An advantage of FIFO method of stock valuation is that

its flow of cost is in sequence with the flow of stock

it serves-as a control during inflation

it is calculated at the end of the year

its flow of cost is in sequence with the flow of stock

JAMB UTME - Principles of Accounts - 2017

Frage 1 Bericht

The movement of goods from head office to a branch is treated in the in the head office accounts as?

sales

issue

purchase

requisition

Branch Accounts

Antwort anzeigen

Frage 2 Bericht

What is the effect of transaction when cash is paid into the bank

Bank balance decrease and cash balance increase

bank balance decrease and cash balance decrease

cash balance increase and bank balance increase

cash balance decrease and bank balance increase

Antwortdetails

When cash is paid into the bank, the effect on the bank balance and cash balance depends on the perspective you are looking from. From the customer's perspective, the cash balance decreases because they have physically handed over cash to the bank. However, their bank balance will increase because the bank now owes them that amount of money. From the bank's perspective, the bank balance decreases because they have received the cash and now owe the customer that amount of money. However, their cash balance will increase because they physically have more cash in their possession. Therefore, the effect of a transaction when cash is paid into the bank is that the cash balance for one party decreases while the other party's bank balance increases, and vice versa.

Lies die Unterrichtsnotiz zu Cashbook (JAMB)

Cashbook

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Frage 3 Bericht

The following are the importance of branch account except

it enable the organization to determine the branch that is making either profit or loss

it allows proper control over the branch by the head office

it assist the organization to determine the performance of a branch manager

it allows fraud and wastage of resources

Antwortdetails

The importance of branch accounts includes enabling an organization to determine which branch is making either profit or loss, allowing proper control over the branch by the head office, and assisting the organization to determine the performance of a branch manager. However, the option that is not an importance of branch accounts is "it allows fraud and wastage of resources". This is because branch accounts are designed to increase the level of accountability and transparency in an organization's operations, especially in cases where the organization operates from multiple locations. By having separate branch accounts, it is easier to detect any fraudulent activities or wastage of resources in any particular branch. Therefore, branch accounts do not allow fraud and wastage of resources; instead, they serve as a control mechanism to prevent such occurrences.

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 4 Bericht

	₦
Debtors opening	4000
Debtors closing	1500
Cash received from debtors	8500
Bad debts written off	350
Discount allowed	500
Discount received	1000

If the gross profit is ₦5 000, what is the net profit?

₦4,350

₦6,000

₦5,150

₦4,000

Antwortdetails

If the gross profit is ₦5,000, then the net profit is calculated below;
The item that will appear in the profit and loss account are;
Bad debt written off ₦350, Discount allowed ₦500 and Discount received ₦1,000

$\begin{matrix} Gross Profit & 5000 \\ Discount Received & 1000 & 6000 \\ Expenses \\ Bad debt. & 350 \\ Discout Allowed & 500 & 850 \\ Net profit & 5, 150 \end{matrix}$

Net profit is the profit made after all the expenses incurred are deducted from the gross profit
₦5150 is the net profit calculated i.e bad debt 350 &nplus; discount allowed 500 &nplus; net profit 5,150 less gross profit 5,000 + discount received 1,000

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

Nature And Significance Of Accounting

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Frage 5 Bericht

One of the options below have the same features as the profit and loss account in non-profit organization

Income and expenditure account

profit and loss account

receipts and payment account

Non profit account

Antwortdetails

The option that has the same features as the profit and loss account in a non-profit organization is the income and expenditure account. Both the profit and loss account and the income and expenditure account are financial statements that are used to report the financial performance of an organization over a specific period of time. However, the profit and loss account is used by for-profit organizations, while the income and expenditure account is used by non-profit organizations. The income and expenditure account records all the revenues earned and the expenses incurred by a non-profit organization during a particular period, just like how a profit and loss account records revenues and expenses for a for-profit organization. The difference is that in a non-profit organization, there is no concept of profit, and any surplus is reinvested back into the organization rather than being distributed to shareholders. In summary, the income and expenditure account is the equivalent of the profit and loss account in a non-profit organization, as it records the organization's financial performance during a specific period by tracking all the revenues earned and expenses incurred.

Lies die Unterrichtsnotiz zu Accounts Of Not-for-profit Making Organizations (WAEC)

Accounts Of Not-for-profit Making Organizations

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Frage 6 Bericht

Calculate the discount received in Department B:

	Dept A	Dept B
	$N$
Sales	250000	500000
Purchases	150000	250000
Discount received	24000
Discount allowed	15000

₦12,000

₦15,000

₦16,000

₦9,000

Antwortdetails

Before calculating the discount received in Dep. B

We need to calculate the percentage of purchases for Dep B

Out of the total purchases

Dep. A purchases 150,000

Dep. B purchases 250,000

400,000 - Total purchases

there4; $\frac{250, 000 \times 24, 000}{(Total discount received)}$ x 400,000

= 15,000

Lies die Unterrichtsnotiz zu Departmental Accounts (JAMB)

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

Departmental Accounts

Nature And Significance Of Accounting

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Frage 7 Bericht

You add the following when starting with the balance as per cash book when preparing the bank reconciliation statement except

Unpresented

Dividend

Uncredited cheque

credit transfer

Antwortdetails

Uncredited cheque: This have to be deducted when starting balance as per cash book

Lies die Unterrichtsnotiz zu Cashbook (JAMB)

Cashbook

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Frage 8 Bericht

	₦
Plant and Machinery	190 000
Motor Vehicle	170 000
Stock	60 000
Current Liabilities	50 000
Purchase consideration	400 000

Determine the amount of goodwill.

₦110 000

₦ 80 000

₦ 90 000

₦ 30 000

Antwortdetails

To determine the amount of goodwill, we need to first understand what goodwill is. Goodwill is an intangible asset that represents the value of a company's reputation, brand name, customer base, and other intangible factors that contribute to its overall value. In this case, we have been given a balance sheet that includes the purchase consideration, which is the amount paid for the acquisition of another company. The purchase consideration includes the fair market value of the assets and liabilities of the company being acquired. To calculate the goodwill, we need to subtract the fair market value of the net assets acquired from the purchase consideration. The net assets acquired are the total assets acquired minus the total liabilities acquired. The fair market value of the net assets acquired is calculated as follows: Plant and Machinery: ₦190,000 Motor Vehicle: ₦170,000 Stock: ₦60,000 Total Assets: ₦420,000 Current Liabilities: ₦50,000 Net Assets: ₦370,000 Therefore, the fair market value of the net assets acquired is ₦370,000. To calculate the goodwill, we subtract the fair market value of the net assets acquired from the purchase consideration: Goodwill = Purchase Consideration - Fair Market Value of Net Assets Acquired Goodwill = ₦400,000 - ₦370,000 Goodwill = ₦30,000 Therefore, the amount of goodwill in this case is ₦30,000.

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

Nature And Significance Of Accounting

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Frage 9 Bericht

The principle of double entry developed from the axioms of accounting equation is given as

Assets + Liability = Equity

Assets + Equity = Liabilities

Liabilities + Equity = Asset

Liabilities + Equity = Net assets

Antwortdetails

Liabilities + Equity = Asset is given as the fundamental equation

Lies die Unterrichtsnotiz zu The Accounting Equation And Double Entry Principle (WAEC)

The Accounting Equation And Double Entry Principle

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Frage 10 Bericht

The following appears in trading account except

sales

carriage outward

carriage inward

opening stock

Antwortdetails

carriage outward: it is the cost of transporting goods from the company to the buyer. it is on debit side of the profit and loss account because it is an expenses incurred on distributing the goods to customer.

Lies die Unterrichtsnotiz zu Manufacturing Accounts (JAMB)

Lies die Unterrichtsnotiz zu Stock Valuation (JAMB)

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

Manufacturing Accounts

Stock Valuation

Nature And Significance Of Accounting

Antwort anzeigen

Frage 11 Bericht

Which of these is the main source document for recording cash paid into bank?

invoice

cheque book

credit note

pay-in-slip

Antwortdetails

The main source document for recording cash paid into a bank is a pay-in-slip. Explanation: When a business or an individual deposits cash into a bank account, a pay-in-slip is filled out to record the transaction. A pay-in-slip is a document provided by the bank that contains information about the account holder, account number, and the amount of cash being deposited. The pay-in-slip also includes a section where the account holder can list the currency denominations of the cash being deposited. The pay-in-slip serves as a source document for recording the cash deposit in the accounting records of the business. It contains information that is used to create a journal entry to record the cash deposit. The journal entry would typically include a debit to the bank account and a credit to the cash account. In contrast, an invoice is a document used to request payment from a customer, while a credit note is a document used to provide a refund or credit to a customer. A cheque book contains blank cheques that are used to make payments from a bank account. These documents are not used to record cash paid into a bank, and thus, are not the main source document for such transactions. Therefore, the correct answer is pay-in-slip.

Lies die Unterrichtsnotiz zu Cashbook (JAMB)

Cashbook

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Frage 12 Bericht

	₦
Stock Jan 1	2600
Purchases	4000
Carriage inwards	500
Sales	9000
Carriage outwards	500

Determine the net profit.

₦4,000

₦4,500

₦5,000

₦1,400

Manufacturing Accounts

Stock Valuation

Accounts Of Not-for-profit-making Organizations

Nature And Significance Of Accounting

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Frage 13 Bericht

Goodwill can be created in the books of a partnership firm when

the partnership experiences super profit

a new member is admitted

the business is being expanded

the business suffers high loss

Antwortdetails

The partnership experiences super profit: super profit is the profit that is generated by intangible asset or the profit that is attributed by the tangible asset when such profit is capitalized we get intangible asset or goodwill

Lies die Unterrichtsnotiz zu Partnership Accounts (WAEC)

Partnership Accounts

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Frage 14 Bericht

Discount allowed is enjoyed by

Managers

Customers

Suppliers

Staff of the company

Antwortdetails

Discount allowed is enjoyed by customers. A discount is a reduction in the regular price of a product or service. When a company allows a discount, it means that the customer can purchase the product or service at a lower price. This can be used as a marketing strategy to attract more customers or to clear out inventory. In simple terms, the customer gets a price break or savings on the purchase they make.

Lies die Unterrichtsnotiz zu Ethics In Accounting (JAMB)

Ethics In Accounting

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Frage 15 Bericht

The discount column on the left-hand side of cashbook represents a discount

received from a creditor

allowed to a debtor

received from a debtor

allowed to a creditor

Antwortdetails

The discount column on the left-hand side of a cashbook usually represents a discount that is allowed to a debtor. This means that when a debtor pays their invoice or bill within a certain time period, they are eligible for a discount on the total amount owed. This discount is reflected in the cashbook by reducing the amount of cash received from the debtor by the discount amount. For example, if a debtor owes $100 and they are allowed a 5% discount if they pay within 10 days, they will only need to pay $95 if they pay within the specified time frame. In the cashbook, the total amount of cash received from the debtor would be recorded as $95, with the $5 discount amount recorded in the discount column. It's important to note that the discount column on the cashbook can also be used to record discounts that are received from a creditor, but this is less common. In this case, the discount column would show the amount of discount received from the creditor when paying an invoice or bill early or on time.

Lies die Unterrichtsnotiz zu Cashbook (JAMB)

Cashbook

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Frage 16 Bericht

In manufacturing account, depreciation of office machine is charged to

trading account

appropriation account

balance street

profit and loss account

Antwortdetails

In a manufacturing account, the depreciation of office machines is charged to the profit and loss account. The profit and loss account is a financial statement that shows a company's revenues, expenses, and net income over a certain period of time, typically a fiscal year or quarter. This statement is used to determine a company's profitability and evaluate its financial performance. Depreciation is an accounting term that refers to the reduction in value of a fixed asset, such as an office machine, due to wear and tear, obsolescence, or other factors. By charging the depreciation of an office machine to the profit and loss account, the company is recognizing the decrease in value of the asset and the impact it has on its financial performance. In summary, in a manufacturing account, the depreciation of office machines is charged to the profit and loss account to accurately reflect the financial impact of the decrease in value of the asset.

Lies die Unterrichtsnotiz zu Manufacturing Accounts (JAMB)

Manufacturing Accounts

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Frage 17 Bericht

Salaries in arrears is treated in the balance sheet as a

current asset

current liability

fixed asset

long term liability

Antwortdetails

Salaries in arrears is treated as a current liability in the balance sheet. This means that it represents a debt or an obligation that a company owes to its employees for work that has already been done but not yet paid for. When a company has salaries in arrears, it means that they have not paid their employees their full salary for the current accounting period. This could be due to a delay in payment processing, an error in calculation, or other reasons. Since the payment of the outstanding salaries is expected to happen within a short period of time (usually within the next accounting period), it is considered a current liability. It is listed on the balance sheet under the current liabilities section, along with other short-term debts that the company owes, such as accounts payable, taxes payable, and other accrued expenses. It's important to note that once the company pays the outstanding salaries, the amount of the liability will be reduced and it will no longer appear on the balance sheet.

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

Nature And Significance Of Accounting

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Frage 18 Bericht

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

increased financial activities

government intervention

credit as a factor in business

payment for goods in cash

Nature And Significance Of Accounting

Principles Of Double Entry

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Frage 19 Bericht

A part of public company's profits belonging to the shareholders is

public issue

bonus

right issue

dividends

Antwortdetails

Dividends are a part of a public company's profits that are distributed among its shareholders. In simple terms, it's like a payment made to the owners of the company (the shareholders) for their investment. It's a way for the company to share its success with its shareholders. The amount of dividends a shareholder receives depends on the number of shares they own.

Lies die Unterrichtsnotiz zu Joint Venture Accounts (JAMB)

Lies die Unterrichtsnotiz zu Partnership Accounts (JAMB)

Joint Venture Accounts

Partnership Accounts

Antwort anzeigen

Frage 20 Bericht

What is the main purpose of transaction file?

To record assets and liabilities

To update income and expenses

to update master files

to make organization decision

Antwortdetails

The main purpose of organization file is to update the master file of the organization

Lies die Unterrichtsnotiz zu Information Technology In Accounting (WAEC)

Information Technology In Accounting

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Frage 21 Bericht

The account where the profit are distributed to the partner in their profit sharing ratio in partnership

Trading account

Appropriation account

Balance sheet

Profit and loss account

Antwortdetails

The profit in a partnership is usually distributed to the partners in their profit sharing ratio through an appropriation account. This account is used to track the allocation of profits and losses among the partners and ensure that each partner receives their fair share of the profits. The appropriation account is a temporary account that is closed at the end of the accounting period and the amounts are transferred to the partners' capital accounts. The partners' capital accounts show the partners' individual ownership interests in the partnership and their share of the profits and losses.

Lies die Unterrichtsnotiz zu Partnership Accounts (WAEC)

Partnership Accounts

Antwort anzeigen

Frage 22 Bericht

When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added

Unpresented cheque

Dividend

Uncredited cheque

credit transfer

Antwortdetails

Uncredited cheque have to be less when starting with balance as per cashbook not add because the cheque are yet to be credited by the bank

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 23 Bericht

	₦
Balance as per cashbook	5 467
Uncredited cheques	4 410
Unpresented cheques	19 404
Cheques wrongly debited by bank	1 404

The balance as per bank statement is

₦21,901

₦19,021

₦21,109

₦21,091

Antwortdetails

The balance as per bank statement can be calculated by subtracting the uncredited cheques, unpresented cheques, and cheques wrongly debited by the bank from the balance as per cashbook. So, the balance as per bank statement = ₦5467 (balance as per cashbook) - ₦4410 (uncredited cheques) - ₦19404 (unpresented cheques) - ₦1404 (cheques wrongly debited by bank) = ₦21,091. Therefore, the balance as per bank statement is ₦21,091.

Lies die Unterrichtsnotiz zu Cashbook (JAMB)

Cashbook

Antwort anzeigen

Frage 24 Bericht

Which of these is the subsidiary book for return inwards?

Sales day book

Sales return journal

Purchases day journal

Cash book

Antwortdetails

The subsidiary book for return inwards is the Sales return journal. It is used to record any goods returned by customers to the business. This journal is a type of subsidiary book used in the accounting process to record transactions related to sales returns, and it helps in keeping a record of all the goods returned by customers. When customers return goods, the business needs to record this transaction separately from the original sales transaction. This is because the return of goods will affect the revenue earned by the business, and it also affects the inventory of the business. The Sales return journal is used to record the details of the goods returned by the customers, such as the date of the return, the quantity of the goods returned, the reason for the return, and the amount refunded or credited to the customer. In summary, the Sales return journal is the subsidiary book for return inwards because it is used to record all the transactions related to goods returned by customers.

Lies die Unterrichtsnotiz zu Cashbook (JAMB)

Cashbook

Antwort anzeigen

Frage 25 Bericht

	₦
Debtors opening	4000
Debtors clsoing	1500
Cash received from debtors	8500
Bad debts written off	350
Discount allowed	500
Discount Received	1000

What is the amount of sales of sales for the year?

₦3850

₦6650

₦1550

₦6850

Antwortdetails

Dr Total Debtors Control A/c Cr

$\begin{matrix} bal b/f.....4,000 & Cash received..... 8,500 \\ Credit sales.....6,850 & Bad debt written off.....50 \\ Dr. Allowed.....500 \\ bal c/d.....1,500 \\ 10, 850 & 10, 850 \\ bal b/d.....1,500 \end{matrix}$

D is correct ₦6850 as the sales for the year accordingly to the above calculations
The total debtors account is meant to control the transactions with customers whether in cash or credits and to know the remaining cash receivables from customers.

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 26 Bericht

A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a

original entry

contra entry

prime entry

contract entry

Antwortdetails

The double entry for a transaction that offsets one amount against another on both sides of the cashbook is called a "contra entry". A contra entry is a type of accounting entry where two transactions are recorded simultaneously, but in opposite directions, in order to offset each other. This means that the amount debited in one account is equal to the amount credited in another account, resulting in a net effect of zero on the total balance sheet. For example, if a company pays off a debt using cash from their bank account, a contra entry will be made in the cashbook. The bank account will be credited with the payment amount, while the cash account will be debited with the same amount. This results in a zero net effect on the total balance sheet because the company's assets (cash) have decreased by the same amount that their liabilities (debt) have decreased. In summary, contra entries are used to record transactions that offset each other, resulting in no net effect on the total balance sheet. They are important in maintaining accurate accounting records and ensuring that financial statements are correct.

Lies die Unterrichtsnotiz zu Principles Of Double Entry (JAMB)

Principles Of Double Entry

Antwort anzeigen

Frage 27 Bericht

	₦
Stock Jan 1	2000
Purchases	4000
Carriage inwards	500
Sales	9000
Carriage outwards	500

Carriage outwards

₦9,000

₦2,500

₦3,000

₦1,500

Antwortdetails

Sales9000Stock Jan 12000Purchases4000Carriage inwards5006500Gross profit2500

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

Nature And Significance Of Accounting

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Frage 28 Bericht

When expenses are paid on behalf of the venture, the accounting entries is to debit

bank account and credit joint venture account

expenses account and credit bank account

joint venture account and credit expenses account

joint venture account and credit bank account

Antwortdetails

Joint venture account is an account that all expenditure incurred for the venture is debited and all income is credited to.
Debit joint venture and credit bank account because expenses incurred on behalf of the venture has to be debited to the joint venture account and since the money is joint out the bank must be credited to balance the account

Lies die Unterrichtsnotiz zu Joint Venture Accounts (JAMB)

Joint Venture Accounts

Antwort anzeigen

Frage 29 Bericht

one of the options below is not the source of income for non- profit organization

Entrance fees

subscription/dues

odrinary shares

Donations

Antwortdetails

The option that is not a source of income for a non-profit organization is "ordinary shares." Non-profit organizations are established to serve a particular purpose or mission, such as social welfare, charity, education, religion, or scientific research. These organizations operate on a non-profit basis, which means that their primary objective is not to generate profits for their owners or shareholders, but to fulfill their mission and provide benefits to the community they serve. Non-profit organizations rely on various sources of income to support their operations and programs. Some of the common sources of income for non-profit organizations include entrance fees, subscription/dues, and donations. Entrance fees and subscription/dues are fees charged to members of the organization or the public for the privilege of accessing the organization's services, programs, or events. Donations, on the other hand, are voluntary contributions made by individuals, foundations, corporations, or government agencies to support the organization's mission and activities. However, ordinary shares are not a source of income for non-profit organizations because non-profit organizations do not issue shares or have shareholders. Ordinary shares represent ownership in a for-profit corporation, and the dividends paid on those shares are a return on investment to the shareholders. Since non-profit organizations are not established for the purpose of generating profits for their owners or shareholders, they do not issue shares or distribute dividends.

Lies die Unterrichtsnotiz zu Accounts Of Not-for-profit Making Organizations (WAEC)

Accounts Of Not-for-profit Making Organizations

Antwort anzeigen

Frage 30 Bericht

Given:

I. Settlement of debts

II. Cessation of business

III. Introduction of assets

IV. Disposal of assets

Which of these constitutes dissolution of partnership?

II and IV only

I,II and IV only

I,II and III only

II,III and IV only

Antwortdetails

Dissolution of partnership business simply means the break up of partnership business and which are caused by many factors
II,III and IV: disposal of asset does not constitute dissolution

Lies die Unterrichtsnotiz zu Partnership Accounts (WAEC)

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

Partnership Accounts

Nature And Significance Of Accounting

Antwort anzeigen

Frage 31 Bericht

Changes can occur in partnership when:

I. partnership is dissolved

Ii. There is amalgamation of partnership

Iii.There is a change in the profit or loss sharing ratio

Iv. Intangible asset increase

I,II and IV

I & III

I,II and III

I, III and IV

Antwortdetails

I II and III:Changes will occur in partnership is dissolved amalgamation and changes in profit or loss sharing ratio

Lies die Unterrichtsnotiz zu Partnership Accounts (JAMB)

Partnership Accounts

Antwort anzeigen

Frage 32 Bericht

The correct expression of accounting equation is

Assets = Liabilities + Equity

Net assets = Liabilities + Equity

Assets + Liabilities = Equity

Assets = Equity - liabilities

Antwortdetails

The correct expression of the accounting equation is: Assets = Liabilities + Equity. The accounting equation is the foundation of double-entry accounting and is used to describe the relationship between a company's assets, liabilities, and equity. Assets are the resources a company owns and uses to generate revenue, such as cash, equipment, and inventory. Liabilities are the debts a company owes to others, such as loans or accounts payable. Equity represents the ownership interest in the company and includes items like common stock and retained earnings. The equation states that the total value of a company's assets must equal the sum of its liabilities and equity. This makes sense because a company's assets are either financed by debt (liabilities) or by the owners' investments (equity). In other words, the accounting equation is a snapshot of a company's financial position at a specific moment in time, showing how its resources are being used to finance its operations.

Lies die Unterrichtsnotiz zu The Accounting Equation And Double Entry Principle (WAEC)

The Accounting Equation And Double Entry Principle

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Frage 33 Bericht

Given:

I. Cash refunds

II. Debit note issued

III. Dishonored cheque

IV. Purchases

The item on the credit side of purchases ledger control account includes

I,II and III only

I and II only

III and IV only

I, III and IV only

Antwortdetails

The item on the credit side of the purchases ledger control account is purchases. This is because the purchases ledger control account is used to keep track of the total amount of purchases made on credit by a business. When a purchase is made, the supplier's account is debited and the purchases ledger control account is credited for the same amount. Out of the given options, none of them specifies anything related to the credit side of purchases ledger control account except option (D) - I, III, and IV only. However, option (D) includes all the options except II which is not directly related to the purchases ledger control account. Cash refunds, dishonored cheques, and purchases are all transactions that affect the purchases ledger control account. Therefore, the correct answer is option (D) - I, III, and IV only.

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

Lies die Unterrichtsnotiz zu Ethics In Accounting (JAMB)

Lies die Unterrichtsnotiz zu Cashbook (JAMB)

Bank Transactions And Reconciliation Statements

Ethics In Accounting

Cashbook

Antwort anzeigen

Frage 34 Bericht

Capital for a profit making organization is generated through

Subscription

shares

donation

gift

Antwortdetails

Share: profit making organizations use different shares such as ordinary and preference shares to source for money from the public

Lies die Unterrichtsnotiz zu Partnership Accounts (WAEC)

Lies die Unterrichtsnotiz zu The Accounting Equation And Double Entry Principle (WAEC)

Partnership Accounts

The Accounting Equation And Double Entry Principle

Antwort anzeigen

Frage 35 Bericht

In the period of rising prices, which method of stock valuation is most appropriate?

Last in First Out

weighted average

First in First Out

Simple average

Antwortdetails

In the period of rising prices, it's important to use a stock valuation method that accurately reflects the current market value of the stock. One of the most widely used methods for this purpose is the Weighted Average method. The Weighted Average method takes into account the cost of the stock and the number of shares purchased at different times and prices. It then calculates the average cost per share by weighting the cost of each purchase based on the number of shares bought at that price. This method provides a more accurate picture of the current market value of the stock, as it takes into account any changes in the stock price over time. The other methods, such as First in First Out (FIFO) or Last in First Out (LIFO), only take into account the cost of the first or last shares purchased and may not accurately reflect the current market value of the stock. The Simple Average method, on the other hand, only calculates the average cost of all the shares purchased and does not take into account the number of shares bought at each price. In summary, the Weighted Average method is the most appropriate method of stock valuation in the period of rising prices as it provides a more accurate reflection of the current market value of the stock.

Lies die Unterrichtsnotiz zu Stock Valuation (JAMB)

Stock Valuation

Antwort anzeigen

Frage 36 Bericht

Which of these is a content of a master file?

All records relevant to the organisation.

Records of assets of the organisation

A collection of data items

All records relating to employees

Antwortdetails

A master file is a collection of organized and structured data that serves as the primary source of data for an organization's operational and transactional systems. It typically contains data that is considered permanent or long-lasting, such as employee data, customer data, or inventory data. Out of the options listed, the content of a master file would be "all records relevant to the organization." This includes any data that is critical to the organization's operations, such as customer information, transactional data, financial data, and inventory data. Records of assets of the organization may be part of a master file if they are critical to the organization's operations, such as inventory data or fixed asset data. A collection of data items may be part of a master file if the data items are critical to the organization's operations, such as customer data or transactional data. Similarly, all records relating to employees may be part of a master file if employee data is critical to the organization's operations, such as payroll data or HR data. However, it is important to note that a master file can contain many types of data, not just data related to employees. In summary, a master file is a collection of critical data that serves as the primary source of data for an organization's operational and transactional systems, and it can include a variety of data types depending on the organization's needs.

Lies die Unterrichtsnotiz zu Information Technology In Accounting (WAEC)

Information Technology In Accounting

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Frage 37 Bericht

Which of the following is used to service all operations of government?

Consolidated Revenue Fund

Consolidated Reserve Fund

Special Operational Fund

General-Reserve Fund

Antwortdetails

The answer is Consolidated Revenue Fund. The Consolidated Revenue Fund is a central pool of money that the government uses to finance its operations and meet its financial obligations. It is made up of all the money the government collects through taxes, fees, and other sources of revenue. All government expenses, such as salaries of government employees, healthcare, education, defense, and infrastructure development, are paid from the Consolidated Revenue Fund. In simpler terms, the Consolidated Revenue Fund is like the government's bank account, from which all its expenses are paid. It is essential for the government to manage this fund properly to ensure that it can continue to provide services to the public and meet its obligations.

Lies die Unterrichtsnotiz zu Public Sector Accounting (JAMB)

Public Sector Accounting

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Frage 38 Bericht

Which of these accounts is dissolution expenses credited?

Partners capital account

Revaluation account

Partners current account

Realization account

Antwortdetails

When a partnership firm is dissolved, all the assets are sold and liabilities are paid off. The remaining amount is distributed among the partners. However, there may be some expenses that need to be paid for winding up the business, such as legal fees, accounting fees, etc. These expenses are known as dissolution expenses. To record the dissolution expenses, we need to credit an account. The account that is credited for dissolution expenses is the realization account. The realization account is a nominal account that is used to record the sale of assets, payment of liabilities, and any other adjustments related to the dissolution of the partnership. Option D: Realization account is the correct answer. Partners capital account is a personal account used to record the capital contributed by each partner and their share of profits/losses. Revaluation account is a nominal account that is used to record the revaluation of assets and liabilities during the dissolution of the partnership. Partners current account is a personal account that is used to record the transactions between the partnership and each partner, such as drawings, interest on capital, and salary. Therefore, the correct answer is option D: Realization account.

Lies die Unterrichtsnotiz zu Partnership Accounts (JAMB)

Lies die Unterrichtsnotiz zu Provisions And Reserves (WAEC)

Partnership Accounts

Provisions And Reserves

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Frage 39 Bericht

Processed data is only useful to user if it is

complex

quantitative

relevant

qualitative

Antwortdetails

Processed data is only useful to a user if it is relevant. Processing data involves transforming raw data into a more usable format, such as creating graphs, tables, or summaries. This process helps to organize the data and make it easier to understand. However, even with this processing, data may not be useful unless it is relevant to the user's needs. Relevance refers to whether the processed data provides information that is meaningful and useful to the user. For example, if a user is trying to understand the performance of a particular product, then processed data that shows the sales figures for that product would be relevant. However, if the processed data only shows sales figures for unrelated products, then it would not be useful to the user. In summary, processed data is only useful if it is relevant to the user's needs. This means that the processed data must provide information that is meaningful and useful to the user, helping them to make informed decisions or take appropriate actions based on the data.

Lies die Unterrichtsnotiz zu Public Sector Accounting (WAEC)

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

Public Sector Accounting

Nature And Significance Of Accounting

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Frage 40 Bericht

The accounting entries for goods stolen in branch will be to debit

branch stock account and credit branch adjustment account

branch adjustment account and credit profit and loss account

branch adjustment account and credit branch stock account

Antwortdetails

A branch account is a small part of business account operating with some degree of independence . It maintains its own personal/self accounting entries to determine the profit/loss made by a specific period of time

The accounting entries is to debit profit and loss account and credit branch stock. The profit and loss is debited because the cost of the stolen goods must be charged against the profit for the period to balance the account and the branch stock account is credited because the cost of the goods is out of the branch already.

Lies die Unterrichtsnotiz zu Branch Accounts (JAMB)

Branch Accounts

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	Dept A	Dept B
	\(N\)
Sales	250000	500000
Purchases	150000	250000
Discount received	24000
Discount allowed	15000