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

Receipts and payments accounts is the summary of?

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Total sales of ticket…………………..N300 000
Amount received from the sales…………..N260 000
Cash purchase of club house……………..N100 000
Credit purchase of equipment ……………N60 000
Electricity bill paid ………………….N5 000
Salaries owed …………………………N2 000

What is the balance of the income and expenditure account?

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Total sales of ticket…………………..N300 000
Amount received from the sales…………..N260 000
Cash purchase of club house……………..N100 000
Credit purchase of equipment ……………N60 000
Electricity bill paid ………………….N5 000
Salaries owed …………………………N2 000

What is the receipts and payment account balance?

The first step in converting as single entry to a double entry system of bookkeeping is to prepare a?

A company has departments M and N. The expenses incurred wholly in M is N5000. General expenses incurred amount toN25000. Expenses are apportioned in the ratio 2:3 for departments M and N respectively.
What is N’s share of the expense?

Use the information below to answer question .

………..PQ Manufacturing Company

Raw materials (1/11/2001)………..N3 500
Raw materials (31/12/2001)……….N4 900
Purchase of raw materials………..N56 000
Salary ………………………..N63 000
Wages………………………….N148 000
Factory lighting ……………….N3 080
Plant Depreciation………………N2 800
Factory Insurance ………………N2 170

The company consumed raw materials worth?

Use the information below to answer question .

………..PQ Manufacturing Company

Raw materials (1/11/2001)………..N3 500
Raw materials (31/12/2001)……….N4 900
Purchase of raw materials………..N56 000
Salary ………………………..N63 000
Wages………………………….N148 000
Factory lighting ……………….N3 080
Plant Depreciation………………N2 800
Factory Insurance ………………N2 170

The overhead cost is?

During the year ended 31st December 2001,
Nuju Enterprises paid rent as follows:
Jan. 20, N24 000 for a period of 4 months.
May. 16, N30 000 for a period of 5 months.
Oct. 15, N36 000 for a period of 6 months.

What is the overpaid portion of the rent?

Given:
…………..Rich Social Club………..
Cash…………………….N100,000
Loan ……………………N30,000
Subscription in arrears……N5,000
Subscription in advance……N15,000
What is the accumulation fund?

A company has two departments X and Y. Y transferred goods to X at a profit margin of 25%. N10,000 worth of goods was not sold at the end of the accounting period.
How much is the unrealized profit?

Income and expenditure account is more informative than receipts and payments account because it discloses?

Given:
Cost of raw materials issued to production…..N37000
Opening stock of raw material………………N2000
Purchases of raw material………………….N3800
Wages …………………………………..N500
What is the closing stock of raw material?

four broad classifications of overheads are?

The stock valuation data is important because it enables management to?

Advertising expenses incurred on a product in a business organization should be charged to?

In a control account, provision for bad debts is found on the?

Provision for discount allowed can be recorded as debit to?

Given:
(i) Order of performance
(ii) Order of liquidity
(iii)Vertical order
(iv) Horizontal order
The order in which a balance assets is arranged are?

Use the information below to answer questions .

Motor Vehicle Account as at 31st December 2001.
Debit:
Jan. 1, cost …………….N1950 000
Dec.31, Addition ………… N400 000
Credit:
Jan. 1, Depreciation ……..N1360 000
June 30, Sales proceeds…… N700 000
The vehicle sold was purchase on January 1, 1998 at a cost of N1,000 000 and had depreciation at 25% on cost.

What is the actual profit or loss arising from the vehicle disposed of?

Use the information below to answer questions .

Motor Vehicle Account as at 31st December 2001.
Debit:
Jan. 1, cost …………….N1950 000
Dec.31, Addition ………… N400 000
Credit:
Jan. 1, Depreciation ……..N1360 000
June 30, Sales proceeds…… N700 000
The vehicle sold was purchase on January 1, 1998 at a cost of N1,000 000 and had depreciation at 25% on cost.

Assuming that depreciation is charged on the addition of the year at the rate of 15% on reducing balance, what should be the net book value of the vehicle as at 31st December 2003?

Given:

Capital ………..N1000
Liabilities……..N500
Assets………….N1500
The accounting equation can be expressed as?