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

22

Accounting term used to describe the excess of current assets over current liabilities is

  • A. shared capital
  • B. working capital
  • C. sucscribed capital
  • D. reserve capital
  • E. loan capital
View Answer & Discuss WAEC 1991
23

Payment of salaries to partners is

  • A. a charge to profit and loss account
  • B. a charge to trading account
  • C. an appropriation of divisible profit
  • D. an appropriation of interest on capital
  • E. an appropriation of interest on current account
View Answer & Discuss WAEC 1991
24

A business which converts raw materials to finished goods prepares

  • A. trading account and balance sheet
  • B. profit and loss account and balane sheet
  • C. balance sheet only
  • D. trading profit and loss account and balance sheet
  • E. manufacturing, trading, profit and loss account and balance sheet
View Answer & Discuss WAEC 1991
25

Which of the following statements is not true of a non-profit making organization?

  • A. income and expenditure account is prepared
  • B. income and expenditure account excludes accruals and prepayments
  • C. Income and expenditure account excludes capital receipts and capital payments
  • D. receipts and Payments account is a substitute for expenditure account
View Answer & Discuss WAEC 1991
26

The capital sum which represents the difference between the assets and liabilities of a society or club is referred to as

  • A. cosolidated fund
  • B. recurrent fund
  • C. accumulated fund
  • D. working capital
  • E. general reserve
View Answer & Discuss WAEC 1991
27

The trading Account is usually headed

  • A. for the year ended............19 x 1
  • B. for............19 x 1
  • C. as.............19 x 1
  • D. as at.........19 x 1
  • E. ...................19 x 1
View Answer & Discuss WAEC 1991
28

Which of the following accounts are treated in the nominal ledger? i. wages ii. discounts allowed iii. purchases

  • A. i
  • B. ii
  • C. iii
  • D. i, ii and iii
  • E. i and ii
View Answer & Discuss WAEC 1991
29

The cost of goods sold at N32,000. The gross profit is 25% on cost. Returns inward amounts to N2,000, What is the value of sales?

  • A. N42,500
  • B. N40,500
  • C. N40,000
  • D. N38,000
  • E. N32,000
View Answer & Discuss WAEC 1991
30

In a manufacturing organization, which of the following expenses does not elate to cost of production?

  • A. materials consumed
  • B. direct labour
  • C. direct overhead
  • D. administration overhead
  • E. work-in-progress
View Answer & Discuss WAEC 1991
31

Carriage outwards is accounting term for amount spent on

  • A. goods purchased
  • B. goods sold
  • C. excess stock
  • D. goods for production
  • E. goods returned to stock
View Answer & Discuss WAEC 1991
32

Capital is the

  • A. liability of tthe business to its proprietor
  • B. money owed by the company to others
  • C. money owed to the company by others
  • D. total of the long-term liabilities
  • E. total of the short-term liaqbilities
View Answer & Discuss WAEC 1991
33

If the Opening stock is undervalued

  • A. goods available would be understated and gross profit overstated
  • B. goods available and gross profit would be understates
  • C. goods available would be overstated and gross profit understated
  • D. gross profit and goods available would be overstated
  • E. cost of goods sold would be overstated
View Answer & Discuss WAEC 1991
34

Where the cash book does not show a credit balance in a bank reconciliation: Unpresented cheques are book i. added to the cash book balance ii. added to the bank statement balance iii. deducted from the cash book balance

  • A. i
  • B. ii
  • C. iii
  • D. i and ii
  • E. ii and iii
View Answer & Discuss WAEC 1991
35

The authority of the accountant-General to disburse from government fund is called

  • A. voucher
  • B. warrant
  • C. estimate
  • D. provision
  • E. vote
View Answer & Discuss WAEC 1991
36

The document evidencing a disbursement of government fund is known as

  • A. bill
  • B. invoice
  • C. till book
  • D. payment voucher
  • E. local purchase order
View Answer & Discuss WAEC 1991
37

The authorized share capital of a limited liability company is the number of shares

  • A. offered for sale
  • B. called up
  • C. approved in the memorandum of association
  • D. subscribed
  • E. paid up
View Answer & Discuss WAEC 1991
38

Acquash has sold goods on credit and received N2,200 in cash from debtors. At the end of the previous year N500 was owed by customers. The balance outstanding this year is N300. sales for the year amounted to

  • A. N2,300
  • B. N2,200
  • C. N2,000
  • D. N1,800
  • E. N1,700
View Answer & Discuss WAEC 1991
39

Which of the following is in the personal Ledger?

  • A. discount allowed account
  • B. interest received account
  • C. cash sales account
  • D. debtors account
  • E. assets account
View Answer & Discuss WAEC 1991
40

Discount allowed is a charge to

  • A. trading account
  • B. balance sheet
  • C. profit and loss account
  • D. profit and lss appropriation account
  • E. current account
View Answer & Discuss WAEC 1991
41

N100 received from Laifat was entered on the payments side of the cash book with the double entry completed in her account. The correcting journal entries are

  • A. debit Latifat's account, credit cash book with N100
  • B. credit Latifat's account, debit cash book with N100
  • C. credit Latifa's account, debit cash book with N200
  • D. debit Latifat's account, credit cash book with N200
  • E. credit Latifat's account, debit Suspense account with N200
View Answer & Discuss WAEC 1991
42

Where there is provision for depreciation account, fixed assets must be shown in the Balance Sheet at the i. written down values ii. historical costs less depreciation for a period only iii. historical costs less total depreciation to date

  • A. i
  • B. ii
  • C. iii
  • D. i and ii
  • E. i and iii
View Answer & Discuss WAEC 1991