ACCOUNT PAST QUESTIONS & ANSWERS (UTME)

Accounting information is used by investors and creditors of a company to predict

Income and expenditure account is more detailed than receipts and payments account because it disclosed

Use the information below to answer this question.

Buhari and Osinbajo are in partnership with the following partnership agreement

Buhari Osinbajo
Capital 40, 000    70, 000
Salary 10, 000     15, 000
Interest on capital 5%    5%
Profit/loss sharing ratio 40    60
The net profit for the year ended is N80,000.
"Drawings are N80, 000 and N12, 000 for Buhari and Osinbajo respectively"
What is Osinbajo share of profit?

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

Which of the following cannot be realized?

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

Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 54,000; creditors at the beginning 4000; creditors at the end 2,000

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

If a trail balance is in agreement, one of the statement is untrue

What is the ledger entry for sale of generator on credit to Patrick?

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A limited liability company has an authorized shares capital of 50 million split into 100 millions shares. 80million shares are offered for subscriptions at 60k per share in full on application. These have been fully subscribed on issue
What is the nominal value of each share

If rent account is debited instead of rate account, the error committed is that of;

The following accounting entries are made when
bad debt is recovered

To realize an asset means to

The purpose of a trading account is to ascertain

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

Use the following information to answer this question.
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000

What is the club’s total liabilities

Sales ledger control account contains the total amount in respect of

Use the information below to answer this question.
Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash of N12,000 furniture worth of N18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth N35,000.

What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co?

Which of the following is true in public sector depreciated on straight line method accounting? Cost of assets is

Goods stolen at the branch is debited to

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

Use the following information to answer this question.
Provision for bad debt 1500
Additional information
1. Bad debt written off amount to 3000
2. Debtors balance as at the end of the year is 28,000
3. Provision for bad debts stand at 10%
How much is to be charged to profit and loss account as provision for bad debt?

What does liquidity ratio measure?

Which of the following is a debit entry in debtors control account?

CR.     DR.
Sales ledger balance 9, 500
Sales ledger balance 420
Bought ledgers balance 6, 115
Bought ledger balance 350
Credit sales 82, 000
Purchases journal 54, 700
Discount allowed 450
Discount received 200
Cash refunded to customers (debtors) 120
Purchases ledger balance 250
Sales ledger balance 120
The amount brought down in the sales ledger control account would be

If sales return is understated, it implies that ------------------------------ is overstated

Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days).

The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year is

The accounting convention that state that stock should be value that the lower of cost and net realized value is --------------- convention

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

The major distinguishing element between the final account of a partnership and that of a sole trader is the

The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is

The document setting out the regulations regarding shares, meetings and internal organization of a company is known as

When the invoice of a customer is overcast, the supplier will send to him a

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

Preliminary expenses is an example of

Keeping records under single entry system has the advantage of

The interest of a petty cashier is N2450
Expenses N Printing 420 Cleaning 250 Stamp and
postage 175 How much was received to maintain the
interest at the end of the month?

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