2001 - JAMB Accounting Past Questions and Answers - page 2
11
When a bill is negotiated to a bank, it is said be?
A
surrendered
B
cashed
C
discounted
D
accepted
correct option: c
Users' Answers & Comments12
Given that the balance as per cash book after necessary adjustment was N4,315, unpresented cheques were N1,688 and the bank statement balance was N4,791, what was the balance of uncredited cheques?
A
N1,223
B
N1,212
C
N1,202
D
N1,115
correct option: b
Users' Answers & Comments13
If a property developing company sells a completed building to an interested third party, this sale can be treated in the books of the company as?
A
capital receipt
B
revenue receipt
C
windfall receipt
D
miscellaneous receipt
correct option: a
Users' Answers & Comments14
Use the information below to answer question
Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year.
What was the value of fixed assets at the beginning of the year?
Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year.
What was the value of fixed assets at the beginning of the year?
A
N2,900,000
B
N3,800,000
C
N3,900,000
D
N4,000,000
correct option: c
Users' Answers & Comments15
Use the information below to answer question
Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year.
The depreciation expenses charged for the year is?
Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year.
The depreciation expenses charged for the year is?
A
N450,000
B
N250,000
C
N150,000
D
N100,000
correct option: a
Users' Answers & Comments16
A reduction in the catalogue price of an article given by a wholesaler to a retailer is called a?
A
bad debt
B
trade discount
C
premium
D
cash discount
correct option: b
Users' Answers & Comments17
Use the information below to answer question .
Purchases ledger opening balances N4,000
Sales ledger opening balances N6,000
Credit purchases during the year N25,000
Discounts allowed N1,000
Returns inwards N2,000
Credit sales during the year N10,000
Returns outwards N6,000
Calculate the sales ledger balance?
Purchases ledger opening balances N4,000
Sales ledger opening balances N6,000
Credit purchases during the year N25,000
Discounts allowed N1,000
Returns inwards N2,000
Credit sales during the year N10,000
Returns outwards N6,000
Calculate the sales ledger balance?
A
N3,000
B
N6,000
C
N10,000
D
N13,000
correct option: d
Users' Answers & Comments18
Use the information below to answer question . Purchases ledger opening balances N4,000 Sales ledger opening balances N6,000 Credit purchases during the year N25,000 Discounts allowed N1,000 Returns inwards N2,000 Credit sales during the year N10,000 Returns outwards N6,000
What is the purchases ledger balance?
What is the purchases ledger balance?
A
N4,000
B
N23,000
C
N24,000
D
N29,000
correct option: b
Users' Answers & Comments19
For an incomplete record to provide necessary information, it must be converted to?
A
complete records
B
double entry records
C
statement of affairs
D
single entry
correct option: b
Users' Answers & Comments20
Use the information below to answer question
Given: 31/12/98 31/12/99
Assets: Plant and Mach. N1,500 N1,200
Fixtures N700 N520
Stock N500 N600
Debtors N900 N400
Cash N200 N300
Liabilities: Creditor N500 N600
Loan N600 N400
Determine the total fixed assets from the opening balance sheet?
Given: 31/12/98 31/12/99
Assets: Plant and Mach. N1,500 N1,200
Fixtures N700 N520
Stock N500 N600
Debtors N900 N400
Cash N200 N300
Liabilities: Creditor N500 N600
Loan N600 N400
Determine the total fixed assets from the opening balance sheet?
A
N2,200
B
N2,020
C
N1,720
D
N2,070
correct option: b
Users' Answers & Comments