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

i Space occupied by each department.
ii Average value of stock held by each department.
iii Departmental turnover.
iv Number of articles sold by each department .

From the information above, the two most logical bases for apportioning expenses that are common to departments are?

Given:

Furniture and fittings………………N20,000
Equipment………………………….N15,000
Bank overdrafts…………………….N6, 500
Bar creditors………………………N4,800
Subscription in arrears……………..N4,700
Subscription in advance……………..N650

What is the accumulated fund?

Receipt and payments account is a summary of the?

Use the information below to answer questions below

Work-in-progress 1/1……………………N1,000
Work-in-progress 31/12………………….N2,000
Production cost of goods manufactured…….N20,000
Sales…………………………………N50,000
Stock of finished goods 1/1……………..N4,000
Stock of finished goods 31/12……………N5,000
Selling and distribution expenses………..N2,000
Administrative expenses…………………N1,000

What is the net profit?

Use the information below to answer questions below

Work-in-progress 1/1……………………N1,000
Work-in-progress 31/12………………….N2,000
Production cost of goods manufactured…….N20,000
Sales…………………………………N50,000
Stock of finished goods 1/1……………..N4,000
Stock of finished goods 31/12……………N5,000
Selling and distribution expenses………..N2,000
Administrative expenses…………………N1,000

Determine the gross profit?

The cost incurred by departments that support the production departments with such activities as maintenance, production control and storage are called?

Which of the following is an item in the debit side of the sales ledger control account?

Which of the following is a debit item in the purchases ledger control account.

Apart from the common control accounts, a control account can also be opened for?

Which of the following methods gives a conservative closing stock value during a period of rising prices?

Use the information below to answer questions

Jan. 1 Received 1,000 units at N10 each
Jan. 2 Received 2,000 units at N12 each
Jan. 3 Issued 1,500 units
Jan. 4 Received 1,000 units at N11 each
Jan. 5 Issued 1,000 units

What is the value of closing stock using simple average?

Use the information below to answer questions 

Jan. 1 Received 1,000 units at N10 each
Jan. 2 Received 2,000 units at N12 each
Jan. 3 Issued 1,500 units
Jan. 4 Received 1,000 units at N11 each
Jan. 5 Issued 1,000 units

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

Which of the following items are current assets?

Use the information below to answer questions

Total current assets………………N2,000
Total fixed assets………………..N4,000
Current liabilities……………….N1,200
Drawings…………………………N200
Long-term loan……………………N2,000

What is the net working capital?

Use the information below to answer questions

Total current assets………………N2,000
Total fixed assets………………..N4,000
Current liabilities……………….N1,200
Drawings…………………………N200
Long-term loan……………………N2,000

Determine the capital of the business?

Given:

Balance as per cash book……………….N20,000
Unpresented cheques……………………N5, 200
Direct credit to the bank………………N1, 000
Direct debit from the bank……………..N1, 000
Credit in the cash book………………..N500

Calculate the balance as per bank statement at the end of the year?

Which of the should not be added or subtracted from the bank statement balance to determine the adjust cash balance?

The standing order is a payment instruction given by a?

Cash discount is often recorded on?

What is the balance of cash with the petty cashier at the end of period 1?

Use the information above to answer question

Period 1:
……..Cash to petty cashier………….N1000
……..Petty cashier pays out…………N780

Period 2:
……..Petty cashier pays out…………N840

If the float is increased to N1200, how much should the petty cashier receive after period 2?