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

Which of the following cannot be realized?

Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as ———————

Goods stolen at the branch is debited to

The income and expenditure account of a club is the same as

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Dangote acquired Dantata’s business for N350,000. The total asset work were N820,000 and liabilities amounted to N 640,000

The double entry to record the goodwill in the books is debt

Which of the following is shown in the profit and loss appropriation account of a company

Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 53,000; creditors at the beginning 4000; creditors at the end 2,000

When shares are sold at more than the par value, they are said to have been issued at

Which of the following accounts is debited when a delivery van is sold for cash?

Which of the following is true in public sector accounting? Cost of assets is

Keeping records under single entry system has the advantage of

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Segun Ojo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000

Compute the capital as at 1st Jan, 2014.

A sales for N2,570 was recorded in the sales day book as N2750. The error committed was

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A business has three departments x, y and z

You are given the following information

Selling and distribution expenses N5200
Rent for the yearN6000
Department turnover floor space in square metres

X N60,000 80

Y N80,000 60

Z N100,000 60

How much rent is apportioned to department Z?

If the partnership agreement does not specify how net profit is to be divided, the profit should be divided

.

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SegunOjo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000

Determine the closing capital 31/12/2014

The basis of accounting for public sector is

The following account are prepared when goods are sent to branch except

Sales ledger control account contains the total amount in respect of

The act of making necessary adjustment after comparing the actual cost with targeted cost is cost —————————-

One of the items listed below will not be found in a company’s memorandum and article of association. Which is it?