ACCOUNT PAST QUESTIONS & ANSWERS (UTME)

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

The process of cost apportionment is carried out so that

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 shown in the profit and loss appropriation account of a company

The purpose of a trading account is to ascertain

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.

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

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

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

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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

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

What does liquidity ratio measure?

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

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

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

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

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

Sales ledger control account contains the total amount in respect of

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

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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?

Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as ---------------------

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

Keeping records under single entry system has the advantage of

Income and expenditure account is more detailed than receipts and payments account because it disclosed

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

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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

To realize an asset means to

Which of the following cannot be realized?

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

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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?

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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

The following accounting entries are made when
bad debt is recovered

Preliminary expenses is an example of

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

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?

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

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

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

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