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

Which of the following is a prime cost?

The amount for which a business is sold is that

Money received from a customer is recorded in the customer’s account and bank account; the accounting concept applied is

On 1/7/07, a trader owed wages of Le 2,000. During the year ended 30/6/08, wages of Le 2,400 were owed and Le 8,000 were paid. Using the information, wages recorded in the balance sheet as at 30/6/08 is

The collection and organization of data is

On 1/7/07, a trader owed wages of Le 2,000. During the year ended 30/6/08, wages of Le, 2,400 were owed and Le 8,000 were paid. Using the information, the wages recorded in the balance sheet as at 30/6/08 is

Which of the following does not form part of shareholders fund?

When shares are sold ‘at par’ it means they are issued at

Which of the following reserves is not used for bonus shares?

A financial plan of action expressed in monetary terms is a/an

The document prepared for the disbursement of government fund is

The accounting treatment when goods are sent to branch at a cost is, debit branch stock account and credit

Carriage inwards is shown on the

Use the following information to answer the given question, Aba and Baba are partners who agreed to share profits and losses in the ratio 4 : 3 respectively. Extracts from their books for the year ended 31/12/08 are:
\(\begin{array}{c|c} & \text{ABA} & \text{BABA} & \text{TOTAL}\\ & ₦ & ₦ & ₦ \\ \hline \text{Capital} & 20,000 & 15,000 & 35,000 \\ \text{Drawings} & 2,520 & – & 2,520 \\ \text{Interest on drawings} & 504 & – & 504\\ \text{Interest on capital} & 2,000 & 1,500 & 3,500 \\ \text{Net profit 31/12/08} & – & – & 34,636\end{array}\)
Aba’s share of profit is

A partners whose liability goes beyond his capital is known as

The method that provides a reliable check upon cash and stock at the branch and discloses the gross profit in the account is

Where fixed capitals are maintained, partners’ drawings are transferred to the

The realization concept states that

The accounting principle that states that insignificant expenditures are not to be taken into account is the

Use the following information to answer given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock of raw materials} & 24,750\\ \text{Purchases of raw materials} & 129,640\\ \text{Carriage on raw materials} & 10,000\\ \text{Closing stock of raw materials} & 45,000 \\ \text{Factory supervisor’s salary} & 30,000\\ \text{Wages of factory hands} & 50,000 \\ \text{Royalties paid}& 18,000\\ \text{Insurance of factories} & 62,000\\ \text{Work-in-progress(opening)} & 23,000 \\ \text{Raw material returned} & 12,200\end{array}\)
The total overhead expenses is

Use the following information to answer given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock of raw materials} & 24,750\\ \text{Purchases of raw materials} & 129,640\\ \text{Carriage on raw materials} & 10,000\\ \text{Closing stock of raw materials} & 45,000 \\ \text{Factory supervisor’s salary} & 30,000\\ \text{Wages of factory hands} & 50,000 \\ \text{Royalties paid}& 18,000\\ \text{Insurance of factories} & 62,000\\ \text{Work-in-progress(opening)} & 23,000 \\ \text{Raw material returned} & 12,200\end{array}\)
The prime cost is