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Accounts Study Centre for JAMB, WAEC and NECO


Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business, and it also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies and tax collection entities. This study centre is designed to help you become a better accounting student.



Past Questions (387) - Page 1

Question 2

Which of the following errors will affect the trial balance total

Exam Body: JAMB


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Question 3

An expenses account is closed by a debit to

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Question 4

In a manufacturing company, the total cost of goods produced is equivalent to

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Question 5

Given: Sales Ledger Control Account (Extracts)

Balancb/f₦10,600
Total cash payments by debtors₦32,275
Total credit sales₦59,193
Discount received₦9,700
Balance c/f₦20,751
Discount allowed₦2,890

Determine the sales returns

Exam Body: JAMB


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Question 6

The simplest form of single entry procedure consists of keeping a

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Question 7

A fixed cost is fixed only in relation to

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Question 8

One of the advantages of the shortcomings of single entry procedures is that

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Question 9

When a customer's cheque is returned unpaid in a debtor's control accounting system, the treatment will be

Exam Body: JAMB


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Question 10

Didi Ltd offered 10,000 ordinary shares of ₦1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above

Exam Body: JAMB


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Question 11

Use the information below to answer the question: Maro Merchant Bank plc is to issue ₦500,000 ordinary shares of 50k each at ₦3.00 per share.Applications were received for ₦1,550,000 shares fully paid, ₦1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?The refund due to an application for ₦25,000 shares is

Exam Body: JAMB


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Question 12

Use the information below to answer the question:Maro Merchant Bank plc is to issue ₦500,000 ordinary shares of 50k each at ₦3.00 per share. Applications were received for ₦1,550,000 shares fully paid, ₦1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made? What will be the number of shares to be issued to a subscriber who applied for ₦30,000 shares

Exam Body: JAMB


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Question 13

Which of the following items does not feature in the balance sheet of a club

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Question 14

An outright sale of a partnership amounts to the

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Question 15

Given:

Opening cash balance₦20,000
Sales of match tickets₦15,000
Clearing of pitch₦1,200
Refreshments₦3,500
Referees' allowance₦1,000
Cost of petrol₦1,120
Donation from local government₦3,800

The club's balance is

Exam Body: JAMB


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Question 16

Use the information below to answer the question: Maimalari Ltd had

(i) Earning per share47k
(ii) Dividend per share30k
(iii) Par value of each share₦1.20
(iv) Market price per share₦1.50

The company's earning yield is

Exam Body: JAMB


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Question 17

Use the information below to answer question: Maimalari Ltd had

(i) Earning per share47k
(ii) Dividend per share30k
(iii) Par value of each share₦1.20
(iv) Market price per share₦1.50

What will be the price earnings ratio of the company?

Exam Body: JAMB


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Question 18

The Partnership Deed normally specifies

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Question 19

The accumulation fund of a non-trading concern can equally be referred to as

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Question 20

When a purchase business is revalued, the effect is that

Exam Body: JAMB


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