Accounts - Principles of Accounts JAMB, WAEC, NECO AND NABTEB Official Past Questions

Given

Dept A Dept B
Floor space 40m² 60m²
Machine hours 1200 1400
Turnover N36 million N64 million
Labour hours 1000 1400
A joint cost of N 72 million incurred by the two departments was apportioned N30 million to A and N42 million to B. the basis used for apportionment must have been

The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are

Amin Ltd. Creditor Ledger Control Account (Extracts)

Beginning control account
Balance: Debit 32,000
Credit 61,000
Purchases during the year:
Cash 30,000
Credit 60,000
Payment to suppliers:
Cash 13,000
Cheque 29,000
Debtor’s contra 6,000
The closing control account balance is

Use the information below to this question Cost of raw materials consumed 300,600 Carriage inwards 6,700 Returns of raw materials 10,800 Closing stock of raw materials 100,250 Manufacturing wages 27,000 Lighting, power, insurance and rent relation to the factory are apportioned 1/3,2/5, 1/6 and 17 with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.

The production cost of finished goods is

Use the information below to this question
Cost of raw materials consumed 300,600
Carriage inwards 6,700
Returns of raw materials 10,800
Closing stock of raw materials 100,250
Manufacturing wages 27,000
Lighting, power, insurance and rent
relation to the factory are
apportioned 1/3,2/5, 1/6 and 17
with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.

What is the cost of the opening raw materials?

The accounting convention which stipulates that money or goods taken from the business by the owner for personal use should be treated as deductions from capital is

Yahuza Enterpises
Trial Balance (Extracts) as at Dec. 31, 1998.
Capital
Premises 90,000 21,000
Debtors 35,000
Provisions 1/1/98:
Depreciation 9,000
Bad and doubtful 1,500

If premises is to be depreciated at 10% on cost and a 5% provision is to be allowed on debtors, the total asset in the balance sheet is

Halal Limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/97.
The company’s policy provides for 15% bad debt annually. Which of the following represents the total balance of debtors before adjustment?

A major benefit derived from the reconciliation of branch and head office books is to?

Recurrent expenditure are expenses for the period not exceeding?

The channel through which all government borrowing and domestic lending transactions pass is called?

(i) Meet growth and diversification need.
(ii) Reach out to particular customers or markets
(iii) Comply with some regulatory directives
(iv) Increase employees’ income.
Which of the reasons above do companies consider in establishing branches?

The body constitutionally charged with the responsibility of examining the audited accounts of the Federation and other reports as referred by the National Assembly is the?

The most appropriate basis for apportioning inventory holding cost among departments is to use the value of?

Yola Social Club
Statement of Account 1998 financial year
31/12/98:
Subscription in arrears N21,000
Subscription in advance N12,000
Receipt during 1999:

Arrears 1998 N21,000
Dues 1999 N48,000
Advance 2000 N11,000

The subscription transferable to the income and expenditure account is?

Given:

Depreciation of plant and machinery N1,600
Factory rent N650
Indirect wages N695
General indirect expenses N726
lubricants N1235
Carriage inwards N829
Factory power N350
Bank charges N612
Carriage outwards N2,900

Determine the total factory overhead cost?

Given:
cash book item:
Paid to suppliers N10,800
Expenses paid N6,900
Drawings made N900
Balances at start N15,750
Balances at end N3,870
Drawings from bank to shop N1,720

Determine the receipt from debtors?

A business is required at par when the?

Use the information below to answer question

Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.

Assuming that Rakiya was not credited with any income during the period, what is her closing current account balance?

Use the information below to answer question

Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.

The interest on joy’s drawing is?

An item of appropriation in partnership profit and loss account is?