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

Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \\ \text{Fines} & 20,000\\ \text{Market rates} & 120,000\\ \text{Salaries} & 60,000\\ \text{Maintenance of vehicles} & 49,000 \\ \text{Park collections} & 100,000\end{array}\)
The total expenditure for the period is

Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \\ \text{Fines} & 20,000\\ \text{Market rates} & 120,000\\ \text{Salaries} & 60,000\\ \text{Maintenance of vehicles} & 49,000 \\ \text{Park collections} & 100,000\end{array}\)
The balance at the end of the period is

The public account committee is an organ of

In departmental accounts, administrative expenses are recorded in the

Which of following is a recurrent expenditure in public sector accounting?

a low current ratio in business indicates that the business is

Agreement between partners is contained in the partnership

The accounting principle that states that, In the preparation of account statements, revenues are recognized as soon as goods is passed on to the customer is the

Which of the following accounts has credit balance?

The minimum number of persons required to form a partnership business is

Cash receipts and payments involving discounts are entered in

Use the following information to answer the question given
\(\begin{array}{c|c} & \text{1/6/2011} & \text{30/5/2012}\\ & D & D \\ \hline \text{Creditor} & 2,495 & 2,285\\ \text{Debtors} & 1,215 & 2,145 \\ \text{Cash paid to creditors} & – & 32,170\\ \text{Cash received from customers} & – & 40,650\\ \text{Goods returned to suppliers} & – & 500\end{array}\)
Sales for the year is

Use the following information to answer the question given
\(\begin{array}{c|c} & \text{1/6/2011} & \text{30/5/2012}\\ & D & D \\ \hline \text{Creditor} & 2,495 & 2,285\\ \text{Debtors} & 1,215 & 2,145 \\ \text{Cash paid to creditors} & – & 32,170\\ \text{Cash received from customers} & – & 40,650\\ \text{Goods returned to suppliers} & – & 500\end{array}\)
Purchases for the year is

Which of the following is recorded on the debit side of the Trial Balance?

A business is treated as being separated from owners. This statement is emphasized by

The accumulative fund of a non-for-profit making organization is

Reserves account is kept in the

Which of the following is a nominal account?

The double entry principle states that

\(\begin{array}{c|c}
\text{Net profit} & 60,000 \\
\hline
\text{Total assets} & 520,000 \\
\hline
\text{Current liabilities} & 150,000 \\
\hline
\text{Currents assets} & 280,000 \\
\end{array}\)

The returns on capital employed is

Use the following information to answer the question given
\(\begin{array}{c|c} & ₦ \\ \hline \text{Net profit} & 60,000\\ \text{Total assets} & 520,000\\ \text{Current liabilities} & 150,000 \\ \text{Current assets} & 280,000\end{array}\)
The capital employed is