2002 - JAMB Accounting Past Questions and Answers - page 4
31
Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to?
A
draw up the statement of affairs
B
draw up a T-account to establish the amount
C
compare the journal entries with the cash book
D
cross-check the cash book for further information
Ask EduPadi AI for a detailed answer
Share this question
32
keeping records under the single entry system has the advantage of?
A
quality in terms of records
B
completeness in terms of records
C
accuracy in terms of operation
D
simplicity in terms of operation
Ask EduPadi AI for a detailed answer
Share this question
33
Control accounts help to verify the arithmetic accuracy of the postings from the?
A
subsidiary books into the trial balance
B
ledger into the trial balance
C
journals into the ledgers
D
subsidiary books into the ledgers
Ask EduPadi AI for a detailed answer
Share this question
34
Given:
Sales ............................N195,200
Stock 1st January.................N34,000
Purchases ........................N126,000
Sales returns ....................N1,200
Purchases returns ................N2,000
If the gross profit is N66,000, what is the value of stock at 31st December?
Sales ............................N195,200
Stock 1st January.................N34,000
Purchases ........................N126,000
Sales returns ....................N1,200
Purchases returns ................N2,000
If the gross profit is N66,000, what is the value of stock at 31st December?
A
N30,000
B
N40,000
C
50,000
D
N20,000
Ask EduPadi AI for a detailed answer
Share this question
35
Given:
Balance at 31st December ............N14,744m
Treasury Bills issued Jan-Dec........N7124m
Revenue for the year ................N6387m
Expenditure .........................N8767m
What is the opening balance on the consolidated revenue fund account?
Balance at 31st December ............N14,744m
Treasury Bills issued Jan-Dec........N7124m
Revenue for the year ................N6387m
Expenditure .........................N8767m
What is the opening balance on the consolidated revenue fund account?
A
N10,000m
B
N12,000m
C
N90,000m
D
N11,000m
Ask EduPadi AI for a detailed answer
Share this question
36
Upon the dissolution of a partnership, the Partnership Act provides that the amount realized should be?
A
used to pay all taxes due to government
B
used to start a new partnership business by members who are willing
C
shared equally by the existing partners
D
used in paying the debts and liabilities of the firm to persons who are not partners
Ask EduPadi AI for a detailed answer
Share this question
37
In the public sector, the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called?
A
fund accounting
B
commitment accounting
C
cash accounting
D
accrual accounting
Ask EduPadi AI for a detailed answer
Share this question
38
Use the information below to answer this question
Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200
The closing stock on March 11th by LIFO valuation is
Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200
The closing stock on March 11th by LIFO valuation is
A
N4200
B
N2700
C
N4500
D
N3900
Ask EduPadi AI for a detailed answer
Share this question
39
Use the information below to answer this question
Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200
The value of closing stock as at February 14th by simple average method is
Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200
The value of closing stock as at February 14th by simple average method is
A
N3900
B
N2500
C
N4100
D
N2700
Ask EduPadi AI for a detailed answer
Share this question
40
Use the information below to answer this question
The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250
Abba's capital balance at the end of the year will be
The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250
Abba's capital balance at the end of the year will be
A
N5475
B
N5725
C
N4400
D
N5000
Ask EduPadi AI for a detailed answer
Share this question