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.
A book that contains the account for the financial transactions of an organizations is the
Ajournal
Bledger
Cfolio
Dregister
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Question 973
waec2006
Public sector accounting is practiced in
Apublic limited companies
Bgovernment organization
Cprofit making organization
Dpublic trainging company
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Question 974
waec2006
A system where a separate cash book is maintained for small payments is
Asingle entry
Bimprest
Cfloat
Dreimbursement
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Question 975
waec2006
The depreciation method in which the number of years of the useful life of an asset is allocated in a reverse order is
Astraight line
Breducing balance
Csum of the yeara; digits
Drevaluation
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Question 976
waec2006
The art of collecting, recording, presenting and interpreting accounting data is
Acost accounting
Bmanagement accounting
Cfinancial accounting
Ddata processing
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Question 977
jamb2006
Determine the value of closing stock using the LIFO method
AN2 000
BN2500
CN4000
DN35000
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Question 978
jamb2006
Assuming the closing stock was valued at N19 000 at the end of November, what was the gross profit?
AN30 000
BN50 000
CN70 000
DN100 000
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Question 979
jamb2006
X represents
Abank charges
Ban unpresented cheque
Cdividends
Dan uncredited cheque
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Question 980
jamb2006
The value of Y is
AN11 500
BN 8 500
CN13000
DN10000
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Question 981
jamb2006
What was the bank balance at the end of the month?
AN7 000
BN6 500
CN 7 500
DN 9 000
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Question 982
jamb2006
On Jan. 30 Khalifa withdraw N2500 from the bank for office use.
The cash balance at end of the month was
AN1 600
BN4 100
CN 6 600
DN6 100
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Question 983
jamb2006
Which of the following is a journal as well as a ledger?
ANominal ledger
BSales day book
CGeneral ledger
Dcash book
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Question 984
jamb2006
Head office sends goods to its branch at cost plus mark-up of of 25%. A debit of N40,000 to the branch stock account in the head office books will indicate that the head office has sent goods with a profit of
AN4000
BN6000
CN10000
DN8000
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Question 985
jamb2006
LOAN IS 30% OF CREDITORS.
A company has departments S,T and U. The sales are N20 000,20 000, N40 000 AND N60 000 respectively if the sales commission paid is N12 000, how much is T's share?
AN8000
BN2000
CN4000
DN6000
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Question 986
jamb2006
LOAN IS 30% OF CREDITORS.
What is the capital balance?
AN1000
BN2 100
CN900
DN1200
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Question 987
jamb2006
The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
The subscriptions received would be
AN200 000
BN240 000
CN300 000
DN24 000
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Question 988
jamb2006
The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
What is the closing cash balance?
AN35 000
BN211 000
CN5 000
DN10 000
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Question 989
jamb2006
Determine the opening cash balance of the club?
AN3 070
BN2 220
CN5 710
DN4 320
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Question 990
jamb2006
In converting a to a partnership company, the loss on asset revaluation is?
