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

An advantage of FIFO method of stock valuation is that

Calculate the discount received in Department B
\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 500 000 \\ \hline \text{Purchases} & 150 000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & &
\end{array}\)

One of the options below have the same features as the profit and loss account in non-profit organization

The current growth in the volume of trading and financial dealing in Nigeria is helped by

The following are the importance of branch account except

The movement of goods from head office to a branch is treated in the head office as

Given:
I. It records subscription in arrears
II. Payments of liabilities is effected
III. The account does not show if cash payment is revenue or capital expenditure
IV. It performs the same function as cashbook
The features of receipts and payment account includes

Which of these is the main source document for recording cash paid into bank?

When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added

\(\begin{array}{c|c} & N \\ \hline \text{Plant and Machinery} & 190 000 \\ \hline \text{Motor Vehicle} & 170 000 \\ \hline \text{Stock} & 60 000 \\ \hline \text{Current Liabilities} & 50 000 \\ \hline \text{Purchase consideration} & 400 000 \end{array}\)

Determine the amount of goodwill

Salaries in arrears is treated in the balance sheet as a

\(\begin{array}{c|c} & N \\ \hline
\text{Stock Jan 1} & 2600 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500
\end{array}\)

Determine the net profit

one of the options below is not the source of income for non- profit organization

The authority warrant issued prior to the approval of the appropriate bill at the beginning of the year

Changes can occur in partnership when:
i. partnership is dissolved
ii. There is amalgamation of partnership
iii.There is a change in the profit or loss sharing ratio
Iv. Intangible asset increase

Processed data is only useful to user if it is

What is the main purpose of transaction file?

A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a

Which of these is the subsidiary book for return inwards?

In the period of rising prices, which method of stock valuation is most appropriate?

Which fund is used to meet unforeseen or urgent expenditure