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

Subscriptions owed by members of a club is a/an

Accumulated fund is also referred to as

A petty cashier operates with an imprest of D1,000 per week. At the end of the week he had disbursed D920. How much is needed to restore the imprest?

The method of ascertaining capital from income record is by preparing the

Goods returned by the buyer is recorded in the seller’s book as

Which of the following is a subsidiary book?

Okoro and Osula are in partnership sharing profits and losses in the ratio 3 : 2 respectively. Their respective capital were ₦7,000 and ₦5,000. Interest on capital was 5% and interest on drawings was 10%. The net profit was ₦30,000.Using the following information, The total interest on capital is

Okoro and Osula are in partnership sharing profits and losses in the ratio 3 : 2 respectively. Their respective capital were ₦7,000 and ₦5,000. Interest on capital was 5% and interest on drawings was 10%. The net profit was ₦30,000.Using the following information, Osula’s interest on drawings is

Okoro and Osula are in partnership sharing profits and losses in the ratio 3 : 2 respectively. Their respective capital were ₦7,000 and ₦5,000. Interest on capital was 5% and interest on drawings was 10%. The net profit was ₦30,000.Using the following information, Okoro’s share of the profit is

The document used in government accounting to shoe evidence of cash receipt and payments is the

Which of the following errors will affect the totals of a trial balance?

In departmental accounts, rent is appointed on the basis of

Which of the following is not a subsidiary book?

When a transaction is completely left out from the books, it is an error of

Which of the following is not recorded in a partnership appropriation account?

The reduction in value of goodwill is

Another name for owner’s equity is

Expenses accured at the end of the accounting year is treated in the balance sheets as

Which of the following is a capital expenditure?

The two fundamental books of accounting are

Use the following information to answer the given question.
BALANCE SHEET AS AT 31st DECEMBER, 2010
\(\begin{array}{c|c} & ₦ & & ₦ \\ \hline \text{Capital}& 40,000 & \text{Freehold premises} & 50,000\\ \text{Less: Net loss} & \frac{5,000}{35,000} & \text{Stock} & 3,000\\ \text{Less: Drawings} & \frac{2,000}{33,000} & \text{Debtors} & 4,000\\ \text{Long term loan} & \frac{20,000}{53,000} & \text{Cash at bank} & 6,500\\ \text{Creditors} & 8,000\\ \text{Accrued expenses} & \frac{4,000}{65,000} & \text{Cash in hand} & 1,500\\ & & & \text{Total 65,000}\end{array}\)
Working capital ratio is