......................N10 000
Cash paid during the year.........N20 000
The amount to be charged to the profit and loss account is?
AN30 000
BN25 000
CN5 000
D20 000
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Question 936
jamb2007
The purchases ledger control account showed a credit balance of N525 000 on April 30, 2006.
This amount shows?
Awhat the debtor of a business enterprise owed the business
Bthe total amount which each debtor owed the business
Cwhat a business enterprise owed its creditors
Dthe amount whicih a business enterprise owed creditor
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Question 937
jamb2007
Use the information below to answer question .
Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%
The provision for bad debt is?
AN2000
BN800
CN3000
DN1900
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Question 938
jamb2007
Use the information below to answer question
Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%
Determine the amount provided for discount allowed on debtors?
AN1000
BN3000
CN900
DN1500
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Question 939
jamb2007
(i) Facilitating the preparation of final accounts
(ii) Making the existence of error easy to detect
(iii)Checking the accuracy of positions periodically.
From the above, which of the following are among the uses of control accounts?
An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.
What was the asset value at the beginning of the third year?
AN63m
BN133m
CN36m
DN28m
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Question 944
jamb2007
Use the information below to answer question
An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.
Using the straight method. The depreciation of the asset in the first year was?
AN210m
BN343m
CN105m
DN270m
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Question 945
jamb2007
Stock valuation is useful because it forms the sales department on the?
Aprice of the competing goods
Bprices that will affect profitability
Cnumber of goods to produce
Dnumber of goods to sell
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Question 946
jamb2007
The federal government approved N140m to local governments W, X, Y and Z. The amount is to be shared on the basis of 40% equality, 35% population and 25% internal revenue generation. Calculate the share of local government W on equality?
AN35m
BN14m
CN56m
DN28m
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Question 947
jamb2007
A pension granted to any past president or vice-president shall be charged to the?
Aconsilidation revenue fund
Bspecial pension fund
Ccontingency fund
Ddevelopment fund
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Question 948
jamb2007
Partners' share of profit is credited to?
Aa partner's current account
Ba partner's capital account
Cthe profit and loss account
Dthe profit and loss appropriation account
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Question 949
jamb2007
The gross profit disclosed in the branch stock adjustment account represents?
The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.
