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

Use the information below to answer question
Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year.

The depreciation expenses charged for the year is?

Use the information below to answer question
Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year.

What was the value of fixed assets at the beginning of the year?

If a property developing company sells a completed building to an interested third party, this sale can be treated in the books of the company as?

Given that the balance as per cash book after necessary adjustment was N4,315, unpresented cheques were N1,688 and the bank statement balance was N4,791, what was the balance of uncredited cheques?

When a bill is negotiated to a bank, it is said be?

In a petty cash book, the closing balance was N235, imprest N1,250, while the stationery expenses were N655. How much was paid for other general expenses?

A cash book had opening balance of N15,200 closing balance N18,400 and total cash received during the period N36,000. What was the amount of cash paid out during the same period?

Hauwa Ltd bought 10bags of rice for N500 each.
The company was given 5% AND 12% trade and cash discounts respectively. What will be recorded as discount received in the company’s book?

The accuracy of journalist is checked by?

Use the information below to answer question.
Given:

Fixed assets N85,600
Sales N197,000
Stock N34,300
Salaries N37,000
Purchases N127,700
Share capital N120,000
Creditors N16, 050
Motor expenses N10,500
Debtors N25,000

Determine the total of the trial balance?

Use the information below to answer question.
Given:

Fixed assets N85,600
Sales N197,000
Stock N34,300
Salaries N37,000
Purchases N127,700
Share capital N120,000
Creditors N16, 050
Motor expenses N10,500
Debtors N25,000

What is the cash balance?

If liabilities amounted to N12,045, other assets N36,800and equity N26,896, the cash at hand would be?

The main objective of accounting report is to provide information about?

Cost accounting entails the provision of information?

The current growth in the volume of trading and financial dealings in Nigeria is helped by?

Halal Limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/97.
The company’s policy provides for 15% bad debt annually. Which of the following represents the total balance of debtors before adjustment?

A major benefit derived from the reconciliation of branch and head office books is to?

Recurrent expenditure are expenses for the period not exceeding?

The channel through which all government borrowing and domestic lending transactions pass is called?

(i) Meet growth and diversification need.
(ii) Reach out to particular customers or markets
(iii) Comply with some regulatory directives
(iv) Increase employees’ income.
Which of the reasons above do companies consider in establishing branches?

The body constitutionally charged with the responsibility of examining the audited accounts of the Federation and other reports as referred by the National Assembly is the?