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

Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade discount: 10% cash discount. Kwamenah returned defective goods worth Le 8,000 the next day and made payment for the
remaining goods on the due date.

Kwamenah would record the 10% discount in the
 

Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade discount: 10% cash discount. Kwamenah returned defective goods worth Le 8,000 the next day and made payment for the
remaining goods on the due date

The cash paid by Kwamenah was 

Items shown in the manufacturing account include
i. Purchases of raw materials
ii. Purchases of finished goods
iii. Carriage inwards
iv. Carriage outwards 
 

Use the following information to answer the questions below

A manufacturing company’s cost of production was D 200,000. The finished goods were transferred to the warehouse at D 220,000. At the end of the year, 9% of these goods were still in stock.

The value of the closing stock of finished goods that would be shown in the balance sheet is

Use the following information to answer the questions below

A manufacturing company’s cost of production was D 200,000. The finished goods were transferred to the warehouse at D 220,000. At the end of the year, 9% of these goods were still in stock.

The value of the closing stock of finished goods in the trading account is?

The cost incurred on goods purchased for production which can be traced to a particular unit is classified as
 

A non-cash expense chargeable against profit and loss account is 

Debtors and credit sales for a period are D 120,00 and D 600,00 respectively. The debtor’s payment period would be

Eze introduces his private car into his business. The aspect of the accounting equation of the business that would be affected are

The accounting concept which distinguishes an enterprise from its owners is 

A trader adds 25% on cost as profit. The profit on sales of $300,000 would be 

The purpose of preparing a trading account is to ascertain 

Recognition of profit when goods are sold and the buyer takes ownership of them is in line with
 

Use the following information to answer the question below
Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:

             Capital     Drawings
Ata       40,000       8,000
Bubu    30,000      5000
Chikum 20,000        –
Net profit for the year was 40,500 and the interest on capital was 5% per annum

Bubu’s share of profit is

Use the following information to answer the question below
Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:

             Capital     Drawings
Ata       40,000       8,000
Bubu    30,000      5000
Chikum 20,000        –
Net profit for the year was 40,500 and the interest on capital was 5% per annum.

The balance in Chikum’s Current Account is
 

Use the following information to answer the question below
Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:

             Capital     Drawings
Ata       40,000       8,000
Bubu    30,000      5000
Chikum 20,000        –
Net profit for the year was 40,500 and the interest on capital was 5% per annum.

The profit available for sharing by the partners is 
 

A total of D 9,160 was entered in the sales account as D9,610. To correct this error: debit 

A debit balance of N420 on the purchases ledger control account means that the 

The document which serves as the authority to incur expenditure in the public sector is 

In a situation of incomplete records, profit is determined as 

An office equipment bought for use was found to be defective and returned to the supplier. The subsidiary book to record this transaction is