2024 - JAMB Accounting Past Questions and Answers - page 6
51
Pending the location of an error, the difference in the Trial Balance is posted to a __
A
control
B
profit and loss appropriation
C
profit and loss
D
suspense
52
The following balances were extracted from the books of Adama Ltd on 31st August 2007
| # | |
| Sales | 200000 |
| Drawings | 10000 |
| Land and building | 70000 |
| Furniture | 10000 |
| Debtors | 50000 |
| Creditors | 35000 |
| Capital | 85000 |
| Bank | 10000 |
| General expenses | 10000 |
| Stock (31-08-2007) | 10000 |
| Purchases | 140000 |
| Stock (1-09-2006) | 20000 |
The gross profit is
A
#40,000
B
#50,000
C
#70,000
D
#60,000
53
The short term solvency of a company is determined with ___ ratio
A
debtors to equity
B
current
C
acid test
D
gross profit margin
54
Ifedapo Local Council has the following details for 2008
| # | |
| Fines | 5000 |
| Allocation from state government | 20000 |
| Tenement rates | 10000 |
| Licences | 12000 |
| Hospital beds | 8000 |
| Ambulance | 13000 |
| Salaries | 15000 |
| Vehicles fueling | 7000 |
The Local Council's revenue for 2008 was
A
#47,000
B
#37,000
C
#42,000
D
#27,000
55
The following balances were extracted from the books of Adama Ltd on 31st August 2007
| # | |
| Sales | 200000 |
| Drawings | 10000 |
| Land and building | 70000 |
| Furniture | 10000 |
| Debtors | 50000 |
| Creditors | 35000 |
| Capital | 85000 |
| Bank | 10000 |
| General expenses | 10000 |
| Stock (31-08-2007) | 10000 |
| Purchases | 140000 |
| Stock (1-09-2006) | 20000 |
Percentage of net profit to sale is
A
10%
B
40%
C
30%
D
20%
56
Issue of prospectus is an invitation to the Public to
A
register a company
B
liquidate a company
C
redeem all outstanding shares
D
subscribe for share
57
Which of the following is an example of a device that can be used for input, storage, and output in a computer system?
A
Central processing unit (CPU)
B
Keyboard
C
USB flash drive
D
Monitor
58
The following accounts have debit balances except
A
share premium
B
rents and rates
C
return inwards
D
advertising
59
An equipment costing #9,000 has an estimated residual value of #900, and is depreciated at 10% per annum. Using the straight-line method, what is the depreciation charge for the second year?
A
#810
B
#900
C
#990
D
#1,000
60
Shares issued free of charge to existing shareholders based on their previous holdings is __ issue
A
accrued
B
premium
C
floating
D
bonus
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