2015 - JAMB Accounting Past Questions and Answers - page 3
21
Capital reserves includes the following except
A
revaluation surplus
B
pre-incoporation profit
C
share premium
D
general reserves
22
Which of the following is not a feature of accounting information?
A
timeliness
B
accuracy
C
completeness
D
affordability
23
The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is
A
periodicity
B
business entity
C
dual aspect
D
going concern
24
The purpose of a trading account is to ascertain
A
sales
B
carriage outwards
C
gross profit or loss
D
net profit or loss
25
An expenses is said to be revenue in nature if it
A
adds or contributes to the operating income of the business
B
necessitates the introduction of additional capital
C
reduces the capital of the business
D
adds to or improves the value of fixed assets
26
An entry in a subsidiary book which does not form part of the double entry system is a
A
contra entry
B
single entry
C
journal entry
D
memorandum entry
27
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
A
N16,000
B
N17,000
C
N13,000
D
N14,000
28
Which method of pricing can be used satisfactorily in either rising or falling price situation?
A
Market price
B
Average method
C
FIFO
D
Standard price
29
Use the information below to answer this question.
\(\begin{array}{c|c}
\text{Stock} & 11,250 \\ \hline
\text{Debtors} & 18,750 \\ \hline
\text{Creditors} & 3,750 \\ \hline
\text{Bank} & 4,000 \\ \hline
\text{Net profit} & 7,500 \\ \hline
\text{Net} & 60,000 \\ \end{array}\)
Calculate the acid test ratio
\(\begin{array}{c|c}
\text{Stock} & 11,250 \\ \hline
\text{Debtors} & 18,750 \\ \hline
\text{Creditors} & 3,750 \\ \hline
\text{Bank} & 4,000 \\ \hline
\text{Net profit} & 7,500 \\ \hline
\text{Net} & 60,000 \\ \end{array}\)
Calculate the acid test ratio
A
5 : 1
B
6 : 1
C
6 : 1 : 1
D
4 : 1
30
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?
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?
A
N699, 000
B
N641, 000
C
N402, 000
D
N605, 000
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