💻JAMB CBT PRACTICE (ACCOUNTING)

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Created on By Jgalore’s International Company

💻JAMB CBT PRACTICE (ACCOUNTING)

JAMB CBT PRACTICE/MOCK (ACCOUNTING)

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1) Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.

Net profit for the year90,000
Interim dividends paid:
Ordinary shares25,000
Profit and loss appropriation b/f10,000
Goodwill written off1,000

The amount of preference shares dividends payable at the end of the year is

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2) Bola, UTC's regular customer, owed N1,00 on account of a radio bought. If he sent in a cheque for N1,500, UTC would send him a_

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3) One of the options below have the same features as the profit and loss account in non-profit organization

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4)

Determine the prime cost using the data in the table:

Manufacturing wages42000
Factory rent880
Raw materials: Stock 1/1/161000
Purchases16000
Stock 31/12/161400
Depreciation of Plants and Machinery800
Royalties300
Indirect wages18,000
General indirect expenses620

 

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5) The fund in which all government receipt are paid is?

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6)

 

Manufacturing wages42,000
Factory rent880
Raw materials: Stock 1/1/161,000
Purchases16,000
Stock 31/12/161,400
Depreciation of Plants and Machinery800
Royalties300
Indirect wages18,000
General indirect expenses620

Calculate the cost of raw materials consumed

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7) Salaries in arrears is treated in the balance sheet as a ___

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8)

An evidence of payment issued to a government ministry by a revenue collector is___

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9) Goodwill can be introduced when__

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10)

Debtors opening4000
Debtors closing1500
Cash received from debtors8500
Bad debts written off350
Discount allowed500
Discount received1000

What is the amount of sales for the year?

 

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11) The accounting system in which only one aspect of transaction is recorded is__

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12)

Which of these is not method of stock valuation?

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13) Which of these is the main source document for recording cash paid into bank?

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14) Bala Ltd acquired the business of Bello Ltd and caused the separate existence of the latter company to terminate. This situation is best described as?

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15) Profit expressed in relation to cost of goods sold is___

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16) The following appears in the trading account except___

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17) Mamsa Nigeria Limited issued 20 000 ordinary shares of N1.50 per share on 2nd July 2002.
1500 ordinary shares were fully subscribed for and their monies received as below:

On application .........................N0.40
On allotment ...........................N0.20
First call (including premium ofN0.50)..N0.70

What is the balance of the ordinary share capital account after the first call was received?

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18)

Danladi Bako's Statement of Affairs as at 30/06/17 is as shown in the table below; What is the value of Dalandi Bako's capital?

Capital??Fixtures and fittings4,000
Stock20,500
Sundry debtors40,000
Creditors18,000Bank??
7865078650

 

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19) The authority to transfer fund from one head to another within the same organization is called___

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20)

Which of these is not a subsidiary books?

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21)

37
The medium that enables the ATM to read the account details and process transaction directly with the account held in the bank is the?

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22)

The part of capital issued only at the time of liquidation of the company is___

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23) Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.

        Drawings:             ₦
     Dairo          12000
     Segun          18000
     Capital
     Dairo          120000
     Segun          60000

- Interest on drawings 10%

- Interest on capital 5%

- Profit for the year ₦36,000

- Salary: Segun ₦10,000

The interest on Dairo\'s drawings is

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24) When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added except

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25) The use of the folio in the ledger is for___

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26) In the absence of a partnership agreement, a loan given to the partnership by a partner attracts interest of ___

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27) Given:

I. It records subscription in arrears
II. Payments of liabilities is effected
III. The account does not show if cash payment is revenue or capital expenditure
IV. It performs the same function as cash book

The features of receipts and payment account includes:

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28)

In manufacturing, depreciation of office machine is charged to___

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29) The journal has the following headings except___

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30) Another name for control accounts is___

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            📚JAMB AND POST-UTME PRACTICE QUESTIONS AND ANSWERS🎓

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