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

1

The value of x is

  • A. N4.00
  • B. N5.00
  • C. N5.50
  • D. N6.00
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2

WHAT IS THE STOCK VALUATION METHOD USED?

  • A. LAST IN FIRST OUT
  • B. FIRST IN FIRST OUT
  • C. AVERAGE COST
  • D. WEIGHTED AVERAGE
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3

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?

  • A. N190,000
  • B. N210,000
  • C. N220,000
  • D. N230,000
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4

ยป 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?

  • A. N9M
  • B. N11M
  • C. N13M
  • D. N16M
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5

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?

  • A. N8m
  • B. N 11M
  • C. N12M
  • D. N15M
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6

ยป 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

  • A. N 60,000
  • B. N75,000
  • C. N85,000
  • D. N185,000
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7

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

  • A. N 43,000
  • B. N 28,000
  • C. N13,000
  • D. N3,000
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8

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?

  • A. N3,600
  • B. N 2,700
  • C. N2,070
  • D. N1,520
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9

The officer responsible for ascertaining whether all public expenditure and appropriation are in line with approved guidelines is the?

  • A. Acountant General
  • B. Auditor General
  • C. Finance Minister
  • D. Permanent Secretary
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10

The correct entry to reflect the receipt of cash sent by a branch to a head office is?

  • A. debit cash and credit branch current account
  • B. debit branch, current account and credit cash
  • C. credit branch, debtors and debit cash
  • D. credit branch current account and debit branch debtors
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11

To account for expenses paid by head office on behalf of the branch, the branch should?

  • A. debit head office account and credit cash
  • B. debit profit and loss account and credit headoffice account
  • C. credit cash and debit profitand loss account
  • D. credit profit and loss account and debit head office account
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12

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?

  • A. creditors
  • B. debtors
  • C. stock
  • D. suspense
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13

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?

  • A. N37,500
  • B. N62,500
  • C. N87,500
  • D. N100,000
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14

The law that currently regulates the registration of companies in Nigeria is the?

  • A. Constitution of the Federal Republic of Nigeria, 1999
  • B. Nigeria Enterprises Promotion Decree, 1972
  • C. Companies and Allied Matters Decree, 1990
  • D. Companies Decree, 1968
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15

The main difference between the ordinary and preference shareholders is that?

  • A. the former receive dividends while the latter do not
  • B. the latter are not members of the company while the former are
  • C. in the case of winding up, the former are paid first before the latter
  • D. the former have voting rights while the latter do not
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16

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?`

  • A. investment and credit cash
  • B. investment and credit shares
  • C. purchases and credit cash
  • D. purchases and credit shares
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17

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?

  • A. absorption
  • B. merger
  • C. conversion
  • D. dissolution
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18

On the dissolution of a partnership business,the net book value of the assets is transferred to?

  • A. debit of realization account
  • B. credit of realization account
  • C. credit of bank account
  • D. debit of bank account
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19

If a partner pays a premium of N500 for 1/5 share of profit, then the total value of goodwill is?

  • A. N500
  • B. N2,000
  • C. N2,500
  • D. N3,000
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20

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?

  • A. 50% : 25%
  • B. 50% : 20%
  • C. 25% : 50%
  • D. 25% :25%
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21

Partners’ salaries and drawings are usually posted to the?

  • A. trading account
  • B. current account
  • C. capital account
  • D. partners' account
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