ACCOUNT PAST QUESTIONS & ANSWERS (UTME)

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

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

Sales ledger control account contains the total amount in respect of

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

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

The loss made by a non profit making organization is called

To realize an asset means to

Use the information below to answer this question
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

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

In a bank reconciliation statement, Dishonoured cheques is added to

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

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

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

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

Use the information below to answer this question.
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

Which of the following cannot be realized?

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

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

Use the information below to answer this question.
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 accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is

The basis of accounting for public sector is

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

The process of cost apportionment is carried out so that

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

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

Keeping records under single entry system has the advantage of

An advantage of using accounting ratios is that

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 proper form of the accounting equation

Use the information below to answer this question.

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?

The purpose of a trading account is to ascertain

Preliminary expenses is an example of

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

Use the following information to answer this question.
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?

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.

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

An expenses is said to be revenue in nature if it

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

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

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