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

Offei, a petty trader sold goods for GH¢36,240. The gross profit being 33\(\frac{1}{3}\)% on cost. What was the cost price?

Use the following information to answer this question.

Cash purchase – D 29,641
Creditors 1/1/14 – D 2,473
Creditors 31/12/14 – D 3,117
Cash paid to creditors – D 127,345
Discount received – D 4,211

The total purchases is

Use the following information to answer this question.

Cash purchase – D 29,641
Creditors 1/1/14 – D 2,473
Creditors 31/12/14 – D 3,117
Cash paid to creditors – D 127,345
Discount received – D 4,211

The credit purchases is

Partly manufactured goods are treated in the balance sheet of a manufacturing company as

Which of the following expenses constitutes prime cost?
I. Direct labour cost II. Factory overheads III. Hiring of machine for production IV. Warehouse rent

Use the following information to answer this question.

Acquisition cost of computers – Le 80,000
Installation cost – Le 20,000
Estimated residual value – Le 4,000
Estimated useful life – 5 years.

The total costs of the computers is

Use the following information to answer this question.

Acquisition cost of computers – Le 80,000
Installation cost – Le 20,000
Estimated residual value – Le 4,000
Estimated useful life – 5 years.

The depreciable value of computers is

Which of the following would result from an increase in the provision for doubtful debts?

Use the following information to answer this questions.

Rent prepaid – 1/01/2014 – N600
Rent paid – 31/12/2014 – N3,000
Rent prepaid – 31/12/2014 – N400.

The balance sheet as at 31st December 2014 will show

Use the following information to answer this questions.

Rent prepaid – 1/01/2014 – N600
Rent paid – 31/12/2014 – N3,000
Rent prepaid – 31/12/2014 – N400.

Rent for 2014 chargeable to the profit and loss account is

The excess of cost of goods sold over net sales is

The balance sheet is prepared to reveal

Which of the following items is a current liability?

In accounting context, purchases refer to

In the preparation of the trading account of omuya Ltd., the company included credit sales of N18,000 made during the year. The concept guiding this treatment is the

Which of the following items of expense involves actual cash payment?

Bank reconciliation statement is prepared to reconcile the differences between

One of the purchases invoices of Mr.Dauda showed D96,240 less 12 \(\frac{1}{2}\)% trade discount and cash discount of 20%. Since Mr Dauda paid the amount due within the credit period, the amount paid is

Cash paid to jake, N2,500 was entered on the credit side of his account and debited to cash account. This is an error of

A petty cash account has an imprest of GH¢ 6,000. If GH¢ 2,000 were left, how much will be re-imbursed at the end of the period?

A bank statement shows an overdraft of GH¢ 190,000. Kofi a debtor paid GH¢ 400,000 into the account. The new balance is