2020 - JAMB Accounting Past Questions and Answers - page 4
31
In the preparation of account, the owners of the business and the business concerned are treated as:
A
partners
B
joint venture
C
the same person
D
separate legal entities
Ask EduPadi AI for a detailed answer
Share this question
32
Show how the following transaction will be recorded applying the double entry principle:
Rent ₦50,000 was paid by Mr. Roi to his landlord on 1st July, 20 × 7 by cheque.
A
Dr Rent A/c; Dr Bank A/c
B
Dr Bank A/c; Cr Rent A/c
C
Dr Rent A/c; Cr Bank A/c
D
Dr Rent A/c; Cr Mr. Roi
Ask EduPadi AI for a detailed answer
Share this question
33
The accounting method that reports incomes when earned and expenses when incurred is called?
A
cash accounting
B
commitment accounting
C
fund accounting
D
accrual accounting
Ask EduPadi AI for a detailed answer
Share this question
34
Use the information below to answer questions
Purchase:..Raw materials.................N15 000
Finished goods...........................N11 400
Stock:....(1/7/01)Raw materials..........N2 250
Work-in-progress.........................N1 875
Wages:.....Direct........................N17 100
Indirect.................................N5 400
Stock:.....(30/06/02)Raw materials.......N3 000
Work-in-progress.........................N3 375
The cost of raw materials consumed is?
Purchase:..Raw materials.................N15 000
Finished goods...........................N11 400
Stock:....(1/7/01)Raw materials..........N2 250
Work-in-progress.........................N1 875
Wages:.....Direct........................N17 100
Indirect.................................N5 400
Stock:.....(30/06/02)Raw materials.......N3 000
Work-in-progress.........................N3 375
The cost of raw materials consumed is?
A
N17 250
B
N15 750
C
N15 000
D
N14 250
Ask EduPadi AI for a detailed answer
Share this question
35
An accounting ratio that considers only quick assets to determine the short-term safety margin of a firm is the?
A
fixed assets ratio
B
capital gearing ratio
C
current assets ratio
D
acid test ratio
Ask EduPadi AI for a detailed answer
Share this question
36
If Mr. Ajasin paid his creditors N5000 out of N20 000 owed, what would be the effect of this transaction on the accounting equation?
A
A decraese in the total asssets by N5000
B
An incraese in the total liabilities and owners' equity by by N15 000
C
An increase in the total assets by N15 000
D
A decrease in owners' equuity by N5000
Ask EduPadi AI for a detailed answer
Share this question
37
Determine the year''s purchase from the following information relating to a firm.
Total creditor''s b/f N 7,200
Total cash payment to suppliers N 98,800
Total creditors c/f N 8,400
Total creditor''s b/f N 7,200
Total cash payment to suppliers N 98,800
Total creditors c/f N 8,400
A
N7,200
B
N98,800
C
N100,000
D
N105,800
Ask EduPadi AI for a detailed answer
Share this question
38
The part of equity which is payable on winding up is called?
A
general reserve
B
revenue reserve
C
capital reserve
D
normal reserve
Ask EduPadi AI for a detailed answer
Share this question
39
The fixed amount of money given to a petty cashier at the beginning of a period is called?
A
imprest
B
petty cash
C
float
D
cash advance
Ask EduPadi AI for a detailed answer
Share this question
40
In dealing with incomplete records, fixed assets are posted to?
A
opening profit and loss as brought forward figures
B
closing balance sheet as carried forward figures
C
closing balance sheets as brought forward figures
D
closing profit and loss as brought forward figures
Ask EduPadi AI for a detailed answer
Share this question