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

Which of the following reserves is not used for bonus shares?

A financial plan of action expressed in monetary terms is a/an

The document prepared for the disbursement of government fund is

The accounting treatment when goods are sent to branch at a cost is, debit branch stock account and credit

Carriage inwards is shown on the

Use the following information to answer the given question, Aba and Baba are partners who agreed to share profits and losses in the ratio 4 : 3 respectively. Extracts from their books for the year ended 31/12/08 are:
\(\begin{array}{c|c} & \text{ABA} & \text{BABA} & \text{TOTAL}\\ & ₦ & ₦ & ₦ \\ \hline \text{Capital} & 20,000 & 15,000 & 35,000 \\ \text{Drawings} & 2,520 & – & 2,520 \\ \text{Interest on drawings} & 504 & – & 504\\ \text{Interest on capital} & 2,000 & 1,500 & 3,500 \\ \text{Net profit 31/12/08} & – & – & 34,636\end{array}\)
Aba’s share of profit is

A partners whose liability goes beyond his capital is known as

The method that provides a reliable check upon cash and stock at the branch and discloses the gross profit in the account is

Where fixed capitals are maintained, partners’ drawings are transferred to the

The realization concept states that

The accounting principle that states that insignificant expenditures are not to be taken into account is the

Use the following information to answer given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock of raw materials} & 24,750\\ \text{Purchases of raw materials} & 129,640\\ \text{Carriage on raw materials} & 10,000\\ \text{Closing stock of raw materials} & 45,000 \\ \text{Factory supervisor’s salary} & 30,000\\ \text{Wages of factory hands} & 50,000 \\ \text{Royalties paid}& 18,000\\ \text{Insurance of factories} & 62,000\\ \text{Work-in-progress(opening)} & 23,000 \\ \text{Raw material returned} & 12,200\end{array}\)
The total overhead expenses is

Use the following information to answer given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock of raw materials} & 24,750\\ \text{Purchases of raw materials} & 129,640\\ \text{Carriage on raw materials} & 10,000\\ \text{Closing stock of raw materials} & 45,000 \\ \text{Factory supervisor’s salary} & 30,000\\ \text{Wages of factory hands} & 50,000 \\ \text{Royalties paid}& 18,000\\ \text{Insurance of factories} & 62,000\\ \text{Work-in-progress(opening)} & 23,000 \\ \text{Raw material returned} & 12,200\end{array}\)
The prime cost is

Use the following information to answer given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock of raw materials} & 24,750\\ \text{Purchases of raw materials} & 129,640\\ \text{Carriage on raw materials} & 10,000\\ \text{Closing stock of raw materials} & 45,000 \\ \text{Factory supervisor’s salary} & 30,000\\ \text{Wages of factory hands} & 50,000 \\ \text{Royalties paid}& 18,000\\ \text{Insurance of factories} & 62,000\\ \text{Work-in-progress(opening)} & 23,000 \\ \text{Raw material returned} & 12,200\end{array}\)
The value of raw material consumed is

The balance of the sales ledger control account represents

Bad debts written off is shown as

Where records maintained are inadequate to facilitate the preparation of a trading and profit and loss accounts, this is described as

Subscriptions received in advance are

Which of the following is the equivalent of the receipts payment accounts?

Sales was D12,500, total expenses was D2,500 and net profit is 10% of sales what is the gross profit?

net profit = 0.1 x 12500 = 1250

gross profit = sales – cogs

net profit = gross profit – expenses

1250 + 2500

Use the following information to answer the given question
\(\begin{array}{c|c} \text{1/1/06 Debtors} & D2,600\\ \text{1/1/06 Provision for bad debts} & D60\\ \text{31/12/06 New provision provision for bad debts} & \text{5% on debtors}\end{array}\)
The provision for bad debts in the profit and loss account is