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

Where there is a loss on disposal of a fixed asset, it means

Where a proprietor withdraws stock for personal consumption, the accounting entries to record the transaction are

Resources consumed but to be paid for within the next accounting period are classified in the balance sheet as

The part of the C.P.U used for the processing of data is

Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline \text{Chief Accountant} & 15 & 1 & N371,748\\ \text{Asst, Cheif Accountant} & 14 & 2 & N301,452\\ \text{Principal Accountant} & 12 & 4 & N243,732\\ \text{Accountant} & 7 & 6 & N113,632\\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their

(b) Allowances

\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \\ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \\ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & – \end{array}\)
The responsibility allowance of grade leaves 14 and 15 was

Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post}& Rate \\ \hline \text{Chief Accountant} & 15 & 1 & N371,748\\ \text{Asst, Cheif Accountant} & 14 & 2 & N301,452\\ \text{Principal Accountant} & 12 & 4 & N243,732\\ \text{Accountant} & 7 & 6 & N113,632\\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their

(b) Allowances

\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \\ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \\ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & – \end{array}\)
The total housing allowance was

Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline \text{Chief Accountant} & 15 & 1 & N371,748\\ \text{Asst, Cheif Accountant} & 14 & 2 & N301,452\\ \text{Principal Accountant} & 12 & 4 & N243,732\\ \text{Accountant} & 7 & 6 & N113,632\\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their

(b) Allowances

\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \\ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \\ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & – \end{array}\)
The total transport allowance was

Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline \text{Chief Accountant} & 15 & 1 & N371,748\\ \text{Asst, Chief Accountant} & 14 & 2 & N301,452\\ \text{Principal Accountant} & 12 & 4 & N243,732\\ \text{Accountant} & 7 & 6 & N113,632\\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their

(b) Allowances

\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \\ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \\ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & – \end{array}\)
The total basic salary for the year was

Which of the following is apportioned in proportion of the purchases of each department?

Where goods are invoiced by a firm its branch at cost-plus, the branch stock adjustment accounts is used to determine

When shares are sold at less than the nominal value, it means they are issued at

Which of the following is a capital reserve?

Which of the following ratios measure the ability of a firm to meet short-term obligations?

The correct order of liquidity is

When both debit and credit entries of a transaction are shown in the cash book, it is described as

Books of account are opening by means of a

Direct material + direct expenses is

Which of the following statements is no correct?

“Transactions are governed by legal principles, but are nevertheless accounted for and presented in accordance with the substance and financial reality”. This is in compliance with the principle of

Which of the following is not an accounting concept?

Use the following information to answer the given question
RECEIPTS AND PAYMENTS ACCOUNT:
\(\begin{array}{c|c} Dr & & & Cr \\ \hline & D & & D \\ \text{Balance b/f} & 1,000 & Salaries & 2,000 \\ \text{Subscriptions} & 15,000 & \text{Rent} & 1,000 \\ & & \text{Rates} & 1,500\\ & & \text{Expenses} & 500 \\ & & \text{Balance c/f} & 11,000\\ & \overline{16,000} & & \overline{16,000} \\ \text{Balance b/f} & \overline{11,000} & & \end{array}\)

\(\begin{array}{c|c} & \text{1st January,2004} & \text{31st December, 2004} \\ & D & D \\ \hline \text{Fixed Assets} & 50,000 & 50,000\\ \text{Rent(accrued)} & 200 & 250 \\ \text{Rates(prepaid)} & 300 & 400\\ \text{Subscriptions in arrears} & 1,500 & 1,000\\ \text{Subscriptions in advance} & 1,300 & 800 \end{array}\)
Subscriptions relating to the year 2004 is