Accounts Past Questions | JAMB, WAEC, NECO and Post UTME Past Questions


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Question 21

An item of appropriation in partnership profit and loss account is

Options

A) interest on partners' capital

B) interest on partners' loan

C) employees' salaries

D) partners' drawings

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Question 22

Use the information below to answer the question that follows:

Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, ₦200 on March 31 and ₦300 on September 30. Joy, ₦100 on April 1 and ₦240 on July 1.

The interest on joy's drawing is

Options

A) ₦6.00

B) ₦7.25

C) ₦9.00

D) ₦9.75

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Question 23

Use the information below to answer the question that follows:

Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, ₦200 on March 31 and ₦300 on September 30. Joy, ₦100 on April 1 and ₦240 on July 1.

Assuming that Rakiya was not credited with any income during the period, what is her closing current account balance?

Options

A) ₦340,000 credit

B) ₦349,75 debit

C) ₦500.00 credit

D) ₦511.25 debit

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Question 24

A business is required at par when the

Options

A) purchase consideration equals goodwill

B) purchase consideration equals net value

C) purchase consideration is greater than the net value

D) net assets is greater than the liabilitties

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Question 25

Given:

Cash book item:
Paid to suppliers₦10,800
Expenses paid₦6,900
Drawings made₦900
Balances at start₦15,750
Balances at end₦3,870
Drawings from bank to shop₦1,720

Determine the receipt from debtors

Options

A) ₦22,470

B) ₦17,470

C) ₦8,440

D) ₦5,000

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Question 26

Given:

Depreciation of plant and machinery₦1,600
Factory rent₦650
Indirect wages₦695
General indirect expenses₦726
Lubricants₦1235
Carriage inwards₦829
Factory power₦350
Bank charges₦612
Carriage outwards₦2,900

Determine the total factory overhead cost

Options

A) ₦4,485

B) ₦5,256

C) ₦6,085

D) ₦6,556

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Question 27

Yola Social Club

Statement of Account 1998 financial year - 31/12/98:
Subscription in arrears₦21,000
Subscription in advance₦12,000
Receipt during 1999:
Arrears 1998₦21,000
Dues 1999₦48,000
Advance 2000₦11,000

The subscription transferable to the income and expenditure account is

Options

A) ₦48,000

B) ₦59,000

C) ₦60,000

D) ₦69,000

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Question 28

The most appropriate basis for apportioning inventory holding cost among departments is to use the value of

Options

A) purchases

B) opening stock

C) closing stock

D) average stock

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Question 29

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

Options

A) Public Accounts Committee

B) Public Audit Committee

C) Internal Audit Committee

D) External Audit Committee

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Question 30

(i) Meet growth and diversification needs
(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 when establishing branches?

Options

A) i and ii

B) i, ii and iii

C) ii, iii and iv

D) iii and iv

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