ACCOUNT PAST QUESTIONS & ANSWERS (UTME)

Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days).

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Dangote acquired Dantata’s business for N350,000.
The total asset work were N820,000 and liabilities amounted to N 640,000
The double entry to record the goodwill in the books is debt

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A limited liability company has an authorized shares capital of 50 million split into 100 millions shares. 80million shares are offered for subscriptions at 60k per share in full on application. These have been fully subscribed on issue
What is the nominal value of each share

When shares are sold at more than the per value, they are said to have been issued at

The following account are prepared when goods are sent to branch except

The major distinguishing element between the final account of a partnership and that of a sole trader is the

Which method of pricing can be used satisfactorily in either rising or falling price situation?

If sales return is understated, it implies that ------------------------------ is overstated

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Buhari and Osinbajo are in partnership with the following partnership agreement

Buhari Osinbajo
Capital 40, 000    70, 000
Salary 10, 000     15, 000
Interest on capital 5%    5%
Profit/loss sharing ratio 40    60
The net profit for the year ended is N80,000.
"Drawings are N80, 000 and N12, 000 for Buhari and Osinbajo respectively"
What is Osinbajo share of profit?

Sales ledger control account contains the total amount in respect of

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Jejelaye Plc stock records for 2009 was given below:
Jan 1 received 100 units at N1.00
Jan 8 received 260 units at N1.05
Jan 20 issued 700units at .........
Feb 3 received 400 units at N1.15
What will be the issued price of 700 units, using simple average method

An advantage of using accounting ratios is that

One of the items listed below will not be found in a company’s memorandum and article of association. Which is it?

What does liquidity ratio measure?

CR.     DR.
Sales ledger balance 9, 500
Sales ledger balance 420
Bought ledgers balance 6, 115
Bought ledger balance 350
Credit sales 82, 000
Purchases journal 54, 700
Discount allowed 450
Discount received 200
Cash refunded to customers (debtors) 120
Purchases ledger balance 250
Sales ledger balance 120
The amount brought down in the sales ledger control account would be

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Segun Ojo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000.

Determine the closing capital 31/12/2014

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Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash of N12,000 furniture worth of N18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth N35,000.

What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co?

An entry in a subsidiary book which does not form part of the double entry system is a

What is the ledger entry for sale of generator on credit to Patrick?

Goods stolen at the branch is debited to

Preliminary expenses is an example of

In a bank reconciliation statement, Dishonoured cheques is added to

Which of the following accounts is debited when a delivery van is sold for cash?

The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year is

Which of the following is not a proper form of the accounting equation

If rent account is debited instead of rate account, the error committed is that of;

Which of the following is true in public sector depreciated on straight line method accounting? Cost of assets is

If a trail balance is in agreement, one of the statement is untrue

An expenses is said to be revenue in nature if it

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Provision for bad debt 1500
Additional information
1. Bad debt written off amount to 3000
2. Debtors balance as at the end of the year is 28,000
3. Provision for bad debts stand at 10%
How much is to be charged to profit and loss account as provision for bad debt?

To realize an asset means to

Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 54,000; creditors at the beginning 4000; creditors at the end 2,000

If the partnership agreement does not specify how net profit is to be divided, the profit should be divided

Keeping records under single entry system has the advantage of

The income and expenditure account of a club is the same as

When the invoice of a customer is overcast, the supplier will send to him a

The document setting out the regulations regarding shares, meetings and internal organization of a company is known as

The ledger entries to be made if cash sales is banked is debit

A sales for N2,570 was recorded in the sales day error of principleerror of principlebook as N2750. The error committed was

Which of the following is a debit entry in debtors control account?