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

In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover?

The concise statement used to explain entries in the general journal is known as?

Use the information below to answer question .

Statement of assets and liabilities as at 31st December, 2001.

Shareholders’ interest N240

Current liabilities N20

Current assets N110

Fixed assets N140
What is the networking capital?

Use the information below to answer question . Statement of assets and liabilities as at 31st December, 2001. Shareholders’ interest N240 Current liabilities N20 Current assets N110 Fixed assets N140

Determine the value of the trade investment?

The normal accounting entry to record the dishonor of a businessman is to?

Use the information below to answer questions 9 and 10.

The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.

Creditors N50,000

Debtors N46,000

Loan N100,000

Stock N20,000

Motor vehicle N120,000

Building N70,000

Accrued wages 30,000

Bank N25 ,000

The liabilities of Udo Co. Ltd is?

Use the information below to answer questions

The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.

Creditors N50,000

Debtors N46,000

Loan N100,000

Stock N20,000

Motor vehicle N120,000

Building N70,000

Accrued wages 30,000

Bank N25 ,000

The value of capital invested by the owners is?

NAFARA AND SONS Balance Sheet items as at 31st December, 1987.

Capital N74480

Creditors N15875

Prepaid expenses N580

Motor vehicles N34750

Furniture N35850

Accrued expenses N645

Stock N8100

Cash balances N9911

Debtors N1809
Compute the value of current assets?

(i) Fixtures account (ii) Machinery account
(iii) Wages accounts (iv) Rent account.
Which of the above are nominal account?

In a petty cash book the imprest is N1380.
Expenses:
Stationery N350
Cleaning material N335
General expenses N265

How much was received to maintain the imprest at the ends of the month?

In an incomplete record, the preparation of the bank reconciliation ensures that?

An entry in a subsidiary book which does not form part of the double entry system is a?

In a petty cash book the imprest is N1380.
Expenses:
Stationery N350
Cleaning material N335
General expenses N265

How much was received to maintain the imprest at the ends of the month?

In preparing the final accounts, the bad debt account is closed by a transfer to the?

Given:
Stock (1/4/94) N800

Purchases of flour N2450

Sales N4745

Wages of bakery staff N675

Carriage outwards N50

Salary of administrative staff N225

Stock (31/3/95) N940

Capital N1540
Determine the cost of goods sold?

The officer responsible for ascertaining whether all public expenditure and appropriation are in line with approved guidelines is the?

The correct entry to reflect the receipt of cash sent by a branch to a head office is?

To account for expenses paid by head office on behalf of the branch, the branch should?

Department F transferred some goods to department G at a selling price. The goods were not sold at the end of the accounting period. Which account is affected at the time of preparing a combined balance sheet?

X and Y are two departments that are to share 50% of all joint costs equally and the balance in ratio 2:1. If a sum of N150,000 is incurred jointly, what will be the portion attributable to X?

The law that currently regulates the registration of companies in Nigeria is the?