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Subscriptions received are always put at 125% of the total donations received and refreshment sales.
Compute the subscriptions received.
AN30000
BN28000
CN24000
DN20000
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Question 2
jamb2002
Subscriptions received are always put at 125% of the total donations received and refreshment sales.
What is the closing cash balance ?
AN11500
BN12000
CN13000
DN13500
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Question 3
jamb2002
Miscellaneous expense is 10% of revenue Calculate the net income.
AN583,000
BN563,000
CN483,000
DN581,000
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Question 4
jamb2002
It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.
Determine the club's excess of income over expenditure
AN12000
BN15000
CN10000
DN14500
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Question 5
jamb2002
It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.
What is the amount to be written off as other expenses?
AN4500
BN6000
CN4000
DN5000
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Question 6
jamb2002
The working capital of the club is
AN5000
BN4000
CN3000
DN7000
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Question 7
jamb2002
Use the information below to answer this question.
.............Total......... Dept.P.............Dept.Q
...............N...............N.................N
Sales.........10000............6000..............4000
Purchases......4000............1000..............3000
Discount received.1000..........?..................
Discounts allowed..2000...........................?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.
What is department Q's share of discount allowed?
AN2000
BN1500
CN800
DN1200
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Question 8
jamb2002
Use the information below to answer this question.
.............Total......... Dept.P.............Dept.Q
...............N...............N.................N
Sales.........10000............6000..............4000
Purchases......4000............1000..............3000
Discount received.1000..........?..................
Discounts allowed..2000...........................?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.
Department P's share of discount received is
AN750
BN1000
CN250
DN500
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Question 9
jamb2002
The gross profit on manufactured goods is the difference between the cost of goods manufactured and the
Amarket value of goods produced
Bprime cost of production
Cindirect cost of production
Dgoods produced.
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Question 10
jamb2002
Use the information below to answer this question
The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250
Current account balance of Kaka at the end of the year will be
AN250
BN350
CN175
DN325
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Question 11
jamb2002
Use the information below to answer this question
The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250
Abba's capital balance at the end of the year will be
AN5475
BN5725
CN4400
DN5000
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Question 12
jamb2002
Use the information below to answer this question
Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200
The value of closing stock as at February 14th by simple average method is
AN3900
BN2500
CN4100
DN2700
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Question 13
jamb2002
Use the information below to answer this question
Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200
The closing stock on March 11th by LIFO valuation is
AN4200
BN2700
CN4500
DN3900
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Question 14
jamb2002
In the public sector, the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called?
Afund accounting
Bcommitment accounting
Ccash accounting
Daccrual accounting
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Question 15
jamb2002
Upon the dissolution of a partnership, the Partnership Act provides that the amount realized should be?
Aused to pay all taxes due to government
Bused to start a new partnership business by members who are willing
Cshared equally by the existing partners
Dused in paying the debts and liabilities of the firm to persons who are not partners
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Question 16
jamb2002
Given:
Balance at 31st December ............N14,744m
Treasury Bills issued Jan-Dec........N7124m
Revenue for the year ................N6387m
Expenditure .........................N8767m
What is the opening balance on the consolidated revenue fund account?
AN10,000m
BN12,000m
CN90,000m
DN11,000m
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Question 17
jamb2002
Given:
Sales ............................N195,200
Stock 1st January.................N34,000
Purchases ........................N126,000
Sales returns ....................N1,200
Purchases returns ................N2,000
If the gross profit is N66,000, what is the value of stock at 31st December?
AN30,000
BN40,000
C50,000
DN20,000
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Question 18
jamb2002
Control accounts help to verify the arithmetic accuracy of the postings from the?
Asubsidiary books into the trial balance
Bledger into the trial balance
Cjournals into the ledgers
Dsubsidiary books into the ledgers
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Question 19
jamb2002
keeping records under the single entry system has the advantage of?
Aquality in terms of records
Bcompleteness in terms of records
Caccuracy in terms of operation
Dsimplicity in terms of operation
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Question 20
jamb2002
Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to?
Adraw up the statement of affairs
Bdraw up a T-account to establish the amount
Ccompare the journal entries with the cash book
Dcross-check the cash book for further information
