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

Given:

Subscription in arrears 01/10/06………..N2 000
Subscription in advance 01/10/06………..N1 500
Subscription paid during the year……….N7 000
Subscription in arrears 31/12/06………..N3 000

Determine the amount of subscription included in the income and expenditure account for the year?

Receipt and payment account discloses?

Use the information below to answer questions .

Stock of material 1/1…………..N10 000
Purchase of raw material………..N160 000
Manufacturing wages…………….N420 000
Royalties……………………..N3 000
Stock of raw materials 31/12…….N14 000

Calculate the prime cost?

Use the information below to answer questions .

Stock of material 1/1…………..N10 000
Purchase of raw material………..N160 000
Manufacturing wages…………….N420 000
Royalties……………………..N3 000
Stock of raw materials 31/12…….N14 000

What is the cost of raw materials consumed?

The floor space occupied by manufacturing and administration departments in a company is 200 sqm and 300 sqm respectively. N20 000 rent incurred is shared using floor space occupied. How much is the rent chargeable to manufacturing?

Use the information below to answer question .

…………………….31 Dec. 05……..31 Dec. 06

Total fixed assets………N7 800…………N6 600
Total current assets…….N12 100…………N17800
Total current liabilities..N4 700…………N3 800

Drawings for 2006 is N5 200.

What is the net profit for 2006?

Use the information below to answer question .

…………………….31 Dec. 05……..31 Dec. 06

Total fixed assets………N7 800…………N6 600
Total current assets…….N12 100…………N17800
Total current liabilities..N4 700…………N3 800

Drawings for 2006 is N5 200.
Determine the capital balance as at Dec. 31,2005?

Discount allowed as represented in the control account appears on the?

Which of the following is a credit item in creditors ledger control account?

The main purpose of control account is to?

In a period of inflation, which of the following method normally gives a closing closing stock?

Use the information below to answer questions .

Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units

Using the FIFO method, what is the value of the closing stock?

Use the information below to answer questions .

Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units

Using the simple average method, what is the cost per unit of the closing stock?

The factor that determine the periodic depreciation charge are?

\(\begin{array}{c|c}
\text{Capital} & 12,700 & \text{Purchases} & 7,100 \\
\hline
\text{Debtors} & 4,000 & \text{Stationery} & 1,900 \\
\hline
\text{Sales} & 2,400 & \text{Wages} & 1,230 \\
\end{array}\)

Determine the closing balance of the cash book?

Use the information below to answer question .

Capital…….N12 700……..Purchases……N7 100
Debtors…….N4 000……..Stationery…..N1 900
Sales………N2 400……..Wages……….N1 230

The owners wishes to maintain an account equal to of capital as drawings.

What is the amount withdrawn?

The medium that enables the ATM to read the account details and process transaction directly with the account held in the bank is the?

Commission-on-turnover is charged on?

Abba offers 5% cash discount on goods worth N10 000, The discount allowed account is to be?

An entry made in bank column of cash book to record movement of cash between the office and the bank is the?

Given:

…………….Cash Book……………………

Capital……….N6 500……..purchases…..N12 250
Sales…………N30 000……..Rent……….N9 100
…………………………..Motor vehicle.N2 400

Find the bank balance?