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

Which of the following is a conversion cost?

Use the information to answer the questions

  Rakiya and joy are in a partnership and agreed that 5% interest per annum is to be charged on drawings. The drawing made by both partners in one year were:

  Rakiya, #200 on March 31 and #300 on September 30.

  Joy, #100 on April 1 and #240 on July 1.

  The interest on Joy’s drawing is___________

Cost of rent as an expense can be apportioned to all department on the basis of:

The rent expense for Trendy store is ₦3500. Trendy store has three departments; jewelry, hair dressing, and clothing. The floor spaces occupied by the departments are 3:2:5 respectively. What is the rent allocated to clothing department?

Why should a new partner contribute towards goodwill on his admission?

Departmentalization of accounts is useful because it shows the____________

Which of the following is a common cause of a discrepancy between head office and branch trial office________

Transfers from the head office to branches are best carried out at__________

Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing?

A partnership’s internal regulation are set out by________—

In the absence of a partnership deed, the act stipulates that____________

Use the information below to answer the question .

Goods worth #300 was transferred from department Q to P. Similarly, P’s total expenses for the period was #200.

  Department P’s net profit was

Which of the following should not be adjusted for in the profit and loss account?

Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January ,2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. What is the interest on the drawings of Tea?

In dealing with incomplete record, fixed assets are posted to___________-

Use the information below to answer the question.

  Adex Ltd. Issues stock to its retail branches at cost price.

 Calculate the cost of goods credited to the head office trading account

The cost price method is applicable when_____

A partnership deed is used to____________

Branch stock adjustment account is prepared at?

Using the following:

  Balance as par overdraft of the cashbook is ₦4000 ,uncredited cheque is ₦2300, bank charges ₦300, unpresented cheque ₦5000.

  what is the adjusted cashbook balance?

What act generally includes completing unfinished partnership business, collecting and paying debts, collecting partnership assets to be turned into cash and taking inventory?