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

Use the information below to answer questions 26 and 27.

Materials consumed……………….N16,600
Direct cost……………………..N5,400
Factory rent…………………….N2,300
Factory lighting…………………N1,200

Cost of production to be transferred at cost plus 20% mark-up.
The gross profit on manufacture is?

Cost classification in relation to charges is determined by the level of?

What is the figure for purchases?

Use the information below to answer questions 23 and 24.

Beginning inventory…………N?
Purchases………………….N?
Ending inventory……………N4,800
Sales……………………..N12,800
Wages……………………..N1,040
Gross profit……………….N5,900

The beginning inventory was estimated at 80% of sales.
Determine the amount for the beginning inventory?

In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the?

Given:
General expenses account.
Paid by cheque………………N671
Paid by cash………………..N70
Accrued b/f…………………N65
Accrued c/f…………………N115

Determine how much to be charged to profit and loss account?

The beginning and ending accounts receivable balances were N20,000 and N30,000 respectively.
The collection from customers during the period was N70,000. What was the total sale on account?

In a sales ledger, contra entry is found on the?

Use the information below to answer questions 17 and 18.

Opening balance………………………..N10,640
Purchases……………………………..N26,912
Returns inwards………………………..N492
Returns outwards……………………….N810
Cash discount received………………….N1,348
Cash discount allowed…………………..N1,560
Cash paid to suppliers………………….N20,808

At the year end, the purchases ledger showed a debit balance of N108.

The total on the debit side of the purchases ledger control account will be?

Opening balance           10,640
Purchases                       26,912
Returns inwards                 492
Returns outwards              810
Cash disc received          1,348
Cash disc allowed            1560
Cash paid to suppliers    20,808

At the end of the year, the purchase ledger showed a debit balance of N108

The balancing figure in the purchases ledger control account is?

The balancing figure in the purchases ledger control account is?

Where closing stock is undervalued, the effect is?

Given:
Rates paid during the year amounted to N2,250 at N125 per month and 1,035 was paid for electricity in the same period at N115 per month.
Determine the amount of prepaid rates?

The balance on the provision for depreciation account is?

Zakari started a business in January 2000. He bought a shop costing N54,000 and stock worth N7,600. Profit for the year amounted to 22,100. His closing capital was N73,800.
Zakari’s personal drawings amounted to?

The imprest account is subsidiary to the?

The receipt whose name appears on a cheque is called a?

A debit in the suspense accounting will appear in the balance sheet as?

The rule of accounting equation requires that account payable should be placed under?

A source document is used for verifying the?

The loss of equipment in a fire disaster results in?