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The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal]
The correct closing balance for lawal's current account is
AN21 100 debit
BN14 740 debit
CN14 740 credit
DN540 credit
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Question 2
jamb1997
The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal
The Correct closing balance for Musa's current account is
AN36 000 Credit
BN16 600 credit
CN16 600 debit
DN1 800 credit
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Question 3
jamb1997
The end result of governmental accounting procedure is to
Akeep proper records of government expenditures
Bgive financial information to the public and investors
Cproduce timely and accurate financial reports for legislators and the public
Dgive information on the performance of public enterprises
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Question 4
jamb1997
Public sector accounting is based on
Acash
Baccrual
Cbudget
Dconsolidated fund
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Question 5
jamb1997
Which of the following are advantages of departmental accounts?
I. The department making the highest profit can be easily determined
II. The capital of the business can be calculated easily
III. Easy knowledge of the sources of funding
IV. Encouragement of healthy rivalry among the various departments
AI and IV only
BII and III only
CII and IV only
DIII and IV only
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Question 6
jamb1997
If goods are invoiced to the branch at cost and the invoice par value is N 2 000 with 5%discount rate, can remitted to the head office is
AN2 100
BN 200
CN 1 900
DN 100
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Question 7
jamb1997
The acid test ratio in the company is
A1:1
B1:2
C2:3
D3:2
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Question 8
jamb1997
What is the working capital?
AN12 000
BN 11 000
CN 8 000
DN4 000
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Question 9
jamb1997
A dividend of 10% in a company on 500 000 ordinary shares of N 1 nominal value has been declared, How much will a shareholder receive if he has 200 shares?
AN 500 000
BN 50 000
CN200
DN 20
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Question 10
jamb1997
A company has 5% debentures worth N500 000 ordinary share capital N 2 000 000, and preference shares N1500 000. if the company made a profit of N 1 000 000, the debenture interest would amount to
AN 1 000 000
BN 500 000
CN 50 000
DN 25 000
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Question 11
jamb1997
On partnership dissolution, if a partner's capital account has a debit balance and the partnr is insolvent, the deficiency will, in accordance with the decision of the case of Garner v Murray, be
Aborne by all the partners
Bborne by the insolvent partner
Cwritten off
Dborne by the solvent partners
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Question 12
jamb1997
Accumulated fund on 1st January 1993 is
AN 8 570
BN8 470
CN 850
DN7 520
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Question 13
jamb1997
Additional information :
1: 1: 93 31 : 12 : 93
N N
Subscription in arrears 300 450
Furniture 7000
Subscription received
in advance 500 400
Rate owing 50 60
Subscription relating to the accounting year 1993 in the income and expenditure account is
AN 15 050
BN 14 550
CN14 300
DN 13 400
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Question 14
jamb1997
An income and expenditure account is a summary of
Aall income and expenditure during a period
Brevenue income and expenditure during a period
Creceipts and payments during a period
Dthe trading income a period
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Question 15
jamb1997
The difference between a trading account and a manufacturing account is that while the manufacturing account
Ahas no particular period, the trading account has
Bdoes not consider the cost of goods involved, the trading account does
Cis concerned with the cost of production, the trading account is not
Dis not concerned with the stock of raw materials the rading account is
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Question 16
jamb1997
Given: N
Direct material - 10 000
Direct labour - 5000
Direct expenses - 2000
Factory overhead - 4000
What is the prime cost?
AN21 000
BN 17 000
CN 15 000
DN 6 000
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Question 17
jamb1997
In analyzing incomplete records, which of the following should be investigated?
Athe general ledger
Bthe purchases day book and sales day book
Cthe nature of trading activities and the basis on which goods are sold
Dthe asset register together with the depreciation schedule
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Question 18
jamb1997
What is the balance of the bank account shown above?
AN88 500 debit
BN 88 500 credit
CN 59 410 credit
DN 59 410 debit
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Question 19
jamb1997
Alabede (NIG) limited issued 50 000 ordinary shares of N1 each at a market value of N2.50 each. the share premium is?
AN125 000
BN500 000
CN50 000
DN25 000
View Explanation & Discuss
Question 20
jamb1997
Share premium can be used to?
i. write off discount on shares
ii. give loans to directors
iii.pay dividends
iv. pay company's formation expenses.
