JAMB UTME - Principles of Accounts - 2005

Ibeere 1 Ìròyìn

A component of an overhead manufacturing cost is?

cost of work-in-progress Ìdáhùn tó tọ́

cost of finished goods

labour

rent

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Manufacturing Accounts (JAMB)

Ka ìwé ẹ̀kọ́ nípa Nature And Significance Of Accounting (JAMB)

Manufacturing Accounts

Nature And Significance Of Accounting

Wo Idahun

Ibeere 2 Ìròyìn

Given:Liabilities..............₦23,700

Current assets...........₦20,300

Fixed assets.............₦64,500What is the capital introduced by the proprietor?

₦40,800

₦61,100 Ìdáhùn tó tọ́

₦88,200

₦108 500

Awọn alaye Idahun

We can use the accounting equation: Assets = Liabilities + Capital We have the values for Liabilities and the total Assets, which is the sum of Current assets and Fixed assets. Assets = Current assets + Fixed assets = ₦20,300 + ₦64,500 = ₦84,800 Now we can rearrange the equation to solve for Capital: Capital = Assets - Liabilities = ₦84,800 - ₦23,700 = ₦61,100 Therefore, the capital introduced by the proprietor is ₦61,100.

Ka ìwé ẹ̀kọ́ nípa The Final Accounts Of A Sole Trader/proprietorship (WAEC)

Ka ìwé ẹ̀kọ́ nípa Nature And Significance Of Accounting (JAMB)

The Final Accounts Of A Sole Trader/proprietorship

Nature And Significance Of Accounting

Wo Idahun

Ibeere 3 Ìròyìn

The current ratio is

1:1

2:1 Ìdáhùn tó tọ́

2.8:1

3.5:1

Awọn alaye Idahun

The current ratio is a financial ratio that measures a company's ability to pay its current liabilities using its current assets. It is calculated by dividing current assets by current liabilities. For example, a current ratio of 2:1 means that a company has 2 units of current assets for every unit of current liabilities. The higher the current ratio, the better a company's liquidity position, as it indicates the company has enough assets to cover its short-term debts. Therefore, a higher current ratio is generally considered more favorable, while a lower current ratio may indicate that a company may struggle to meet its short-term financial obligations.

Ka ìwé ẹ̀kọ́ nípa Nature And Significance Of Accounting (JAMB)

Nature And Significance Of Accounting

Wo Idahun

Ibeere 4 Ìròyìn

Determine the closing stock under LOFO method

₦575 Ìdáhùn tó tọ́

₦500

₦375

₦275

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Stock Valuation (JAMB)

Stock Valuation

Wo Idahun

Ibeere 5 Ìròyìn

If the assets and liabilities of a firm were valued at ?17,200 and ?5,120 respectively, the capital of the firm would be?

?22 320

?17 200

?12 080 Ìdáhùn tó tọ́

₦5 120

Awọn alaye Idahun

The capital of a firm is the difference between its total assets and total liabilities. Therefore, to calculate the capital of the firm, we need to subtract the total liabilities from the total assets. Given that the assets and liabilities are valued at ?17,200 and ?5,120 respectively, the capital of the firm would be: Capital = Total assets - Total liabilities Capital = ?17,200 - ?5,120 Capital = ?12,080 Therefore, the capital of the firm is ?12,080. Option C - ?12,080 is the correct answer.

Ka ìwé ẹ̀kọ́ nípa Nature And Significance Of Accounting (JAMB)

Nature And Significance Of Accounting

Wo Idahun

Ibeere 6 Ìròyìn

A rent received by a trader for sub-letting part of his business premises should be added to the?

gross profit Ìdáhùn tó tọ́

total profit

net profit

total revenue

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Final Accounts Of A Sole Trader (JAMB)

Ka ìwé ẹ̀kọ́ nípa Cashbook (JAMB)

The Final Accounts Of A Sole Trader

Cashbook

Wo Idahun

Ibeere 7 Ìròyìn

Use the information below to answer questions Purchase:..Raw materials.................₦15 000

Finished goods...........................₦11 400

Stock:....(1/7/01)Raw materials..........₦2 250

Work-in-progress.........................₦1 875

Wages:.....Direct........................₦17 100

Indirect.................................₦5 400

Stock:.....(30/06/02)Raw materials.......₦3 000

Work-in-progress.........................₦3 375What is the cost of manufactured goods?

₦49 125

₦48 750

₦37 625

₦35 250 Ìdáhùn tó tọ́

Awọn alaye Idahun

To calculate the cost of manufactured goods, we need to find the total cost of production during the period. Total cost of raw materials = opening stock + purchase - closing stock Total cost of raw materials = ₦2,250 + ₦15,000 - ₦3,000 = ₦14,250 Total direct wages = ₦17,100 Total indirect wages = ₦5,400 Total wages = ₦17,100 + ₦5,400 = ₦22,500 Total manufacturing cost = raw materials + direct wages + indirect wages Total manufacturing cost = ₦14,250 + ₦22,500 = ₦36,750 Cost of manufactured goods = total manufacturing cost + opening work-in-progress - closing work-in-progress Cost of manufactured goods = ₦36,750 + ₦1,875 - ₦3,375 = ₦35,250 Therefore, the cost of manufactured goods is ₦35,250.

Ka ìwé ẹ̀kọ́ nípa Manufacturing Accounts (JAMB)

Ka ìwé ẹ̀kọ́ nípa Nature And Significance Of Accounting (JAMB)

Manufacturing Accounts

Nature And Significance Of Accounting

Wo Idahun

Ibeere 8 Ìròyìn

Use the information below to answer questions Purchase:..Raw materials.................₦15 000

Finished goods...........................₦11 400

Stock:....(1/7/01)Raw materials..........₦2 250

Work-in-progress.........................₦1 875

Wages:.....Direct........................₦17 100

Indirect.................................₦5 400

Stock:.....(30/06/02)Raw materials.......₦3 000

Work-in-progress.........................₦3 375The cost of raw materials consumed is?

₦17 250

₦15 750

₦15 000

₦14 250 Ìdáhùn tó tọ́

Awọn alaye Idahun

The cost of raw materials consumed can be calculated as follows: Beginning Raw Materials Inventory (1/7/01) = ₦2,250 Add: Purchases of Raw Materials = ₦15,000 Raw Materials Available for Use = ₦17,250 Less: Ending Raw Materials Inventory (30/06/02) = ₦3,000 Raw Materials Consumed = ₦14,250 Therefore, the cost of raw materials consumed is ₦14,250. Option (D) is the correct answer.

Ka ìwé ẹ̀kọ́ nípa Manufacturing Accounts (JAMB)

Ka ìwé ẹ̀kọ́ nípa Stock Valuation (JAMB)

Manufacturing Accounts

Stock Valuation

Wo Idahun

Ibeere 9 Ìròyìn

A company incurred ₦21 000 in running its four departments, namely J,K,L and M with a corresponding number of employees as 1500, 2000, 3000 and 500 respectively. What is the share of department K?

₦9000

₦6000 Ìdáhùn tó tọ́

₦4500

₦1500

Awọn alaye Idahun

To find the share of department K, we need to calculate the ratio of the number of employees in department K to the total number of employees in all departments, and then multiply that ratio by the total cost incurred by the company. The total number of employees in all departments is: 1500 + 2000 + 3000 + 500 = 7000 The ratio of the number of employees in department K to the total number of employees in all departments is: 2000/7000 = 2/7 Therefore, the share of department K is: (2/7) x ₦21,000 = ₦6,000 So the answer is ₦6,000.

Ka ìwé ẹ̀kọ́ nípa Departmental Accounts (JAMB)

Departmental Accounts

Wo Idahun

Ibeere 10 Ìròyìn

The item that are contained in the bought ledger control account are?

discount allowed, bad debts and purchases

dishonoured cheques, returns inwards and sales

returns outwards, bad debts outewards and sales Ìdáhùn tó tọ́

discount received, returns outwards and purchases

Awọn alaye Idahun

Wo Idahun

Ibeere 11 Ìròyìn

Departmental accounts are prepared to aid the comparison of the?

previous year's transactions

daily profits

workers' performances Ìdáhùn tó tọ́

management performances

Awọn alaye Idahun

Departmental accounts are prepared to aid the comparison of the revenues, expenses, and profits of different departments within an organization. This helps management to identify which departments are performing well and which ones need improvement. By comparing the financial information of each department, managers can make more informed decisions about how to allocate resources, set goals, and evaluate performance. Therefore, departmental accounts are used to evaluate management performance rather than workers' performances or daily profits.

Ka ìwé ẹ̀kọ́ nípa Departmental And Branch Accounts (WAEC)

Ka ìwé ẹ̀kọ́ nípa Departmental Accounts (JAMB)

Departmental And Branch Accounts

Departmental Accounts

Wo Idahun

Ibeere 12 Ìròyìn

The not-for-profit-making organizations generate their income mainly from?

bar sales

subcriptions Ìdáhùn tó tọ́

rents

pools

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Accounts Of Not-for-profit Making Organizations (WAEC)

Accounts Of Not-for-profit Making Organizations

Wo Idahun

Ibeere 13 Ìròyìn

Use the information below to answer questions Direct labour...................₦50 000

Beginning work-in-progress......₦4 000

Raw materials used..............₦18 000

Indirect labour.................₦4 000

Ending finished goods...........₦16 000

Ending work-in-progress.........₦9 000

Factory supplies used...........₦7 000

Selling expenses................₦25 000

Beginning finished goods........₦21 000

Other factory overheads.........₦19 000What is the cost of goods manufactured?

₦117 000

₦104 000

₦97 000

₦93 000 Ìdáhùn tó tọ́

Awọn alaye Idahun

The cost of goods manufactured is the total cost incurred in the production of finished goods during a particular period. It can be calculated by adding the total manufacturing costs for the period to the beginning work-in-progress and then subtracting the ending work-in-progress. Total manufacturing costs = Direct labour + Raw materials used + Factory supplies used + Other factory overheads + Indirect labour Total manufacturing costs = ₦50,000 + ₦18,000 + ₦7,000 + ₦19,000 + ₦4,000 = ₦98,000 Therefore, cost of goods manufactured = Beginning work-in-progress + Total manufacturing costs - Ending work-in-progress = ₦4,000 + ₦98,000 - ₦9,000 = ₦93,000 Hence, the cost of goods manufactured is ₦93,000.

Ka ìwé ẹ̀kọ́ nípa Manufacturing Accounts (JAMB)

Manufacturing Accounts

Wo Idahun

Ibeere 14 Ìròyìn

Gamji Memorial Club carried out an activity which yield a profit of ₦10 000. This amount is to be transferred to the?

debit side of its profit and loss account

credit side of its profit and loss account

debit side of its income and expenditure account

credit side of its income and expenditure account Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Accounts Of Not-for-profit-making Organizations (JAMB)

Ka ìwé ẹ̀kọ́ nípa Cashbook (JAMB)

Accounts Of Not-for-profit-making Organizations

Cashbook

Wo Idahun

Ibeere 15 Ìròyìn

The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch?

debtors' account

trading account

expenses account

cash account Ìdáhùn tó tọ́

Awọn alaye Idahun

The branch store account in the head office of Emeka Stores serves as the branch's "cash account". This means that all financial transactions such as sales, purchases, expenses, and receipts made by the branch are recorded in the branch store account by the head office. The branch store account is a record of all financial activities of the branch, including its cash position, and is used to monitor the financial performance of the branch.

Ka ìwé ẹ̀kọ́ nípa Departmental And Branch Accounts (WAEC)

Ka ìwé ẹ̀kọ́ nípa Branch Accounts (JAMB)

Departmental And Branch Accounts

Branch Accounts

Wo Idahun

Ibeere 16 Ìròyìn

Use the information below to answer questionsZazzau Company:Cash in hand................?50

Cash in bank................?1 250

Stock.......................?4 880

Furniture...................?9 60

Building....................?5 500

Debtor......................?1 750

Creditors...................?2 150Drawings of ?125 were made by the shareholders of the company.

The capital of the company stands at?

₦12 240 Ìdáhùn tó tọ́

₦12 115

₦2 510

₦2 150

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Cashbook (JAMB)

Cashbook

Wo Idahun

Ibeere 17 Ìròyìn

The concept that has much influence over asset valuation and income determination is?

entity

realization Ìdáhùn tó tọ́

conversactism

matching

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Accounting Concepts (WAEC)

Accounting Concepts

Wo Idahun

Ibeere 18 Ìròyìn

Use the information below to answer question Jide and Haruna contribute ₦12000 each as capital and share profit equally. Jide draws ₦1500 and Haruna ₦1700 half-yearly. The profit for the year is ₦10000. Jide receives a salary of ₦2000.The balances of current accounts of Jide and Haruna are respectively?

₦6000 and ₦5000

₦3000 and ₦3400

₦4000 and ₦4000

₦3000 and ₦600 Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Partnership Accounts (WAEC)

Ka ìwé ẹ̀kọ́ nípa Accounts Of Not-for-profit-making Organizations (JAMB)

Partnership Accounts

Accounts Of Not-for-profit-making Organizations

Wo Idahun

Ibeere 19 Ìròyìn

Goods withdraw from business for private use are credited to?

drawings

purchases Ìdáhùn tó tọ́

sales

capital

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Partnership Accounts (JAMB)

Ka ìwé ẹ̀kọ́ nípa Nature And Significance Of Accounting (JAMB)

Partnership Accounts

Nature And Significance Of Accounting

Wo Idahun

Ibeere 20 Ìròyìn

The capital employed is

₦13 000

₦9 900

₦8 400 Ìdáhùn tó tọ́

₦9 000

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Nature And Significance Of Accounting (JAMB)

Nature And Significance Of Accounting

Wo Idahun

Ibeere 21 Ìròyìn

Musa merchants Trading and profit and Loss Account for the year ended Dec. 31st, 2003. Determine the closing stock.

₦20 000

₦30, 000

₦40 000 Ìdáhùn tó tọ́

₦50,000

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Stock Valuation (JAMB)

Ka ìwé ẹ̀kọ́ nípa Nature And Significance Of Accounting (JAMB)

Stock Valuation

Nature And Significance Of Accounting

Wo Idahun

Ibeere 22 Ìròyìn

The tier of government that uses financial memorandum

Federal government

state government

local government Ìdáhùn tó tọ́

municipal government

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Public Sector Accounting (JAMB)

Public Sector Accounting

Wo Idahun

Ibeere 23 Ìròyìn

Mr Bassey purchased a motor vehicle for use in his business and debited the purchases account with the same value. This is an error of?

omission

principle Ìdáhùn tó tọ́

commission

original entry

Awọn alaye Idahun

The error described in the question is an error of principle. An error of principle occurs when a transaction is recorded in the wrong account, but the amount is correct. In this case, the purchase of a motor vehicle should have been debited to the motor vehicle account, which is a fixed asset account, instead of the purchases account, which is an expense account.

Ka ìwé ẹ̀kọ́ nípa Nature And Significance Of Accounting (JAMB)

Ka ìwé ẹ̀kọ́ nípa Principles Of Double Entry (JAMB)

Nature And Significance Of Accounting

Principles Of Double Entry

Wo Idahun

Ibeere 24 Ìròyìn

In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a?

debit entry

credit entry

contra entry Ìdáhùn tó tọ́

reversal entry

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Branch Accounts (JAMB)

Ka ìwé ẹ̀kọ́ nípa Control Accounts And Self-Balancing Ledgers (WAEC)

Ka ìwé ẹ̀kọ́ nípa Accounts Of Not-for-profit Making Organizations (WAEC)

Branch Accounts

Control Accounts And Self-Balancing Ledgers

Accounts Of Not-for-profit Making Organizations

Wo Idahun

Ibeere 25 Ìròyìn

Given:

...............................Jan.2003.........Dec. 2003

Provision for bad debt........₦1000

Debtors..........................................₦20000

Bad debt to be written off.......................₦2000The provision for bad debt stands at 10% of debtors. How much is to be charged to profit and loss account as provision for bad debt?

₦800

₦1000

₦1800

₦2000 Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Provisions And Reserves (WAEC)

Provisions And Reserves

Wo Idahun

Ibeere 26 Ìròyìn

A company paid cash in redemption of ₦10,000 debenture.

The accounting entry to record this will be to debit?

cash and credit debenture

debenture and credit cash Ìdáhùn tó tọ́

cash and credit capital

capital and debit cash

Awọn alaye Idahun

The accounting entry to record the payment of ₦10,000 debenture would be to debit the "debenture" account and credit the "cash" account. This is because the company is reducing its liability by redeeming the debenture, which is similar to paying off a loan. The debenture account is credited to show a decrease in the company's liabilities, and the cash account is debited to show the outflow of cash. Therefore, the correct answer is "debenture and credit cash".

Ka ìwé ẹ̀kọ́ nípa Cashbook (JAMB)

Ka ìwé ẹ̀kọ́ nípa Principles Of Double Entry (JAMB)

Cashbook

Principles Of Double Entry

Wo Idahun

Ibeere 27 Ìròyìn

Use the information to answer question .

A piece of equipment costing ₦120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for ₦31,500.The net book value of the piece of equipment at the time of sale was?

₦96 000

₦48 000

₦36 000 Ìdáhùn tó tọ́

₦24 000

Awọn alaye Idahun

To calculate the net book value of the equipment at the time of sale, we need to determine the total depreciation charged on the equipment from 1/1/1996 to 30/6/1999. The equipment was purchased on 1/1/1996, and it was sold on 30/6/1999, which means it was used for a period of 3 years and 6 months. Using the straight-line depreciation method, we can calculate the annual depreciation as 20% of the initial cost: Annual Depreciation = 20% x ₦120,000 = ₦24,000 The total depreciation over the 3 years and 6 months is therefore: Total Depreciation = 3.5 years x ₦24,000 per year = ₦84,000 To calculate the net book value, we need to subtract the total depreciation from the initial cost of the equipment: Net Book Value = ₦120,000 - ₦84,000 = ₦36,000 Therefore, the net book value of the piece of equipment at the time of sale was ₦36,000.

Ka ìwé ẹ̀kọ́ nípa Nature And Significance Of Accounting (JAMB)

Nature And Significance Of Accounting

Wo Idahun

Ibeere 28 Ìròyìn

Calculate the closing stock under FIFO method

₦875

₦675 Ìdáhùn tó tọ́

₦600

₦300

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Stock Valuation (JAMB)

Stock Valuation

Wo Idahun

Ibeere 29 Ìròyìn

Use the information below to answer questions Purchase:..Raw materials.................₦15 000

Finished goods...........................₦11 400

Stock:....(1/7/01)Raw materials..........₦2 250

Work-in-progress.........................₦1 875

Wages:.....Direct........................₦17 100

Indirect.................................₦5 400

Stock:.....(30/06/02)Raw materials.......₦3 000

Work-in-progress.........................₦3 375Determine the accumulated fund value?

₦9360

₦6320

₦4200

₦3000 Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Stock Valuation (JAMB)

Stock Valuation

Wo Idahun

Ibeere 30 Ìròyìn

Use the information below to answer questions 25 and26.Zazzau Company:Cash in hand................₦50

Cash in bank................₦1 250

Stock.......................₦4 880

Furniture...................₦9 60

Building....................₦5 500

Debtor......................₦1 750

Creditors...................₦2 150Drawings of ₦125 were made by the shareholders of the company.They company's net current assets amount to?

₦5 780 Ìdáhùn tó tọ́

₦5 70

₦6 580

₦7 930

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Nature And Significance Of Accounting (JAMB)

Nature And Significance Of Accounting

Wo Idahun

Ibeere 31 Ìròyìn

Use the information below to answer questions Direct labour...................₦50 000

Beginning work-in-progress......₦4 000

Raw materials used..............₦18 000

Indirect labour.................₦4 000

Ending finished goods...........₦16 000

Ending work-in-progress.........₦9 000

Factory supplies used...........₦7 000

Selling expenses................₦25 000

Beginning finished goods........₦21 000

Other factory overheads.........₦19 000Calculate the prime cost?

₦50 000

₦68 000 Ìdáhùn tó tọ́

₦70 000

₦75 000

Awọn alaye Idahun

Prime cost is the total cost of direct materials and direct labor used in production. To calculate the prime cost, we add the cost of direct labor and the cost of raw materials used. Direct labor = ₦50,000 Raw materials used = ₦18,000 Prime cost = Direct labor + Raw materials used Prime cost = ₦50,000 + ₦18,000 Prime cost = ₦68,000 Therefore, the prime cost is ₦68,000.

Ka ìwé ẹ̀kọ́ nípa Nature And Significance Of Accounting (JAMB)

Nature And Significance Of Accounting

Wo Idahun

Ibeere 32 Ìròyìn

The double principle of accounting was developed by?

Frank Wood

Luca Pacioli Ìdáhùn tó tọ́

Akintola Williams

William Pickles

Awọn alaye Idahun

Luca Pacioli is credited with the development of the double-entry principle of accounting. He was an Italian mathematician and friar who lived in the 15th century. Pacioli's book "Summa de Arithmetica, Geometria, Proportioni et Proportionalità" published in 1494, contained a section on double-entry bookkeeping which is considered as the first recorded treatise on accounting. The double-entry principle is a system of recording financial transactions that ensures the accuracy and completeness of accounting records. It involves recording each transaction in at least two accounts, with a debit in one account and an equal credit in another account.

Ka ìwé ẹ̀kọ́ nípa Principles Of Double Entry (JAMB)

Principles Of Double Entry

Wo Idahun

Ibeere 33 Ìròyìn

Given:

Purchases ledger balance..............₦4000

Purchases for the period..............₦50000

Cash refunded by suppliers............₦290

Cheques paid to suppliers..............₦42300

Returns outwards.......................₦2000

Discount received from suppliers.......₦400The balance of the purchases ledger control account is?

₦10390

₦9990

₦9590 Ìdáhùn tó tọ́

₦9010

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Partnership Accounts (JAMB)

Ka ìwé ẹ̀kọ́ nípa Nature And Significance Of Accounting (JAMB)

Partnership Accounts

Nature And Significance Of Accounting

Wo Idahun

Ibeere 34 Ìròyìn

Which of the following item is found on the credit side of the sales ledger control account?

Discount received

Dishonoured cheques

Credit sals Ìdáhùn tó tọ́

Bills receivable

Awọn alaye Idahun

Credit sales would be found on the credit side of the sales ledger control account. The sales ledger control account is used to track the total amount of credit sales made during a given period. Since credit sales are sales that are made on credit, the amount owed by customers for those sales would be recorded on the debit side of the sales ledger control account. Conversely, the total amount of credit sales made would be recorded on the credit side of the sales ledger control account. Therefore, credit sales is the correct option in this question.

Ka ìwé ẹ̀kọ́ nípa Control Accounts And Self-balancing Ledgers (JAMB)

Control Accounts And Self-balancing Ledgers

Wo Idahun

Ibeere 35 Ìròyìn

Yahya,s bank account shows a credit balance of ₦1500,000. He paid ₦1700,000 into the bank.

What is his expected balance?

Credit balance of ₦200,000

Debit balance of ₦200,000

credit balance of ₦3 200,000 Ìdáhùn tó tọ́

Debit balance of ₦3 200,000

Awọn alaye Idahun

Yahya's bank account initially has a credit balance of ₦1500,000. He then paid ₦1700,000 into the bank. This means that his total credit would be ₦1500,000 (initial credit balance) + ₦1700,000 (new deposit) = ₦3200,000. Therefore, his expected balance is a credit balance of ₦3,200,000. So, the answer is "credit balance of ₦3,200,000".

Ka ìwé ẹ̀kọ́ nípa Cashbook (JAMB)

Cashbook

Wo Idahun

Ibeere 36 Ìròyìn

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

Sales

issue Ìdáhùn tó tọ́

purchases

requisition

Awọn alaye Idahun

The movement of goods from head office to a branch is treated in the head office as an "issue". This means that the goods are being taken out of the inventory of the head office and being sent to the branch. The head office will record this transaction as an issue of goods to the branch, and the branch will record it as a receipt of goods from the head office. The purpose of this transaction is to transfer inventory from the head office to the branch so that the branch can sell or use the goods. By keeping track of these transactions, the head office can monitor the inventory levels at each branch and ensure that they have the necessary goods to operate effectively.

Ka ìwé ẹ̀kọ́ nípa Branch Accounts (JAMB)

Branch Accounts

Wo Idahun

Ibeere 37 Ìròyìn

₦12 000

₦10 000

₦8 000 Ìdáhùn tó tọ́

₦7 000

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Partnership Accounts (JAMB)

Partnership Accounts

Wo Idahun

Ibeere 38 Ìròyìn

In a three-column cash book,the discount allowed is shown on the?

debit side Ìdáhùn tó tọ́

credit side

folio column

memorandum column

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Cashbook (JAMB)

Cashbook

Wo Idahun

Ibeere 39 Ìròyìn

Musa merchants Trading and profit and Loss Account for the year ended Dec. 31st, 2003.

Determine the closing stock

₦20 000

₦30, 000

₦40 000 Ìdáhùn tó tọ́

₦50,000

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Stock Valuation (JAMB)

Stock Valuation

Wo Idahun

Ibeere 40 Ìròyìn

Use the information below to answer questions .subscription.....................₦5420

Canopy rent......................₦400

Wages............................₦1100

Post-ages........................₦300

Loss from bar....................₦160

Purchases of new furniture.......₦120

Premises.........................₦4000

Furniture at the beginning.......₦1120What is the cash balance in the receipts and payments account?

₦2 520

₦2600

₦3000

₦120

No option

Ìdáhùn tó tọ́

Awọn alaye Idahun

To determine the cash balance in the receipts and payments account, we need to calculate the total cash inflows and outflows during the period. From the given information, the cash inflows are the subscription amount of ₦5,420, and the canopy rent of ₦400. The cash outflows are wages of ₦1,100, postages of ₦300, loss from the bar of ₦160, and the purchase of new furniture of ₦120. We are not given any information on the cash received or paid for the premises or the furniture at the beginning, so we will not include those amounts. Therefore, the total cash inflows are ₦5,820 (₦5,420 + ₦400), and the total cash outflows are ₦1,680 (₦1,100 + ₦300 + ₦160 + ₦120). To determine the cash balance in the receipts and payments account, we need to subtract the total cash outflows from the total cash inflows. Total cash inflows - Total cash outflows = Cash balance in receipts and payments account ₦5,820 - ₦1,680 = ₦4,140 Therefore, the cash balance in the receipts and payments account is ₦4,140. Thus, the answer is not one of the options given which might be an error in the question.

Ka ìwé ẹ̀kọ́ nípa Cashbook (JAMB)

Cashbook

Wo Idahun

Ibeere 41 Ìròyìn

Five hundred naria monthly is allowed on an imprest system. The following transactions took place.Period1:

Cash advanced to petty cashier......₦500

Petty cashier paid out: stamp.......₦200

Newspaper...........................₦250Period 2:

Cash to petty cashier...............₦450

Cashier paid for writing materials..₦350How much should the petty cashier receive after period 2?

₦150

₦250 Ìdáhùn tó tọ́

₦350

₦500

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Final Accounts Of A Sole Trader (JAMB)

Ka ìwé ẹ̀kọ́ nípa Cashbook (JAMB)

The Final Accounts Of A Sole Trader

Cashbook

Wo Idahun

Ibeere 42 Ìròyìn

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

partners' salaries

interest on capital

partners' drawings

interest on loans Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Partnership Accounts (JAMB)

Partnership Accounts

Wo Idahun

Ibeere 43 Ìròyìn

Given:Rent..............₦10,000

Rates.............₦5,000

Capital...........₦50,000

Salaries..........₦14,000

Cash..............₦26,000

Creditors..........₦5,000The total trial balance is?

₦110,000

₦65,000

₦55,000 Ìdáhùn tó tọ́

₦45,000

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Nature And Significance Of Accounting (JAMB)

Nature And Significance Of Accounting

Wo Idahun

Ibeere 44 Ìròyìn

What are the appropriate recording procedures for entries in the trial balance?

source documents, ledgers and trial balance Ìdáhùn tó tọ́

Ledgers, trial balance and source documents

Ledgers, source documents and trial balance

Cash account, ledgers and trial balance

Awọn alaye Idahun

The appropriate recording procedures for entries in the trial balance are Ledgers, source documents, and trial balance. Firstly, transactions are recorded in the relevant subsidiary ledgers such as the sales, purchase, and general ledgers. These ledgers are then used to post transactions to the general ledger, which summarizes all the financial transactions of the business. Secondly, source documents like invoices, receipts, and bank statements are used to verify and support the transactions that have been recorded in the ledgers. Finally, the trial balance is prepared by listing all the account balances from the general ledger and ensuring that the total of all the debit balances is equal to the total of all the credit balances. Therefore, the appropriate recording procedures for entries in the trial balance are ledgers, source documents, and trial balance.

Ka ìwé ẹ̀kọ́ nípa Accounting Concepts (WAEC)

Accounting Concepts

Wo Idahun

Ibeere 45 Ìròyìn

When assets are realized during a partnership dissolution, the entries for the proceeds are to debit?

cash account and credit realization account Ìdáhùn tó tọ́

rassets account and credit realization account

realization account and credit realization account

assets account and credit cash account

Awọn alaye Idahun

When assets are realized during a partnership dissolution, the entries for the proceeds are to debit cash account and credit realization account. Realization account is an account used to record all gains or losses on the disposal of assets during a partnership dissolution. The proceeds from the sale of assets are credited to realization account, while any expenses incurred in the process are debited to the same account. Finally, the balance on realization account is transferred to the partners' capital accounts in profit sharing ratio. In this case, since the assets are being sold and the proceeds are being received in cash, the cash account is debited to reflect the increase in cash. The realization account is credited to reflect the gain or loss made on the sale of assets.

Ka ìwé ẹ̀kọ́ nípa Partnership Accounts (WAEC)

Ka ìwé ẹ̀kọ́ nípa Partnership Accounts (JAMB)

Partnership Accounts

Wo Idahun

Ibeere 46 Ìròyìn

The journal entries for the purchase of stock on credit are to debit?

stock account and credit cash account

stock account and credit liability account

ourchase account and credit liability account Ìdáhùn tó tọ́

suspense account and credit cash account

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Nature And Significance Of Accounting (JAMB)

Ka ìwé ẹ̀kọ́ nípa The Accounting Equation And Double Entry Principle (WAEC)

Nature And Significance Of Accounting

The Accounting Equation And Double Entry Principle

Wo Idahun

Ibeere 47 Ìròyìn

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

cash accounting

commitment accounting

fund accounting

accrual accounting Ìdáhùn tó tọ́

Awọn alaye Idahun

The accounting method that reports incomes when earned and expenses when incurred is called "accrual accounting". In this method, transactions are recorded when they occur, regardless of when the money is exchanged. This means that revenue is recognized when it is earned, even if payment has not been received, and expenses are recognized when they are incurred, even if payment has not been made. Accrual accounting gives a more accurate picture of a company's financial health as it considers all revenues and expenses regardless of when they are actually received or paid.

Ka ìwé ẹ̀kọ́ nípa Principles Of Double Entry (JAMB)

Principles Of Double Entry

Wo Idahun

Ibeere 48 Ìròyìn

Five hundred naria monthly is allowed on an imprest system. The following transactions took place.Period1:

Cash advanced to petty cashier......₦500

Petty cashier paid out: stamp.......₦200

Newspaper...........................₦250Period 2:

Cash to petty cashier...............₦450

Cashier paid for writing materials..₦350What was the balance of cash with the petty cashier ata the end of period 1?

₦50 Ìdáhùn tó tọ́

₦200

₦300

₦450

Awọn alaye Idahun

At the end of period 1, the total amount of money spent by the petty cashier was: Stamp + Newspaper = ₦200 + ₦250 = ₦450 Therefore, the amount of money remaining with the petty cashier is: Imprest allowance - Total amount spent = ₦500 - ₦450 = ₦50 So the balance of cash with the petty cashier at the end of period 1 is ₦50. Therefore, the correct option is (a) ₦50.

Ka ìwé ẹ̀kọ́ nípa Cashbook (JAMB)

Cashbook

Wo Idahun

Ibeere 49 Ìròyìn

Use the information to answer question .

A piece of equipment costing ₦120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for ₦31,500.The accumulated depreciation provision at the time of sale was?

₦12 000

₦60 000

₦72 000

₦84 000 Ìdáhùn tó tọ́

Awọn alaye Idahun

To calculate the accumulated depreciation provision at the time of sale, we need to calculate the depreciation expense for each year first. The equipment was purchased on 1/1/1996 and sold on 30/6/1999, which means it was in use for 4.5 years (1996, 1997, 1998, 1999, and half of 1996). The annual depreciation rate is 20%, so the annual depreciation expense is: 20% x ₦120,000 = ₦24,000 The total depreciation expense over 4.5 years is: ₦24,000 x 4.5 = ₦108,000 The accumulated depreciation provision is the total depreciation expense over the years. So, the accumulated depreciation provision at the time of sale is ₦108,000. However, since the equipment was sold, we need to calculate the depreciation expense for the period of January 1, 1996, to June 30, 1999, which is 3.5 years. The annual depreciation expense is ₦24,000, so the depreciation expense for 3.5 years is: ₦24,000 x 3.5 = ₦84,000 Therefore, the accumulated depreciation provision at the time of sale was ₦84,000. So, the answer to the question is option (D) ₦84,000.

Ka ìwé ẹ̀kọ́ nípa Nature And Significance Of Accounting (JAMB)

Nature And Significance Of Accounting

Wo Idahun

Ibeere 50 Ìròyìn

The quick ratio is

1:2

1:3:1 Ìdáhùn tó tọ́

1.7:1

3:1

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Nature And Significance Of Accounting (JAMB)

Nature And Significance Of Accounting

Wo Idahun






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