JAMB ACCOUNT PAST QUESTION
JAMB ACCOUNT PAST QUESTION PRO
Practice JAMB Accounting Past Questions and Answers and pass your examination.
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Category: JAMB ACCOUNT PAST QUESTION
Sai Baba made sales of N10,000 having computed his gross profit % to sales to be 20. His opening stock was N250 and ending stock is N200.Calculate his purchases.
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CR. DR.Sales ledger balance 9, 500Sales ledger balance 420Bought ledgers balance 6, 115Bought ledger balance 350Credit sales 82, 000Purchases journal 54, 700Discount allowed 450Discount received 200Cash refunded to customers (debtors) 120Purchases ledger balance 250Sales ledger balance 120The amount brought down in the sales ledger control account would be
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If sales return is understated, it implies that ------------------------------ is overstated
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One of the items listed below will not be found in a company’s memorandum and article of association. Which is it?
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The accounting convention that state that stock should be value that the lower of cost and net realized value is --------------- convention
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Which of the following is a debit entry in debtors control account?
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If rent account is debited instead of rate account, the error committed is that of;
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Which of the following is not a proper form of the accounting equation
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The major distinguishing element between the final account of a partnership and that of a sole trader is the
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Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days).
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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?
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The following account are prepared when goods are sent to branch except
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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 accumulated fund?
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The ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------
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Which method of pricing can be used satisfactorily in either rising or falling price situation?
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Use the information below to answer this question.Dangote acquired Dantata’s business for N350,000.The total asset work were N820,000 and liabilities amounted to N 640,000The double entry to record the goodwill in the books is debt
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Use the following information to answer this question.Club building 400,000Subscription prepaid 3,000Sport kits 150,000Bar creditors 85,000Subscription owing 32,000
What is the club’s total liabilities
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Use the information below to answer this questionSegun 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.
Determine the closing capital 31/12/2014
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Keeping records under single entry system has the advantage of
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Which of the following accounts is debited when a delivery van is sold for cash?
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An advantage of using accounting ratios is that
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Income and expenditure account is more detailed than receipts and payments account because it disclosed
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Which of the following is true in public sector depreciated on straight line method accounting? Cost of assets is
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Preliminary expenses is an example of
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Which of the following is shown in the profit and loss appropriation account of a company
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Capital reserves includes the following except
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Determine wage expenses from the given information, wages outstanding at the beginning, wages paid during the period 15000 and wages outstanding of the period 2,000
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To realize an asset means to
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Use the information below to answer this question.
Buhari and Osinbajo are in partnership with the following partnership agreement
Buhari OsinbajoCapital 40, 000 70, 000Salary 10, 000 15, 000Interest on capital 5% 5%Profit/loss sharing ratio 40 60The 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?
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The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ----------------------------
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The document setting out the regulations regarding shares, meetings and internal organization of a company is known as
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When shares are sold at more than the per value, they are said to have been issued at
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The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is
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What is the ledger entry for sale of generator on credit to Patrick?
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The loss made by a non profit making organization is called
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Use the following information to answer this question.Provision for bad debt 1500Additional information1. Bad debt written off amount to 30002. Debtors balance as at the end of the year is 28,0003. Provision for bad debts stand at 10%How much is to be charged to profit and loss account as provision for bad debt?
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The process of cost apportionment is carried out so that
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Which of the following is not a feature of accounting information?
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If the partnership agreement does not specify how net profit is to be divided, the profit should be divided
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The basis of accounting for public sector is
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