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

Use the information below to answer question .

Prime cost………………N12 100
lighting………………..N10 000
Heating…………………N15 000
Factory overhead…………?

The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.

The factory overhead is?

Stock 1/1/2002…………………………….N40 000
Goods received from head office……………..N800 000
Goods returned to head office……………….N34 000
Sales…………………………………….N916000
Stock 31/12/2000…………………………..N72 000

From the data above determine the cost of goods credited to the head office trading account.

Use the information below were to answer questions

……………….Stationary Dept………….Video Dept.
Sales …………..N10,600…………………N15,175
Cost of goods sold..N5,247………………….N6704

The expenses incurred were rent N4500, motor repairs N1200 and telephone N900.
The basis of cost apportionment is 1/2 stationary 1/3 video.

Find the total expenses allocated to the stationary department?

Use the information below were to answer questions

……………….Stationary Dept………….Video Dept.
Sales …………..N10,600…………………N15,175
Cost of goods sold..N5,247………………….N6704

The expenses incurred were rent N4500, motor repairs N1200 and telephone N900.
The basis of cost apportionment is 1/2 stationary 1/3 video.

Determine the net profit of the business?

Given:

Stock of raw materials 1/40…………N11 150
Purchases of raw materials………….N112 550
Raw material returned………………N31 150
Stock of Raw materials 31/12/04……..N27 150

Calculate the cost of raw materials consumed?

Use the information below to answer question

Capital……………………………N60 000
Bank………………………………N12 500
General expenses……………………N5 250
Creditors………………………….N17 000
Stock……………………………..N98 500
Fixed assets……………………….N42 000
Insurance and rates…………………N18 800
Purchase…………………………..N63 850

Determine the total of the trial balance?

Use the information below to answer question

Capital……………………………N60 000
Bank………………………………N12 500
General expenses……………………N5 250
Creditors………………………….N17 000
Stock……………………………..N98 500
Fixed assets……………………….N42 000
Insurance and rates…………………N18 800
Purchase…………………………..N63 850

What is the cash balance on the debit side if it is the only item omitted?

Adaobi mistakenly entered N7000 as credit sales in Abba’s account. This is?

Stationary which will be used over a long period of time is usually recorded as an expense instead of an asset.
This concept is called?

which of the following is source of document for the preparation of debtors’ ledger account?

A major factor that enhanced the early development of accounting is the?

The use of a three-column cash book is determine by?

A private company is different from a public company because?

Use the information below to answer questions Turnover………………………N120 000 Net profit before tax…………..N40 000 Net profit b/f…………………N68 000 Proposed dividends: Ordinary shares………………..N8 000 Preference shares………………N6 000 Corporate tax is 30%……………N10 000

What is the tax charged to profit and loss account?

Accrual accounting differs from cash accounting because it recognizes?

Use the information below to answer questions

Turnover………………………N120 000
Net profit before tax…………..N40 000
Net profit b/f…………………N68 000
Proposed dividends:
Ordinary shares………………..N8 000
Preference shares………………N6 000
Corporate tax is 30%……………N10 000

The undistributed profit carried forward is?

Gross earnings……………………N950 000
Current liabilities……………….N100 000
Operating expenses………………..N350 000
10% debentures……………………N400 000
Shareholder’s fund………………..N1300 000
Corporate tax is 30%

From the data above calculate the returns on equity?

After receiving the financial statement the Auditor General of the Federation must submit a report to the National Assembly within?

Tunde purchased goods from Femi by cash worth N1000 with 10% cash discount. Tunde’s ledger control account is to be?

The difference in the sales ledger control account is transferred to the?

Use the information below to answer question .

Capital…………………N?
Profit and loss………….N3500
Current assets…………..N?
Current liabilities………N2000
fixed assets…………….N11000

Determine the current assets?