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Musa merchants Trading and profit and Loss Account for the year ended Dec.31st, 2003
Determine the closing stock
AN20 000
BN30, 000
CN40 000
DN50,000
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Question 7
jamb2005
The tier of government that uses financial memorandum is the?
Afederal government
Bstate government
Clocal government
Dmunicipal government
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Question 8
jamb2005
The accounting method that reports incomes when earned and expenses when incurred is called?
Acash accounting
Bcommitment accounting
Cfund accounting
Daccrual accounting
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Question 9
jamb2005
A company paid cash in redemption of N10,000 debenture.
The accounting entry to record this will be to debit?
Acash and credit debenture
Bdebenture and credit cash
Ccash and credit capital
Dcapital and debit cash
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Question 10
jamb2005
When assets are realized during a partnership dissolution, the entries for the proceeds are to debit?
Acash account and credit realization account
Brassets account and credit realization account
Crealization account and credit realization account
Dassets account and credit cash account
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Question 11
jamb2005
Use the information below to answer question
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.
The balances of current accounts of Jide and Haruna are respectively?
AN6000 and N5000
BN3000 and N3400
CN4000 and N4000
DN3000 and N600
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Question 12
jamb2005
Use the information below to answer question
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.
Calculate the profit available for appreciation?
AN12 000
BN10 000
CN8 000
DN7 000
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Question 13
jamb2005
Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including?
Apartners' salaries
Binterest on capital
Cpartners' drawings
Dinterest on loans
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Question 14
jamb2005
In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a?
Adebit entry
Bcredit entry
Ccontra entry
Dreversal entry
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Question 15
jamb2005
The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch?
Adebtors' account
Btrading account
Cexpenses account
Dcash account
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Question 16
jamb2005
The movement of goods from head office to a branch is treated in the in the head office accounts as?
Asales
Bissue
Cpurchase
Drequisition
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Question 17
jamb2005
A company incurred N21 000 in running its four departments, namely J,K,L and M with a corresponding number of employees as 1500, 2000, 3000 and 500 respectively. What is the share of department K?
AN9000
BN6000
CN4500
DN1500
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Question 18
jamb2005
Departmental accounts are prepared to aid the comparison of the?
Aprevious year's transactions
Bdaily profits
Cworkers' performances
Dmanagement performances
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Question 19
jamb2005
Gamji Memorial Club carried out an activity which yield a profit of N10 000. This amount is to be transferred to the?
Adebit side of its profit and loss account
Bcredit side of its profit and loss account
Cdebit side of its income and expenditure account
Dcredit side of its income and expenditure account
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Question 20
jamb2005
The not-for-profit-making organizations generate their income mainly from?
