ACCOUNT PAST QUESTIONS & ANSWERS (UTME)

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

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

Sai Baba made sales of N10,000 having computed his gross profit % to sales to be 20. His opening stock was N250 and ending stock is N200.
Calculate his purchases.

The following accounting entries are made when
bad debt is recovered

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

Determine wage expenses from the given information, wages outstanding at the beginning, wages paid during the period 15000 and wages outstanding of the period 2,000

The loss made by a non profit making organization is called

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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?

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

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

The basis of accounting for public sector is

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

An advantage of using accounting ratios is that

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

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

What does liquidity ratio measure?

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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

To realize an asset means to

The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is

An expenses is said to be revenue in nature if it

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

Use the following information to answer this question.

Club building 400,000;
Subscription prepaid 3,000;
Sport kits 150,000;
Bar creditors 85,000;
Subscription owing 32,000;
What is the club’s accumulated fund?

The process of cost apportionment is carried out so that

Accounting information is used by investors and creditors of a company to predict

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

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

In a bank reconciliation statement, Dishonoured cheques is added to

Use the following information to answer this question.
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000

What is the club’s total liabilities

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

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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?

Capital reserves includes the following except

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

The interest of a petty cashier is N2450
Expenses N Printing 420 Cleaning 250 Stamp and
postage 175 How much was received to maintain the
interest at the end of the month?

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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

The ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------

Which of the following is not a feature of accounting information?

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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

The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ----------------------------

The accounting convention that state that stock should be value that the lower of cost and net realized value is --------------- convention