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.
Given:
N N
Capital 200,000 total assets 210,000
Liabilities 10,000
210,000 210,000
If the business is purchased at a price including a goodwill of N 20,000, what must have been the purchas price?
AN190,000
BN210,000
CN220,000
DN230,000
View Explanation & Discuss
Question 4
jamb2001
» Given:
PTF Trial Balance [Extract] as at 31 December, 1999
Dr Cr
N'000 N '000
Cash 2,000
Investments 3,000
Accounts receivable 6,000 11,000
Fund balance 11,000 11,000
If only 1/2 of the investments is sold for N2m and N5m realized from the accounts receivable what will be the balance of the fund?
AN9M
BN11M
CN13M
DN16M
View Explanation & Discuss
Question 5
jamb2001
Given:
PTF Trial Balance [Extract] as at 31 December, 1999
Dr Cr
N'000 N '000
Cash 2,000
Investments 3,000
Accounts receivable 6,000 11,000
Fund balance 11,000 11,000
Assuming all the investments realized N4m, what will be the endig fund balance?
AN8m
BN 11M
CN12M
DN15M
View Explanation & Discuss
Question 6
jamb2001
» Given:
Authorized Capital: N
100,000 ordinary shares of N 1 eash
Issued and fully paid:
50,000 ordinary shares of N 1 each 50,000
10, 000 8% perference shares
of N 1 each
Reserves 10,000
Creditors 25,000
Debtors 13 000
Cash in hand 5000
Calculate the shareholders fund
AN 60,000
BN75,000
CN85,000
DN185,000
View Explanation & Discuss
Question 7
jamb2001
Given:
Authorized Capital: N
100,000 ordinary shares of N 1 eash
Issued and fully paid:
50,000 ordinary shares of N 1 each 50,000
10, 000 8% perference shares
of N 1 each
Reserves 10,000
Creditors 25,000
Debtors 13 000
Cash in hand 5000
Determine the net current assets
AN 43,000
BN 28,000
CN13,000
DN3,000
View Explanation & Discuss
Question 8
jamb2001
Use the information below to answer question
Given: 31/12/98 31/12/99
Assets: Plant and Mach. N1,500 N1,200
Fixtures N700 N520
Stock N500 N600
Debtors N900 N400
Cash N200 N300
Liabilities: Creditor N500 N600
Loan N600 N400
What is the capital from the opening balance sheet?
AN3,600
BN 2,700
CN2,070
DN1,520
View Explanation & Discuss
Question 9
jamb2001
The officer responsible for ascertaining whether all public expenditure and appropriation are in line with approved guidelines is the?
AAcountant General
BAuditor General
CFinance Minister
DPermanent Secretary
View Explanation & Discuss
Question 10
jamb2001
The correct entry to reflect the receipt of cash sent by a branch to a head office is?
Adebit cash and credit branch current account
Bdebit branch, current account and credit cash
Ccredit branch, debtors and debit cash
Dcredit branch current account and debit branch debtors
View Explanation & Discuss
Question 11
jamb2001
To account for expenses paid by head office on behalf of the branch, the branch should?
Adebit head office account and credit cash
Bdebit profit and loss account and credit headoffice account
Ccredit cash and debit profitand loss account
Dcredit profit and loss account and debit head office account
View Explanation & Discuss
Question 12
jamb2001
Department F transferred some goods to department G at a selling price. The goods were not sold at the end of the accounting period. Which account is affected at the time of preparing a combined balance sheet?
Acreditors
Bdebtors
Cstock
Dsuspense
View Explanation & Discuss
Question 13
jamb2001
X and Y are two departments that are to share 50% of all joint costs equally and the balance in ratio 2:1. If a sum of N150,000 is incurred jointly, what will be the portion attributable to X?
AN37,500
BN62,500
CN87,500
DN100,000
View Explanation & Discuss
Question 14
jamb2001
The law that currently regulates the registration of companies in Nigeria is the?
AConstitution of the Federal Republic of Nigeria, 1999
BNigeria Enterprises Promotion Decree, 1972
CCompanies and Allied Matters Decree, 1990
DCompanies Decree, 1968
View Explanation & Discuss
Question 15
jamb2001
The main difference between the ordinary and preference shareholders is that?
Athe former receive dividends while the latter do not
Bthe latter are not members of the company while the former are
Cin the case of winding up, the former are paid first before the latter
Dthe former have voting rights while the latter do not
View Explanation & Discuss
Question 16
jamb2001
Where a company acquires controlling shares of another and the consideration is paid in cash, the entries in the books of the purchases are debit?`
Ainvestment and credit cash
Binvestment and credit shares
Cpurchases and credit cash
Dpurchases and credit shares
View Explanation & Discuss
Question 17
jamb2001
Bala Ltd acquired the business of Bello Ltd and caused the separate existence of the latter company to terminate. This situation is best described as?
Aabsorption
Bmerger
Cconversion
Ddissolution
View Explanation & Discuss
Question 18
jamb2001
On the dissolution of a partnership business,the net book value of the assets is transferred to?
Adebit of realization account
Bcredit of realization account
Ccredit of bank account
Ddebit of bank account
View Explanation & Discuss
Question 19
jamb2001
If a partner pays a premium of N500 for 1/5 share of profit, then the total value of goodwill is?
AN500
BN2,000
CN2,500
DN3,000
View Explanation & Discuss
Question 20
jamb2001
Marhumu and Yusuf are in partnership sharing profits and losses in the ratio of 2:1. On 31/3/2000, the partnership decided to admit Idris who is to take 1/4 of future profits without changing the ratio of Marhumu and Yusuf.
What is the new profit-sharing ratio of Marhumu and Yusuf?
