In dealing with incomplete record, fixed assets are posted to___________-

Closing balance sheet as brought forward figure

Profit and loss account as brought forward figure

Closing balance sheet as carried forward figure

Closing balance sheet as brought forward figure

Profit and loss as carried forward figure

In the absence of a partnership deed, the act stipulates that____________

Interest should not be allowed on partners drawings

An amount should be fixed as salaries for partners

Profits and losses should not be shared equally

Interest on partner’s loan should be 25%

Interest should not be allowed on partners drawings

The control account is used in facilitating?

the various location of errors in the various accounts

the payment of debts and liabilities of the firm

assets distribution with respect to income

When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________

Price above or below the stipulated price

Any price but not below the transfer price

A price that is equal to the mark up

To account for expenses paid by head office on behalf of the branch, the branch should___________

Debit profit and loss account and credit head office account

Debit head office account and credit cash

Credit cash and debit profit and loss account

Credit profit and loss account and debit head office account

When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________

Price above or below the stipulated price

Any price but not below the transfer price

A price that is equal to the mark up

The partnership deed normally specifies?

how profits or losses are to be shared

the capital to be contributed annually

how salaries are paid to employees

the profit that should be earned annually

JAMB UTME - Principles of Accounts - 2018

Frage 1 Bericht

Which of the following should not be adjusted for in the profit and loss account?

Accruals

inventory

subscription Richtige Antwort

depreciation

Antwortdetails

Lies die Unterrichtsnotiz zu Departmental And Branch Accounts (WAEC)

Lies die Unterrichtsnotiz zu Nature And Significance Of Accounting (JAMB)

Lies die Unterrichtsnotiz zu Principles Of Double Entry (JAMB)

Departmental And Branch Accounts

Nature And Significance Of Accounting

Principles Of Double Entry

Antwort anzeigen

Frage 2 Bericht

A provision for bad debt account had N33,800 at the beginning of the year and N4,220 at the close of the year. If bad debts are calculated at the rate of 1/20% of annual credit sales, what was the credit sales for the period?

N210,000

N844,400 Richtige Antwort

N840,000

N500,000

Antwortdetails

Lies die Unterrichtsnotiz zu Provisions And Reserves (WAEC)

Provisions And Reserves

Antwort anzeigen

Frage 3 Bericht

The basic role of accounting is to?

detect fraud

attest to financial statements

measure performance Richtige Antwort

protect shareholders

Antwortdetails

Lies die Unterrichtsnotiz zu Nature And Significance Of Accounting (JAMB)

Nature And Significance Of Accounting

Antwort anzeigen

Frage 4 Bericht

Using the following:

Balance as par overdraft of the cashbook is ₦4000, uncredited cheque is ₦2300, bank charges ₦300, unpresented cheque ₦5000.

What is the adjusted cashbook balance?

4000

300

4300 Richtige Antwort

5000

Antwortdetails

Lies die Unterrichtsnotiz zu Bank Transactions And Reconciliation Statements (JAMB)

Lies die Unterrichtsnotiz zu Cashbook (JAMB)

Bank Transactions And Reconciliation Statements

Cashbook

Antwort anzeigen

Frage 5 Bericht

Subscription received during the year N30,000. Subscription owed last year N4,000. subscription received for next year N6,000.

Use the details above to answer the following question.

The N6,000 subscription received is?

capital

fixed asset

current liability Richtige Antwort

current asset

Antwortdetails

The N6,000 subscription received is a current liability. A liability is a debt or obligation that a company owes to another party, which must be settled in the future. In this case, the N6,000 subscription received is for next year, which means that the company has not yet provided the goods or services for which the customer has paid. Therefore, the N6,000 subscription is an obligation that the company must fulfill in the future, making it a current liability. The N30,000 subscription received during the year is a revenue or income for the company, while the N4,000 subscription owed last year is a previous liability that was not settled in the past year. Both of these amounts are not related to the current question.

Lies die Unterrichtsnotiz zu Nature And Significance Of Accounting (JAMB)

Nature And Significance Of Accounting

Antwort anzeigen

Frage 6 Bericht

Tanko Ltd had

Earnings per share 47k

Dividends per share 30k

Per value of each share N1.20

market price per share NM1.50

The company's earnings yield is?

N20.00%

N25.00%

N31.33% Richtige Antwort

N39.17%

Antwortdetails

The earnings yield is a measure of the return on investment for a company's earnings. It is calculated by dividing the earnings per share by the market price per share, and expressing the result as a percentage. In this case, Tanko Ltd's earnings per share is 47k (0.47 Naira), and its market price per share is NM1.50 (1.50 Naira). So, the earnings yield can be calculated as follows: Earnings yield = (Earnings per share / Market price per share) x 100% = (0.47 / 1.50) x 100% = 31.33% Therefore, the earnings yield for Tanko Ltd is 31.33%, which means that for every Naira invested in the company's stock, investors can expect a return of 31.33 Naira in earnings.

Lies die Unterrichtsnotiz zu Nature And Significance Of Accounting (JAMB)

Nature And Significance Of Accounting

Antwort anzeigen

Frage 7 Bericht

	₦
Stock at branch 1st January at cost	400
Goods sent to branch at cost	8000
Returns to head office	340
Cash sales	9160
Stock at branch 31st December at cost	720

Use the information below to answer the question.

Adex Ltd. Issues stock to its retail branches at cost price.

Calculate the cost of goods credited to the head office trading account.

₦7200

₦7460

₦7500

₦7660 Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Branch Accounts (JAMB)

Lies die Unterrichtsnotiz zu Cashbook (JAMB)

Lies die Unterrichtsnotiz zu Incomplete Records And Single Entry (JAMB)

Branch Accounts

Cashbook

Incomplete Records And Single Entry

Antwort anzeigen

Frage 8 Bericht

N
Purchase ledger opening balance	4,000
sales ledger opening balance	6,000
credit purchase	25,000
Discounts allowed	1,000
Returns inwards	2,000
Credit sales during the year	10,000
Return outwards	6,000

Use the information above to answer the following question;

What is the purchase ledger balance?

N29,000

N24,000

N4,000

N23,000 Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Cashbook (JAMB)

Cashbook

Antwort anzeigen

Frage 9 Bericht

The rent expense for Trendy store is ₦3500. Trendy store has three departments; jewelry, hair dressing, and clothing. The floor spaces occupied by the departments are 3:2:5 respectively. What is the rent allocated to clothing department?

₦700

₦1050

₦1750 Richtige Antwort

₦3500

Antwortdetails

To allocate the rent expense to the clothing department, we need to use the ratio of the floor spaces occupied by each department. Let's first add up the ratio of the floor spaces: 3 + 2 + 5 = 10 This means that the clothing department occupies 5/10 (or 1/2) of the total floor space. To allocate the rent expense to the clothing department, we need to multiply the total rent expense by the proportion of the floor space that the clothing department occupies: ₦3500 x 1/2 = ₦1750 Therefore, the rent allocated to the clothing department is ₦1750. So, the correct answer is option (C) ₦1750.

Lies die Unterrichtsnotiz zu Departmental And Branch Accounts (WAEC)

Lies die Unterrichtsnotiz zu Departmental Accounts (JAMB)

Departmental And Branch Accounts

Departmental Accounts

Antwort anzeigen

Frage 10 Bericht

Gross profit in the branch adjustment account is transferred to the branch____________

Income and expenditure account

profit and loss account Richtige Antwort

receipt and payment account

trading account

Antwortdetails

Lies die Unterrichtsnotiz zu Branch Accounts (JAMB)

Lies die Unterrichtsnotiz zu Accounts Of Not-for-profit-making Organizations (JAMB)

Branch Accounts

Accounts Of Not-for-profit-making Organizations

Antwort anzeigen

Frage 11 Bericht

The accounting entries used to record a cheque issued by a business is to?

debit cash book and credit drawer Richtige Antwort

credit cash book and debit drawer

debit cash book and credit suspense account

credit cash book and debit suspense account

Antwortdetails

The accounting entries used to record a cheque issued by a business are to credit the Cash Book and debit the Drawer's account. When a business issues a cheque, it reduces the balance of cash held by the business, and this reduction in cash is recorded by debiting the Drawer's account. At the same time, the cheque creates a liability for the business, which is recorded by crediting the Cash Book. In other words, when the cheque is issued, the business is reducing its own cash balance and creating a debt or liability that will be paid in the future. Therefore, the Cash Book is credited to reflect the creation of the liability, while the Drawer's account is debited to show the reduction in the business's cash balance.

Lies die Unterrichtsnotiz zu Cashbook (JAMB)

Cashbook

Antwort anzeigen

Frage 12 Bericht

Transfers from the head office to branches are best carried out at__________

Cost price

Cost plus mark up Richtige Antwort

Selling price

Market price

Antwortdetails

Transfers from the head office to branches are best carried out at cost plus mark-up. This is because cost plus mark-up allows the head office to recover the cost of producing the goods, and also make a profit to cover its own overheads and expenses. Selling price and market price may not be the best options because they do not take into account the actual cost of producing the goods, which could lead to overcharging or undercharging the branches. In contrast, cost plus mark-up ensures that the branches receive the goods at a fair price, while also allowing the head office to cover its own costs and make a profit. Overall, this method promotes transparency and fairness in the transfer process.

Lies die Unterrichtsnotiz zu Branch Accounts (JAMB)

Branch Accounts

Antwort anzeigen

Frage 13 Bericht

Use the information below to answer the question:

Trading account for the year ended 31st December 2009

₦	₦
Opening Stock 32,000	Sales 48,000
Purchases 40,000	Less Return 2,000
Carriage inwards 1,000
41,000
Less Return 2,000 39,000

Cost of goods available ??
Less closing stock 9,000
Cost of goods sold ??

Calculate the cost of goods sold

₦61,000

₦62,000 Richtige Antwort

₦58,000

₦57,000

Antwortdetails

To calculate the cost of goods sold, we need to find the cost of goods available and then subtract the closing stock. The cost of goods available is found by adding the opening stock to the cost of purchases: 32,000 + 39,000 = 71,000 The cost of goods sold is found by subtracting the closing stock from the cost of goods available: 71,000 - 9,000 = 62,000 So, the cost of goods sold is ₦62,000.

Lies die Unterrichtsnotiz zu Stock Valuation (JAMB)

Stock Valuation

Antwort anzeigen

Frage 14 Bericht

Which of the following is a common cause of a discrepancy between head office and branch trial office________

Stock and repayment

Creditors and cash in transit

Stock and cash in transit Richtige Antwort

Debtors and cash in transit

Antwortdetails

Stock and cash in transit is a common cause of a discrepancy between head office and branch trial office. This is because stock and cash in transit are two types of assets that are often not recorded accurately in the accounts. Stock can be difficult to value and count accurately, especially if it is in transit between the head office and the branch. Cash in transit refers to cash that is in the process of being transferred between the head office and the branch, and may not be recorded in either account until it has arrived at its destination. If the stock or cash in transit is not recorded accurately, it can result in a discrepancy between the head office and branch trial balance. For example, if the branch has recorded the stock as received, but the head office has not yet recorded it as sent, the branch will have a higher stock value than the head office. Similarly, if the branch has recorded cash in transit as received, but the head office has not yet recorded it as sent, the branch will have a higher cash balance than the head office. , which suggests stock and repayment, is incorrect because repayment is not directly related to a discrepancy between head office and branch trial balance. , which suggests creditors and cash in transit, is also incorrect because creditors are liabilities and not directly related to the assets that are in transit between head office and branch. , which suggests debtors and cash in transit, is also incorrect because debtors are not assets that are in transit between head office and branch, and therefore not a common cause of discrepancy between head office and branch trial balance.

Lies die Unterrichtsnotiz zu Departmental And Branch Accounts (WAEC)

Lies die Unterrichtsnotiz zu Branch Accounts (JAMB)

Departmental And Branch Accounts

Branch Accounts

Antwort anzeigen

Frage 15 Bericht

A partnership deed is used to____________

Promote mutual understanding Richtige Antwort

Enhance mistrust

Encourage discrepancy

Control funds

Antwortdetails

A partnership deed is used to promote mutual understanding. It is a legal document that outlines the rights, responsibilities, and obligations of each partner in a partnership business. By specifying the roles and expectations of each partner, a partnership deed helps to prevent misunderstandings and conflicts that could arise between partners. The partnership deed typically includes information such as the names of the partners, the nature of the business, the capital contributions of each partner, the profit and loss sharing ratio, the management structure of the partnership, the procedures for adding or removing partners, and the rules for dissolution of the partnership. By having a clear and well-defined partnership deed, all partners can have a shared understanding of how the business will operate and what is expected of each partner. This can help to establish trust and promote a healthy working relationship between partners, which is crucial for the success of any partnership business.

Lies die Unterrichtsnotiz zu Partnership Accounts (WAEC)

Partnership Accounts

Antwort anzeigen

Frage 16 Bericht

Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including____________

Partners salaries

Interest on capital

Interest on loans Richtige Antwort

Partners drawings

Antwortdetails

In a partnership, the profit or loss is calculated by subtracting all expenses from the gross profit. These expenses include various costs incurred in running the partnership business, such as rent, utilities, supplies, and wages paid to employees. Additionally, the expenses also include the salaries paid to partners, which is the amount paid to the partners for their work in the business. This is different from the interest on capital, which is the return on the money invested by the partners in the business. Interest on loans is the cost of borrowing money to finance the partnership's operations. This interest expense is deducted from the gross profit to determine the partnership's net profit or loss. Finally, the partners' drawings, which are the amounts taken out of the business by the partners for personal use, are also deducted from the gross profit to determine the partnership's net profit or loss. In summary, the profit or loss in a partnership is calculated by subtracting all expenses, including salaries paid to partners, interest on capital, interest on loans, and partners' drawings, from the gross profit.

Lies die Unterrichtsnotiz zu Partnership Accounts (WAEC)

Lies die Unterrichtsnotiz zu Partnership Accounts (JAMB)

Partnership Accounts

Antwort anzeigen

Frage 17 Bericht

Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing?

Sule1/3, Ahmed1/3, Khadija 1/3

Sule1/3, Ahmed1/3, Khadija 1/3. Richtige Antwort

Sule1/5, Ahmed1/5, Khadija3/5

Sule2/5, Ahmed1/5, Khadija2/5

Antwortdetails

Sule and Ahmed have been sharing profits and losses equally, which means they divide the profits and losses 50-50. Now, Khadija is admitted as a new partner, and she takes 1/5 of the share. The new profit and loss sharing ratio will be 3 parts because there are now three partners. To calculate the new profit and loss sharing ratio, we need to divide 3 parts equally among the three partners. So, each part will be 1/3. Therefore, the new profit and loss sharing ratio will be: Sule 1/3, Ahmed 1/3, and Khadija 1/3. Hence, the correct answer is: Sule 1/3, Ahmed 1/3, and Khadija 1/3.

Antwort anzeigen

Frage 18 Bericht

Which of the following is a conversion cost?

Factory overhead Richtige Antwort

purchases

material cost

wages

Antwortdetails

A conversion cost is a manufacturing cost that is incurred in the process of converting raw materials into finished goods. It includes the expenses related to the direct labor and factory overhead used in the production process. Out of the options given, wages would be considered a conversion cost. Wages refer to the payment made to workers who are directly involved in the manufacturing process. These workers are typically responsible for transforming the raw materials into finished goods, which makes their wages a necessary part of the conversion process. Factory overhead, which refers to the indirect costs associated with manufacturing, would also be considered a conversion cost. This includes expenses such as rent, utilities, and equipment maintenance, which are necessary to keep the production process running smoothly. On the other hand, purchases and material costs are not considered conversion costs. Purchases refer to the amount paid for raw materials and other items that are used in the production process, while material costs are the costs associated with the raw materials themselves. While both of these costs are necessary for production to occur, they are not directly related to the conversion process itself.

Lies die Unterrichtsnotiz zu Manufacturing Accounts (JAMB)

Manufacturing Accounts

Antwort anzeigen

Frage 19 Bericht

A cash book had a opening balance of N15,200, closing balance of N18,400 and total cash received during the period of N36,000. What was the amount of cash paid out during the same period?

N29,200

N17,800

N32,800 Richtige Antwort

N19,600

Antwortdetails

Lies die Unterrichtsnotiz zu Cashbook (JAMB)

Cashbook

Antwort anzeigen

Frage 20 Bericht

A machine bought for N35,000 was estimated to have a life span of 5 years with a scrap value of N9,000.

The yearly depreciation using the straight line method would be

N8,800

N6,500

N5,200 Richtige Antwort

N4,400

Antwortdetails

The straight-line method of depreciation assumes that an asset decreases in value evenly over its useful life. To calculate the yearly depreciation using the straight-line method, we need to subtract the scrap value from the original cost and then divide the result by the number of years of the asset's useful life. The original cost of the machine is N35,000, and the scrap value is N9,000. Therefore, the depreciable value of the machine is: Depreciable value = Original cost - Scrap value = N35,000 - N9,000 = N26,000 The useful life of the machine is 5 years. Therefore, the yearly depreciation is: Yearly depreciation = Depreciable value / Useful life = N26,000 / 5 = N5,200 So the yearly depreciation using the straight-line method for this machine is N5,200. Therefore, option C is the correct answer.

Lies die Unterrichtsnotiz zu Provisions And Reserves (WAEC)

Provisions And Reserves

Antwort anzeigen

Frage 21 Bericht

In government accounting , the method used which records on the basis of financial entity with self balancing books instead of entity of propietorship is?

virement

fund accounting Richtige Antwort

consolidated fund

financial regulation

Antwortdetails

The method used in government accounting which records on the basis of financial entity with self-balancing books instead of the entity of proprietorship is called fund accounting. Fund accounting is a method of accounting used by organizations, such as governments, non-profit organizations, and universities, that have multiple funds with separate accounting and reporting requirements. Each fund is treated as a separate accounting entity, and financial transactions are recorded in separate self-balancing books for each fund. The purpose of fund accounting is to provide accountability and transparency in the use of public funds. It allows the government to track and report on the use of funds for specific purposes, such as capital projects, debt service, or operating expenses. It also ensures that funds are used only for their intended purposes and that financial reports accurately reflect the financial position of each fund. In summary, fund accounting is a method of accounting used by government entities that records financial transactions on a fund-by-fund basis with self-balancing books. This provides accountability and transparency in the use of public funds and ensures that funds are used only for their intended purposes.

Lies die Unterrichtsnotiz zu Public Sector Accounting (JAMB)

Public Sector Accounting

Antwort anzeigen

Frage 22 Bericht

	N
sales	20,000
cost of sales	10,000
operating expenses	2,500
expenses prepaid included in operating expenses	500

Use the information above to answer the following question.

What is the gross profit margin?

100%

50% Richtige Antwort

40%

30%

Antwortdetails

The gross profit margin is a measure of the profitability of a business, and it is calculated by dividing the gross profit by the revenue and expressing the result as a percentage. The gross profit is the difference between the revenue and the cost of goods sold, which is the direct cost of producing the goods or services that the business sells. In the information provided, the revenue or sales is N20,000, and the cost of sales is N10,000. Therefore, the gross profit can be calculated as follows: Gross profit = Revenue - Cost of sales = N20,000 - N10,000 = N10,000 The gross profit margin can be calculated by dividing the gross profit by the revenue and expressing the result as a percentage: Gross profit margin = (Gross profit / Revenue) x 100% = (N10,000 / N20,000) x 100% = 50% Therefore, the gross profit margin is 50%, which means that for every Naira of revenue generated, the business earns 50 kobo in gross profit. This indicates that the business has a healthy gross profit margin and is able to cover its direct costs of production while making a reasonable profit.

Lies die Unterrichtsnotiz zu Nature And Significance Of Accounting (JAMB)

Nature And Significance Of Accounting

Antwort anzeigen

Frage 23 Bericht

In the head office ledger, the value of goods sent to the branch are____________

Debited to the branch current account

Debited to the head office current account Richtige Antwort

Credited to the head office current account

Credited to the branch current account

Antwortdetails

In the head office ledger, the value of goods sent to the branch are debited to the branch current account. When a company sends goods from the head office to the branch, this is known as a branch transfer. The value of these goods should be recorded in the head office ledger as a debit to the branch current account. This is because the head office is effectively lending the goods to the branch, and the branch will need to repay the head office for these goods at a later date. The branch current account is a type of account in the head office ledger that is used to track the transactions between the head office and the branch. All transactions relating to the branch, such as branch transfers, expenses paid by the head office on behalf of the branch, and cash sent to the branch, are recorded in the branch current account. Therefore, when the head office sends goods to the branch, the value of these goods is recorded as a debit to the branch current account in the head office ledger. This means that the branch owes the head office for the goods received, and the head office can use this information to track the balance owed by the branch. In summary, the value of goods sent to the branch from the head office is debited to the branch current account in the head office ledger, as this account is used to track all transactions between the head office and the branch.

Lies die Unterrichtsnotiz zu Branch Accounts (JAMB)

Lies die Unterrichtsnotiz zu Introduction To Company Accounts (JAMB)

Branch Accounts

Introduction To Company Accounts

Antwort anzeigen

Frage 24 Bericht

The value of the current assets will be?

N10,361

N10,651 Richtige Antwort

N17,396

N17,848

Antwortdetails

Lies die Unterrichtsnotiz zu Nature And Significance Of Accounting (JAMB)

Lies die Unterrichtsnotiz zu Principles Of Double Entry (JAMB)

Nature And Significance Of Accounting

Principles Of Double Entry

Antwort anzeigen

Frage 25 Bericht

The office responsible for ascertaining whether all public expenditures and appropriations are in line with approved guidelines is the________

Accountant general

Finance minister

Auditor general Richtige Antwort

Permanent secretory.

Antwortdetails

The office responsible for ascertaining whether all public expenditures and appropriations are in line with approved guidelines is the Auditor General. The Auditor General is an independent body that audits and reports on the government's financial statements, ensuring that public expenditures are legal and authorized, and are within budgeted amounts. The Auditor General is responsible for reviewing and examining all financial records of the government, ensuring that financial transactions are recorded accurately, and that financial reporting is transparent and in compliance with the applicable laws and regulations. The Auditor General is usually appointed by the government, and the office is independent of any particular government department. This independence ensures that the Auditor General can operate impartially and without undue influence from any particular government agency. The Auditor General is a vital part of ensuring the accountability and transparency of government finances and plays a critical role in maintaining public trust in government institutions.

Lies die Unterrichtsnotiz zu Public Sector Accounting (JAMB)

Lies die Unterrichtsnotiz zu Public Sector Accounting (WAEC)

Public Sector Accounting

Antwort anzeigen

Frage 26 Bericht

Which of the following is not a type of branch?

Dependent branch

foreign branch

independent branch

single branch Richtige Antwort

Antwortdetails

"Single branch" is not a type of branch. A branch refers to an additional location of a business, separate from its main or headquarters location. A dependent branch is a location that relies on the head office for support and decision making. An independent branch operates separately from the head office, making its own decisions and managing its own resources. A foreign branch is a location established in a foreign country. However, "single branch" is not a type of branch. It simply refers to a situation where a business has only one location or branch.

Lies die Unterrichtsnotiz zu Branch Accounts (JAMB)

Branch Accounts

Antwort anzeigen

Frage 27 Bericht

The major source of document which enables employer to calculate the employee wages is the?

norminal roll of employees

records of number of hours worked Richtige Antwort

effort of the employee

Record of independence per employee

Antwortdetails

Lies die Unterrichtsnotiz zu Nature And Significance Of Accounting (JAMB)

Nature And Significance Of Accounting

Antwort anzeigen

Frage 28 Bericht

Which of the following is not an inventory costing method?

FIFO

LIFO

Average cost method

LILA Richtige Antwort

Antwortdetails

The inventory costing method that is not a recognized method is "LILA." This is because "LILA" is not a common inventory costing method used in accounting practices, and it is not a recognized acronym or abbreviation for any known costing method. In contrast, FIFO, LIFO, and the average cost method are all well-known and widely used inventory costing methods in accounting. FIFO stands for "First-In, First-Out," and it means that the first items added to inventory are the first ones sold, while the newer items are sold later. LIFO stands for "Last-In, First-Out," and it means that the most recent items added to inventory are the first ones sold, while older items are sold later. The average cost method takes the average cost of all items in inventory and uses that cost to calculate the value of goods sold and the value of ending inventory. In summary, while FIFO, LIFO, and the average cost method are all recognized inventory costing methods, "LILA" is not a commonly used or recognized inventory costing method.

Lies die Unterrichtsnotiz zu Stock Valuation (JAMB)

Stock Valuation

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Frage 29 Bericht

The main objective of accounting report is to provide information about?

the efficacy of assets

a company's shareholding

company's economic resources Richtige Antwort

an entity's management

Antwortdetails

Lies die Unterrichtsnotiz zu Nature And Significance Of Accounting (JAMB)

Lies die Unterrichtsnotiz zu Principles Of Double Entry (JAMB)

Nature And Significance Of Accounting

Principles Of Double Entry

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Frage 30 Bericht

The major advantages of an imprest system is that it ?

ensures a proper accountability for every expenditure Richtige Antwort

trains the young accountants in the preparation for greater responsibility

relieves the chief cashier of the numerous petty cash payments

serves as an analysis column for every expenses

Antwortdetails

Lies die Unterrichtsnotiz zu Cashbook (JAMB)

Cashbook

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Frage 31 Bericht

The current growth in the volume of trading and financial dealings in nigerian is helped by?

credit as a factor in business

payments for goods in cash

increased financial activities Richtige Antwort

government intervention

Antwortdetails

The current growth in the volume of trading and financial dealings in Nigeria is mainly helped by increased financial activities. Over the past few years, there has been a significant increase in the number of financial institutions, such as banks and mobile money operators, offering various financial products and services. This has made it easier for businesses and individuals to access credit, make payments, and conduct other financial transactions. Moreover, the rise of digital technologies has further facilitated financial activities, allowing people to conduct transactions online and in real-time. This has also helped to reduce the cost and time required to conduct financial transactions, making it more convenient for businesses and individuals to engage in trade. While government intervention may have played a role in creating an enabling environment for financial activities, such as through the introduction of policies and regulations, it is ultimately the increased availability and accessibility of financial services that have driven the growth of trading and financial dealings in Nigeria.

Lies die Unterrichtsnotiz zu Nature And Significance Of Accounting (JAMB)

Nature And Significance Of Accounting

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Frage 32 Bericht

Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January , 2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. what is the closing balance in Tea’s current account

36,925Cr Richtige Antwort

40,000Cr

50,000Dr

36,295Dr

Antwortdetails

Lies die Unterrichtsnotiz zu Partnership Accounts (WAEC)

Partnership Accounts

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Frage 33 Bericht

The main difference between the ordinary and preference shareholders is that?

the former have voting rights while the latter do not Richtige Antwort

in the case of winding up, the former are paid first before the latter

the latter are not members of the company while the former are

the former receives dividends while the latter do not

Antwortdetails

Lies die Unterrichtsnotiz zu Joint Venture Accounts (JAMB)

Joint Venture Accounts

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Frage 34 Bericht

Why should a new partner contribute towards goodwill on his admission?

It is a norm

to ensure new partner also have a stake in the business

the firm into which he is entering already has some goodwill in the market Richtige Antwort

to purchase the business

Antwortdetails

Lies die Unterrichtsnotiz zu Partnership Accounts (WAEC)

Partnership Accounts

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Frage 35 Bericht

When a bill is negotiated to a bank , it is said to be?

accepted

discounted Richtige Antwort

surrendered

cashed

Antwortdetails

When a bill is negotiated to a bank, it is said to be "discounted". Negotiating a bill means transferring ownership of the bill from the original holder to the bank. In exchange for this transfer, the bank pays the holder an amount that is less than the face value of the bill, usually with a fee for providing this service. This process is known as "discounting the bill" because the holder receives a discounted value for the bill. So, when a bill is negotiated to a bank, it is said to be "discounted" because the holder receives a discounted value for the bill in exchange for transferring ownership to the bank.

Lies die Unterrichtsnotiz zu Cashbook (JAMB)

Cashbook

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Frage 36 Bericht

What act generally includes completing unfinished partnership business, collecting and paying debts, collecting partnership assets to be turned into cash and taking inventory?

Formation

dissolution Richtige Antwort

winding up

termination

Antwortdetails

Lies die Unterrichtsnotiz zu Partnership Accounts (WAEC)

Lies die Unterrichtsnotiz zu Joint Venture Accounts (JAMB)

Partnership Accounts

Joint Venture Accounts

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Frage 37 Bericht

For an incomplete record to provide necessary information, it must be converted to?

double entry

single entry Richtige Antwort

complete records

statement of affairs

Antwortdetails

Lies die Unterrichtsnotiz zu Incomplete Records And Single Entry (JAMB)

Incomplete Records And Single Entry

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Frage 38 Bericht

Departmentalization of accounts is useful because it shows the____________

Over all performance of a division Richtige Antwort

Cost per unit of a profit

Price per unit of a product

Over all performance of a firm

Antwortdetails

Departmentalization of accounts is useful because it shows the overall performance of a division. It allows a company to track the financial performance of individual departments or divisions within the company, providing insight into which areas of the business are performing well and which ones need improvement. By analyzing financial data for each department, managers can make informed decisions about allocating resources and making changes to improve overall company performance. This approach helps to ensure that each department is held accountable for its performance, and that managers have the information they need to make effective decisions about the allocation of resources. Ultimately, this can lead to improved financial performance for the entire company.

Lies die Unterrichtsnotiz zu Departmental And Branch Accounts (WAEC)

Lies die Unterrichtsnotiz zu Departmental Accounts (JAMB)

Departmental And Branch Accounts

Departmental Accounts

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Frage 39 Bericht

The amount paid by the new partner on admission as a compensation for the reputation built up by old partners is a

Bonus

Good will Richtige Antwort

Premium

Commission

Antwortdetails

The amount paid by the new partner on admission as compensation for the reputation built up by old partners is called "Goodwill". Goodwill is an intangible asset that represents the value of a business beyond its tangible assets such as property, equipment, and inventory. It takes into account things like the business's reputation, customer relationships, and brand recognition. When a new partner joins a business, they may pay for a share of the goodwill to compensate the existing partners for the value they've built up in the business. In simpler terms, goodwill is like the good reputation of a business and the new partner pays for a share of this reputation when they join the business.

Lies die Unterrichtsnotiz zu Partnership Accounts (WAEC)

Partnership Accounts

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Frage 40 Bericht

The cost price method is applicable when_____

Goods are sold at specific prices

goods are perishable Richtige Antwort

goods attract different gross profit percentage

to disclose gross profit or loss

Antwortdetails

Lies die Unterrichtsnotiz zu Stock Valuation (JAMB)

Stock Valuation

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