Accounting 2015

Welcome to your JAMB Accounting 2015 quiz.
You have 60minutes for this test

Name

The Term “accounting period” is used to refer to the __.

period within which debtors are expected to settle accounts

time span, usually one year, covered by financial statement

time span during which taxes are paid to the Inland Revenue Board

budget period, usually one year, relied on by the accountant.

Assigning revenues to the accounting period in which goods were sold or services rendered and expenses incurred is known as ___.

matching concept

consistency convention

adjusting for revenue

passing of entries

An effective accounting system should provide information __.

for customer feedback and requirement

on new products and methods

for promoters, directors, labour unions and distributors

on internal and external reporting for managers and third party

Which of the following accounting records are source documents?

Sales invoice and cash book

Sales invoice and debit note

journals and ledger

cash book and debit note

The instruments that are generated when firms enter into business transactions with others are called __.

invoices

source documents

purchases documents

journals

The instruments that are generated when firms enter into business transactions with others are called __.

invoices

source documents

purchases documents

journals

The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as __.

invoice

debit note

credit note

voucher

The act establishing the Institute of Chartered Accountants of Nigeria (ICAN) came into force on

1st September, 1963

1st October, 1960

1st September, 1960

1st October, 1963

An advantage of the use of the voucher system is that it _

reduces the number of cheques that will ne written during any given period

provides a highly flexible system for handling unusual transactions

ensures that every expenditure is reviewed and verified before payment is made

provides a comprehensive record of business done with particular suppliers

The total for the purchases ledger control account is __.

Aminu and Sons credit purchases [Extract] as at February 1996.

₦ Feb. 1 Credit balances 40,000 Feb. 28 Debit balances 1,000 Purchases journal totals 500,000 Returns outwards journal total 50,000 Cheques paid to suppliers 400,000 Promissory notes sent to Suppliers 30,000 Discount received from suppliers 8,000 Credit balances in the purchases ledger set off against debit balances in the sales ledger 2,000

₦480,000

.₦540,000

₦490,000

₦500,000

What is the balance c/d in the purchases’ ledger control account?

₦49,000

₦2,000

₦40,000

₦8,000

Calculate the net profit

Sales 20,000 Cost of sales 10,000 Operating expenses 2,500 Expenses prepaid included in operating expense 500

₦49,000

₦40,000

₦2,000

₦8,000

What is the gross profit margin?

50%

80%

30%

100%

The main objective of accounting report is to provide information about __.

a company’s shareholders

the efficacy of assets

an entity’s management

a company’s economic resources

If liabilities amounted to ₦12,045, other assets ₦360,800 and equity ₦26,896, the cash at hand would be __.

₦2,241

₦2,214

₦2,114

₦2,141

In preparing the final accounts, the Bad debt account is closed by a transfer to the __.

balance sheet

profit and loss account

trading, account

provision for bad debts account

Determine the cost of goods sold

Given:

₦ Stock (1/4/94) 800 Purchases of flour 2450 Sales 4750 Wages of bakery staff 675 Carriage outwards 50 Salary of administrative staff 225 Stock (31/3/95) 940 Capital 1540

₦12985

₦2515

₦3925

₦3250

Which of the following is used to update the cashbook bank reconciliation?

Interest received and unpresented cheques

Commission and debit note

Interest received and direct credit

Unpresented cheques and direct credit

The two legally recognized professional accounting bodies in Nigeria are the __.

Nigerian Accounting Association and the Executive Cost and Management Accountants of Nigeria

Institute of Certified Public Accountants of Nigeria and the Institute of Cost and Management Accountants of Nigeria

Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria

Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria

A source document is used for verifying, the __.

amount due from debtors

selling, price of goods

amount due to creditors

actual cost of an asset

The rule of accounting equation requires that account payable should be placed under __.

capital

assets

liabilities

equities

The double entry principle of accounting was developed by

William Pickles

Akintola Williams

Luca Pacioli

Frank Wood

The concept that has much influence over asset valuation and income determination is__

entity

realization

matching

conservatism

Calculate the yearly depreciation expenses using the straight-line method.

On January 1 2005. a machine was bought for N56 000 to last for 5 years with a residual value of ₦1,000

₦11,200

₦11 000

₦11 300

₦11,400

The rate of the yearly depreciation expense would be

20%

30%

40%

50%

In the trading profit and loss account of a manufacturing organization, purchases is __.

always the same amount as the total factory overhead cost

equivalent to the total cost of goods manufactured

always the same as the price cost

given separately

Goods worth ₦50 000 were sent at different times from head office to the branch during the year. By the end of the period, only ₦40 000 worth of goods had arrived at the branch. Which of the following is correct about the treatment of this transaction?

Branch should debit goods received from head office with ₦50,000.

Head office should debit goods sent to branch account with ₦10,000.

Head office should debit goods sent to branch account with ₦50,000.

Branch should debit goods received from head office with ₦10,000.

Calculate the total of the trial balance

Given:

₦ Sales 4 000 Light expenses 2 900 Rent 15 000 Purchases 7 500 Debtors 6 000 Creditors 29 325 Drawings 25 Bank 400 General expenses 1500

33 325

41 850

46 825

64 300

Bariga, a stock broker bought stationery for ₦12 000 by cash. To record this transaction, debit

Add description here!

cash and credit stationery

stationery and credit cash

stationery and credit purchases

purchases and credit stationery

Cash discount is often recorded on __.

the debit side of the cash book

the credit side of the cash book

both credit and debit side of the cashbook

the folio column of the cash book

The standing order is a payment instruction given by a __.

customer to a fellow customer

bank to an employee

customer to the bank

hank to the customers

The major function of accounting bodies in Nigeria is to __.

promote the ethics of the profession

show the dynamic nature of the profession

provide good remuneration to the members

provide proper financial management of businesses

Ledger account is mainly classified into __.

fixed and current accounts

nominal. real and personal accounts

bank and cash accounts

management. financial and public sector accounting

The historical development of accounting reveals that it__.

is an ideal subject for financial development

is a product of its own environment

deals with debit and credit of items

is a product of financial development

In a trial balance. income and liabilities are __.

credited

credited and debited respectively

debited

debited and credited respectively

Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at total cost of ₦12 000. The record in Jide’s book would be to debit __.

purchases ₦12 000 and credit sugar account ₦12 000

Ibrahim ₦12,000 and sugar account ₦12,000

purchases ₦12,000 and credit Ibrahim ₦12,000

Jide ₦12,000 and credit purchases ₦12,000

Determine the bank balance

Given:

Cash Book ₦ ₦ Capital 2,600 Purchases 15,000 Sales 28,200 Rent 1,250 Motor vehicle 7,600

6,950 credit

6,000 credit

6,000 debit

6,950 debit

Accounting information seeks to provide__.

analysis of accounts to trade debtors

permanent records for all transactions.

audited reports on the accounts of a company

data about the employees of a company.

When the debit side total of an account exceeds the credit side total while balancing an account, it means that the account has __.

debit balance

credit balance

been understated

been overdrawn

One of the differences between bookkeeping and accounting is that the former __.

records data while the latter interprets it.

is regarded as the language of the business while the latter ascertains its strength

interprets data while the latter records it

summarizes information while the latter communicates it.

The concept which states that revenue should recognized at the point when the sale is deemed to have been made is __.

matching

consistency

going concern

realization

1 out of 9

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Accounting 2015

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