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

The accounting method that reports incomes when earned and expenses when incurred is called?

A company paid cash in redemption of N10,000 debenture.
The accounting entry to record this will be to debit?

When assets are realized during a partnership dissolution, the entries for the proceeds are to debit?

Use the information below to answer question

Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.

The balances of current accounts of Jide and Haruna are respectively?

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Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.

Calculate the profit available for appreciation?

Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including?

In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a?

The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch?

The movement of goods from head office to a branch is treated in the in the head office accounts as?

A company incurred N21 000 in running its four departments, namely J,K,L and M with a corresponding number of employees as 1500, 2000, 3000 and 500 respectively. What is the share of department K?

Departmental accounts are prepared to aid the comparison of the?

Gamji Memorial Club carried out an activity which yield a profit of N10 000. This amount is to be transferred to the?

The not-for-profit-making organizations generate their income mainly from?

Use the information below to answer questions

Purchase:..Raw materials……………..N15 000
Finished goods………………………N11 400
Stock:….(1/7/01)Raw materials……….N2 250
Work-in-progress…………………….N1 875
Wages:…..Direct……………………N17 100
Indirect……………………………N5 400
Stock:…..(30/06/02)Raw materials…….N3 000
Work-in-progress…………………….N3 375

Determine the accumulated fund value?

Use the information below to answer questions .

subscription…………………N5420
Canopy rent………………….N400
Wages……………………….N1100
Post-ages……………………N300
loss from bar………………..N160
Purchases of new furniture…….N120
Premises…………………….N4000
Furniture at the beginning…….N1120

What is the cash balance in the receipts and payments account?

Use the information below to answer questions

Purchase:..Raw materials……………..N15 000
Finished goods………………………N11 400
Stock:….(1/7/01)Raw materials……….N2 250
Work-in-progress…………………….N1 875
Wages:…..Direct……………………N17 100
Indirect……………………………N5 400
Stock:…..(30/06/02)Raw materials…….N3 000
Work-in-progress…………………….N3 375

What is the cost of manufactured goods?

Use the information below to answer questions

Purchase:..Raw materials……………..N15 000
Finished goods………………………N11 400
Stock:….(1/7/01)Raw materials……….N2 250
Work-in-progress…………………….N1 875
Wages:…..Direct……………………N17 100
Indirect……………………………N5 400
Stock:…..(30/06/02)Raw materials…….N3 000
Work-in-progress…………………….N3 375

The cost of raw materials consumed is?

Use the information below to answer questions

Direct labour……………….N50 000
Beginning work-in-progress……N4 000
Raw materials used…………..N18 000
Indirect labour……………..N4 000
Ending finished goods………..N16 000
Ending work-in-progress………N9 000
Factory supplies used………..N7 000
Selling expenses…………….N25 000
Beginning finished goods……..N21 000
Other factory overheads………N19 000

Calculate the prime cost?

Use the information below to answer questions

Direct labour……………….N50 000
Beginning work-in-progress……N4 000
Raw materials used…………..N18 000
Indirect labour……………..N4 000
Ending finished goods………..N16 000
Ending work-in-progress………N9 000
Factory supplies used………..N7 000
Selling expenses…………….N25 000
Beginning finished goods……..N21 000
Other factory overheads………N19 000

What is the cost of goods manufactured?

A component of an overhead manufacturing cost is?

Use the information below to answer questions 25 and26.

Zazzau Company:

Cash in hand…………….N50
Cash in bank…………….N1 250
Stock…………………..N4 880
Furniture……………….N9 60
Building………………..N5 500
Debtor………………….N1 750
Creditors……………….N2 150

Drawings of N125 were made by the shareholders of the company.

They company’s net current assets amount to?