JAMB UTME - Principles of Accounts - 2021

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

Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called

In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover

Given: i. The memorandum of association of the company ii. The article of association of the company iii. The incorporation documents.

From the above, which of the following is delivered to the registrar of companies for incorporation?

A source document is used for verifying the

Use the information below to answer this question
Zahki Plc balance sheet (extract) as at 31st December 1997.

                                            ₦                                             ₦
Paid up capital               200,000       Fixed assets        300,000
Share premium                15,000                                   
Profit and loss account     60,000          Investment           180,000
Long-term loan               180,000          Stock                      28,000
                                                              Debtors                  90,000
Creditors                        200,000          provision(3000)      87,000
Other current liabilities    100,000         Cash                       60,000
                                                              Bank                     100,000
                                        755,000                                   755,000     

Determine the owner's equity

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At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of 
₦180,000 it is however discovered that revenue of 
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.

The revenue to be added as an adjustment is

Capital and revenue expenditures of government are usually accounted for under funds which include

The accounting method that reports incomes when earned and expenses when incurred is called 

Use the information below to answer this question:
i. cash at bank  ii. cash in hand  iii. premises  iv. land  v. creditors  vi. loan from friends/bank

Determine the fixed assets

If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000?

Given:
                                  ₦
Bank overdraft       2,000
Cash                      2,000
Furniture                4,000

Derive the total amount on the credit side of the trial balance

The formular for calculating depreciation using straight line method is

Recurrent expenditures are expenses for the period not exceeding

Which of the following is a debit item in the purchase ledger control account?

Forlah, a stock broker bought stationery for ₦12,000 by cash. To record this transaction, debit

Given:
                        Lankoh Company Ltd
                                                      ₦
Stock                                        3,600,000
Cash at hand                               800,000
Cash in bank                            2,400,000
Debtors                                       580,000
Trade creditors                           920,000
Bank overdraft                            200,000
Tax liabilities                               600,000
Salary owed to staff                    180,000

What is the working capital?

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At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of 
₦180,000 it is however discovered that revenue of 
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.

Determine the adjusted net profit

Given:

Determine the total factory overhead cost

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A company advertised and issued 750,000, 12% preference shares of N1 each to be issued ₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis.

The share premium account would be

The prime cost is the total of the

Use the information below to answer this question:
i. cash at bank  ii. cash in hand  iii. premises  iv. land  v. creditors  vi. loan from friends/bank

What are the current assets?

The interest on partner's loan is

Given:
                                                                  ₦
Total debtors b/d 31/12/99                    25,000
Cheques received from debtors         255,000
Total debtors c/d 31/12/00                    15,000

Calculate the sales figure

The issued share capital is the number of shares that are 

Use the information below to answer this question

A company advertised and issued 750,000, 12% preference shares of N1 each to be issued ₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis.

The second final call account was debited with

The major objectives of departmental account is to ascertain the

The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of

The principle of double entry system ensures

Use the information below to answer this question
Zahki Plc balance sheet (extract) as at 31st December 1997.

                                            ₦                                             ₦
Paid up capital               200,000       Fixed assets        300,000
Share premium                15,000                                   
Profit and loss account     60,000      Investment           180,000
Long-term loan               180,000      Stock                      28,000
                                                           Debtors                  90,000
Creditors                        200,000       provision(3000)      87,000
Other current liabilities    100,000      Cash                       60,000
                                                           Bank                     100,000
                                        755,000                                   755,000     

The quick ratio is

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It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.

The depreciation to be charged to department B is

Sales ledger control account contains the total amount in respect of

The ordinary shareholders enjoy the following right except the right to

Which of the following stock valuation method is suitable under inflationary conditions?

The corresponding entry of personal accounts  found in the debit side of the cashbook is to 

The excess of income over expenditure is usually transferred to the

The two leThe two legally recognized professional accounting bodies in Nigeria are the gally recognized professional accounting bodies in Nigeria are the