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

(i) Facilitating the preparation of final accounts
(ii) Making the existence of error easy to detect
(iii)Checking the accuracy of positions periodically.

From the above, which of the following are among the uses of control accounts?

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……………………1/7/2005…………30/6/2006

Drawings……………………………….N3 000
Capital……………..25 000……………N42 500
Furniture……………6 500……………N10 200

Additional capital during the year amounts to 300% of the drawings.

What is the amount of the additional capital?

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……………………1/7/2005…………30/6/2006

Drawings……………………………….N3 000
Capital……………..25 000……………N42 500
Furniture……………6 500……………N10 200

Additional capital during the year amounts to 300% of the drawings.
Calculate the net profit or loss made during the year.

Given:

Opening capitaL…………….N7 000
Additional capital………….N3 500
Net……………………….N2 500
Closing……………………N10 250

The drawings for the period stand at?

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An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.

What was the asset value at the beginning of the third year?

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An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.

Using the straight method. The depreciation of the asset in the first year was?

Stock valuation is useful because it forms the sales department on the?

The federal government approved N140m to local governments W, X, Y and Z. The amount is to be shared on the basis of 40% equality, 35% population and 25% internal revenue generation. Calculate the share of local government W on equality?

A pension granted to any past president or vice-president shall be charged to the?

Partners’ share of profit is credited to?

The gross profit disclosed in the branch stock adjustment account represents?

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Lighting………………N2925
Rent………………….N2640
Salary………………..N4050

The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.

Find the salary charged to Zera product?

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Lighting………………N2925
Rent………………….N2640
Salary………………..N4050

The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.

The lighting charge to be apportioned to zema is?

The amount of subscriptions accrued is reported in the balance sheet under?

Osei and Yabo were in partnership sharing profits and losses in the ratio of 2:3. On admitting Takwa, the profit and loss sharing ratio was charged to 1:1:1. Suppose Takwa paid N30 000 for goodwill , this amount would be?

the receipt and payment s acpunt of a not-for-profit-making organization plays a similar role in a profit-making organization as?

Given:

Shaku Company Ltd.

Stock……………………..N3600 000
Cash at hand……………….N800 000
Cash at bank……………….N2400 000
Debtors……………………N580 000
Trade creditors…………….N920 000
Bank overdraft……………..N200 000
Tax liabilities…………….N600 000
Salary owed to staff………..N180 000

Determine the working capital?

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A company’s authorized share capital was one million ordinary shares at N1 each. Issued 80% of its shares at N1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.

The total amount of money received on application was?

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A company’s authorized share capital was one million ordinary shares at N1 each. Issued 80% of its shares at N1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.

What would be the total amount received on second call?

An accounting ratio that considers only quick assets to determine the short-term safety margin of a firm is the?

Goods worth N50 000 were sent at different times from head office to the branch during the year.
By the end of the period, only N40 000 worth of goods had arrived at the branch. Which of the following is correct about the treatment of this transaction?