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

Subscription owing $ 6,000 (31/12/2014);
Subscription in advance $ 4,000 (31/12/2014);
Cash received as subscription during the year was $ 80,000.
 

The subscription for the year 2014 was?

The net book value of the machine as at 31st December 2017 was

Use the following information to answer the question below

A firm bought a lathe machine for Le 45,600 on 1s January 2015. The life span was estimated to be 20 years while scrap at the end of the period was valued at Le 1,600. It was to be depreciated by the fixed installment method.

 The depreciation per annum is 

The document used to correct an undercharge on an invoice is

The concept that recognizes revenue at the time of sale and not only when cash is received is 

An example of a nominal account is

Set-off is carried out in the control account when 

Capital and drawings accounts are kept in the 

Use the following information to answer the question below

Cost of raw materials available—— 32,000
Manufacturing wages —–10,000
Factory expenses—–5,000
Royalty——-3,000
Factory rent ——2,000
Depreciation of plant and machinery—- 5,000
closing stock of raw materials——– 3,000

Factory overhead cost is 

Use the following information to answer the question below

Cost of raw materials available—— 32,000
Manufacturing wages —–10,000
Factory expenses—–5,000
Royalty——-3,000
Factory rent ——2,000
Depreciation of plant and machinery—- 5,000
closing stock of raw materials——– 3,000

The prime cost is 

A feature of government accounting is that the

Interim dividend paid in a year is 

Uncredited cheques refer to cheques not yet credited
 

An effect of increase in the provision for depreciation is 

The partner whose liability goes beyond his capital is a 

Where there is provision for depreciation, fixed asset is shown in the balance sheet at

i. cost less depreciation for the period only.
ii. cost less total depreciation to date.
iii. written down values

Debtors Control Account is kept in the 

Interest on drawings amounted to 

Use the following information to answer the question below

Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.
                                Ogah     Ajem
Capital Account     60,000    65,000
Current Account    40,000    50,000
Drawings              20,000     30,000
Salary                  10,000        –
Netprofit was 100,000

Ajem’s current account balance was

Use the following information to answer the question below

Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.
                                Ogah     Ajem
Capital Account     60,000    65,000
Current Account    40,000    50,000
Drawings              20,000     30,000
Salary                  10,000        –
Netprofit was 100,000

Ogah’s share of profit was

Sulah took two textile materials worth N500 from his business for his children’s use. This would be treated as