2024 - JAMB Accounting Past Questions and Answers - page 6

51

Pending the location of an error, the difference in the Trial Balance is posted to a __

A
control
B
profit and loss appropriation
C
profit and loss
D
suspense
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52

The following balances were extracted from the books of Adama Ltd on 31st August 2007

#
Sales200000
Drawings10000
Land and building70000
Furniture10000
Debtors50000
Creditors35000
Capital85000
Bank10000
General expenses10000
Stock (31-08-2007)10000
Purchases140000
Stock (1-09-2006)20000

The gross profit is

A
#40,000
B
#50,000
C
#70,000
D
#60,000
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53

The short term solvency of a company is determined with ___ ratio

A
debtors to equity
B
current
C
acid test
D
gross profit margin
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54

Ifedapo Local Council has the following details for 2008

#
Fines5000
Allocation from state government20000
Tenement rates10000
Licences12000
Hospital beds8000
Ambulance13000
Salaries15000
Vehicles fueling7000

The Local Council's revenue for 2008 was

A
#47,000
B
#37,000
C
#42,000
D
#27,000
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55

The following balances were extracted from the books of Adama Ltd on 31st August 2007

#
Sales200000
Drawings10000
Land and building70000
Furniture10000
Debtors50000
Creditors35000
Capital85000
Bank10000
General expenses10000
Stock (31-08-2007)10000
Purchases140000
Stock (1-09-2006)20000

Percentage of net profit to sale is

A
10%
B
40%
C
30%
D
20%
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56

Issue of prospectus is an invitation to the Public to

A
register a company
B
liquidate a company
C
redeem all outstanding shares
D
subscribe for share
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57

Which of the following is an example of a device that can be used for input, storage, and output in a computer system?

A
Central processing unit (CPU)
B
Keyboard
C
USB flash drive
D
Monitor
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58

The following accounts have debit balances except

A
share premium
B
rents and rates
C
return inwards
D
advertising
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59

An equipment costing #9,000 has an estimated residual value of #900, and is depreciated at 10% per annum. Using the straight-line method, what is the depreciation charge for the second year?

A
#810
B
#900
C
#990
D
#1,000
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60

Shares issued free of charge to existing shareholders based on their previous holdings is __ issue

A
accrued
B
premium
C
floating
D
bonus
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