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 proprietor made drawings of N755 per month for personal use.
The profit for the period is?
AN3000
BN1,360
CN9060
DN7700
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Question 985
jamb2006
When goodwill is not retained in the business, the entries in the new partners' book will be to debit?
Agood account and credit partners' capital account
Bpartners' capital account and credit goodwill account
Ccash account and credit goodwill account
Dgoodwill account and credit cash account
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Question 986
jamb2006
Departmentalization of accounts is useful because it shows the?
Aoverall performance of a firm
Bprice per unit of a product
Ccost per unit of a product
Doverall performance of a division
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Question 987
jamb2006
Use the information below to answer question .
Prime cost..................N12 100
lighting....................N10 000
Heating.....................N15 000
Factory overhead............?
The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.
Interest on the drawings of partners is treated in the?
Aprofit and loss appropriation account
Bgoodwill account
Cprofit and loss account
Dtrading account
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Question 988
jamb2006
Use the information below to answer question .
Prime cost..................N12 100
lighting....................N10 000
Heating.....................N15 000
Factory overhead............?
The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.
The factory overhead is?
AN5050
BN7250
CN2750
DN5500
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Question 989
jamb2006
Stock 1/1/2002..................................N40 000
Goods received from head office.................N800 000
Goods returned to head office...................N34 000
Sales...........................................N916000
Stock 31/12/2000................................N72 000
From the data above determine the cost of goods credited to the head office trading account.
AN766 000
BN840 000
CN734 000
DN806 000
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Question 990
jamb2006
Use the information below were to answer questions
...................Stationary Dept.............Video Dept.
Sales ..............N10,600.....................N15,175
Cost of goods sold..N5,247......................N6704
The expenses incurred were rent N4500, motor repairs N1200 and telephone N900.
The basis of cost apportionment is 1/2 stationary 1/3 video.
Find the total expenses allocated to the stationary department?
AN3600
BN1400
CN4400
DN3800
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Question 991
jamb2006
Use the information below were to answer questions
...................Stationary Dept.............Video Dept.
Sales ..............N10,600.....................N15,175
Cost of goods sold..N5,247......................N6704
The expenses incurred were rent N4500, motor repairs N1200 and telephone N900.
The basis of cost apportionment is 1/2 stationary 1/3 video.
Determine the net profit of the business?
AN6600
BN6271
CN5353
DN7224
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Question 992
jamb2006
Given:
Stock of raw materials 1/40............N11 150
Purchases of raw materials.............N112 550
Raw material returned..................N31 150
Stock of Raw materials 31/12/04........N27 150
Calculate the cost of raw materials consumed?
AN156 000
BN38 300
CN183 150
DN66 550
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Question 993
jamb2006
Use the information below to answer question
Capital.................................N60 000
Bank....................................N12 500
General expenses........................N5 250
Creditors...............................N17 000
Stock...................................N98 500
Fixed assets............................N42 000
Insurance and rates.....................N18 800
Purchase................................N63 850
Determine the total of the trial balance?
AN123 325
BN160 050
CN166 525
DN326 575
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Question 994
jamb2006
Use the information below to answer question
Capital.................................N60 000
Bank....................................N12 500
General expenses........................N5 250
Creditors...............................N17 000
Stock...................................N98 500
Fixed assets............................N42 000
Insurance and rates.....................N18 800
Purchase................................N63 850
What is the cash balance on the debit side if it is the only item omitted?
AN6745
BN6754
CN6475
DN6574
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Question 995
jamb2006
Adaobi mistakenly entered N7000 as credit sales in Abba's account. This is?
Aan error of principles
Ba compensating error
Can error of commission
Dan error omission
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Question 996
jamb2006
Stationary which will be used over a long period of time is usually recorded as an expense instead of an asset.
This concept is called?
Aentity
Bmateriality
Crealization
Daccrual
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Question 997
jamb2006
which of the following is source of document for the preparation of debtors' ledger account?
ADebit note
BGeneral journal
CPurchases invoice
DSales invoice
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Question 998
jamb2006
A major factor that enhanced the early development of accounting is the?
AIndustrial Revolution
Bgrowing of trade and commerce
Cdevelopment of arithmetic
Dinvention of writing
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Question 999
jamb2006
The use of a three-column cash book is determine by?
Acash discounts
Btrade discounts
Ccash transactions
Dbank transactions
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Question 1000
jamb2006
A private company is different from a public company because?
Ait does not restrict the right to transferits shares
Bit cannot invite members of the public to subscribe for its shares
Cits shares are owned by one person
Dit can only offer its shares to members of the publicfor subscription
