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

Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method. What is the correct entry for the sale of the asset in the Asset Account and Disposal of Asset Account? Debit

Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method. What was the book value when the asset was sold?

Which of the following does not relate to government accounting system?

The head office usually issues goods to branches at

The accounting entries for recording cash withdrawal by the proprietor for personal use are, debit

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of raw materials} & 8,000\\ \text{Purchases} & 45,000 \\ \text{Closing stock of raw materials} & 9,500 \\ \text{Direct wages} & 6,450 \\ \text{Indirect wages} & 2,800 \\ \text{Depreciation – Plant and Machinery} & 3,200 \\ \text{Factory rents and rates} & 350 \\ \text{Opening work-in-progress} & 3,250 \\ \text{Closing work-in-progress} & 3,750\end{array}\)
Production cost is

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of raw materials} & 8,000\\ \text{Purchases} & 45,000 \\ \text{Closing stock of raw materials} & 9,500 \\ \text{Direct wages} & 6,450 \\ \text{Indirect wages} & 2,800 \\ \text{Depreciation – Plant and Machinery} & 3,200 \\ \text{Factory rents and rates} & 350 \\ \text{Opening work-in-progress} & 3,250 \\ \text{Closing work-in-progress} & 3,750\end{array}\)
Factory cost of production is

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of raw materials} & 8,000\\ \text{Purchases} & 45,000 \\ \text{Closing stock of raw materials} & 9,500 \\ \text{Direct wages} & 6,450 \\ \text{Indirect wages} & 2,800 \\ \text{Depreciation – Plant and Machinery} & 3,200 \\ \text{Factory rents and rates} & 350 \\ \text{Opening work-in-progress} & 3,250 \\ \text{Closing work-in-progress} & 3,750\end{array}\)
Prime cost is N53,000

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of raw materials} & 8,000\\ \text{Purchases} & 45,000 \\ \text{Closing stock of raw materials} & 9,500 \\ \text{Direct wages} & 6,450 \\ \text{Indirect wages} & 2,800 \\ \text{Depreciation – Plant and Machinery} & 3,200 \\ \text{Factory rents and rates} & 350 \\ \text{Opening work-in-progress} & 3,250 \\ \text{Closing work-in-progress} & 3,750\end{array}\)
Cost of raw materials consumed is

Which of the following is a primary source of entry into the debtors ledger?

Which of the following is a primary source of entry into the debtors ledger?

The purchases Ledger control Account is also referred to as

Given a purchases invoice showing 5 items at N40,000 each less trade discount of 25% and cash discount of 10% the amount to be paid within the credit period is

The depreciation method that allocates higher value to the use of an asset in its earlier years is

What is the effect on a firm for making a payment of N10,000 to creditor? its liabilities

Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \hline \text{Motor Van} & 120,000\\ \text{Buildings} & 300,000 \\ \text{Stock of goods} & 40,000\end{array}\)
In addition, he had cash ofN60,000 out of which N20,000 was borrowed from a friend.
The liabilities of the business amount to

Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \hline \text{Motor Van} & 120,000\\ \text{Buildings} & 300,000 \\ \text{Stock of goods} & 40,000\end{array}\)
In addition, he had cash ofN60,000 out of which N20,000 was borrowed from a friend.
The capital of the business is

A business firm incurs labour cost in installing machinery. This should be treated as

Which of the following is not correct?

Purchase of goods of N2,000 was treated as sales and entered in the sales day book and had been carried through the account as such. This error of

Commission of N5,000 to a sales representative is debited to salaries account. This is an error of