JAMB Accounts - Principles of Accounts 2010 Past Questions

The major function of accounting bodies in Nigeria is to?

Ledger account is mainly classified into?

If salary account is debited instead of stationery account, the error committed is that of?

If stationery bought for N200 has been entered as N2000. To correct this error?

The account which refers to the tangible assets of a company that is of permanent nature is the?

Th major feature of an invoice is that, it?

The source documents include?

A major cause of discrepancy between bank statement and the cash book that overstates the bank statement balance is the?

The bank charges levied on a current account holder is the charge on?

The course of discrepancies between the bank statement and the cash book that overstates the cash book is the?

Use the information below to answer question 14 and 15.

Sales....................................N10,900
Stock 1/1................................N1, 000
Stock 31/12..............................N2, 000
Purchases................................N4, 000
Returns outwards.........................N800
Returns inwards..........................N600
Carriage outwards........................N300
Carriage inwards.........................N200

Find the gross profit.

The cost of goods available for sale is?

Benefit enjoyed for which payments have not been made are?

Use the information below to answer questions 16 and 17.

Sundry debtor..................N20,000
Provision for bad debts........N500

Provision for bad debt at 4% of sundry debtors.

Determine the provision for bad debts to profit and loss account?

Calculate the provision to be taken to the balance sheet?

If an organization maintains a periodic stock system, the stock quantities are?

If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to?

Use the information below to answer questions 23 and 24.

............................31/12/07.......31/12/08
Stocks........................N4 200.........N3 900
Rates in advance..............N1 000.........N1 500
Accrued wages.................N1 150.........N1 350

Cost of goods sold was valued at N6 000.
Cash paid for rates and wages during the year was N1 300 and N2 200 respectively.

What is the value of purchases for the year 2008?

Determine the total expenses to be charged to profit and loss account?

Use the information below to answer questions 25 and 26.

........................31/12/08...........31/12/09

Furniture and fittings..N21 000,............N28 000
Office equipment........N9 800,.............N13 200
Debtors.................N6 800,.............N5 200
Creditors...............N4 900,.............N5 100
Cash at bank............N7 000,.............N4 600
Accrued electricity bills...................N1 200

Monthly drawings average N330.

Find the opening capital?

Determine the net profit ?

The gross loss on manufacturing is always transferred to the?

The depreciation on a motor vehicle that is being used for manufacturing and administration is charged to the?

The prime cost is the total of the?

In the not-for-profit-making organization, the excess of income over expenditure is?

The equivalent of a club's receipts and payment account is the?

The summary of receipts ans payments account represent?

The Akachala Limited has four department W, X Y and Z. The profits or loss of the departments were N20 000 loss, X N25 profit, Y were N30 000 loss and Z N1800 profit. How much is the net profit or loss of the company?

If goods were returned to branch by the customers, the correct posting for this transaction is to debit?

The branch expenses paid by the head office is recorded in the books by debiting branch?

Goods returned to branch by customers is recorded in the head office books be debiting?

Which of the following is mostly used in treating partners' current earnings?

The salary of a partner is usually debited to the?

The rules which govern the internal management of a firm and its financial affairs in a partnership business is a?

The interest on partners' loans is?

The capital contribution by the partners is treated in the?

Given:

N6 000 10% preference shares of N0.50 each
N6 000 ordinary shares of N1 each
Capital reserves N2 700 000
Long-term liabilities N4 000 000

Find the value of authorized share capital?

The directors' salaries paid are items of?

Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled N800.
A provision of 2% was made for discount and 5% provision for bad and doubtful debts.

Find the amount for sundry debtors after provision?

The financial plan of the government for a year is contained in the?

An ordinary share of N80 was issued at N96. The share was issued at?

An increase in government expenditure within a year is taken care of by means of?

As evidence of payments to a government ministry, the revenue collectors will issue?

How much rent is apportioned to department K?

How much selling and distribution expenses is apportioned to department M?

Credit sales is given at 160% of cash received.

What is the balance c/d?

When Your Silence Is Loud..& Your Eyes Speaking Volumes..

Calculate the value of credit sales

If Fatima was granted a discount of 2% what will be discount allowed?

Calculate the cash balance after the discount