CBT Account JAMB 2017 by Abbey /49 16 Created on March 10, 2020 By bolaAccount CBT Accounts JAMB 2017 1 / 49 Category: Account 1 Which of these accounts is dissolution expenses credited? partners capital account revaluation account partners current account Realization account 2 / 49 Category: Account 2 Capital for a profit making organization is generated through Subscription shares donation gift 3 / 49 Category: Account 3 The account where the profit are distributed to the partner in their profit sharing ratio in partnership trading account appropriation account balance sheet profit and loss account 4 / 49 Category: Account 4 In manufacturing account, depreciation of office machine is charged to trading account appropriation account balance street profit and loss account 5 / 49 Category: Account 5 Given: I. Cash refunds II. Debit note issued III. Dishonored cheque IV. Purchases The item on the credit side of purchases ledger control account includes I,II and III only I and II only III and IV only I, III and IV only 6 / 49 Category: Account 6 You add the following when starting with the balance as per cash book when preparing the bank reconciliation statement except Unpresented Dividend Uncredited cheque credit transfer 7 / 49 Category: Account 7 Which fund is used to meet unforeseen or urgent expenditure General reserve fund Consolidated Reserve Fund contingencies fund special fund 8 / 49 Category: Account 8 In the period of rising prices, which method of stock valuation is most appropriate? Last in First Out weighted average First in First Out Simple average 9 / 49 Category: Account 9 Which of these is the subsidiary book for return inwards? Sales day book Sales return journal Purchases day journal Cash book 10 / 49 Category: Account 10 A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a original entry contra entry prime entry contract entry 11 / 49 Category: Account 11 What is the main purpose of transaction file? To record assets and liabilities To update income and expenses to update master files to make organization decision 12 / 49 Category: Account 12 Processed data is only useful to user if it is complex quantitative relevant qualitative 13 / 49 Category: Account 13 Changes can occur in partnership when: i. partnership is dissolved ii. There is amalgamation of partnership iii.There is a change in the profit or loss sharing ratio Iv. Intangible asset increase I,II and IV I & III I,II and III I, III and IV 14 / 49 Category: Account 14 The authority warrant issued prior to the approval of the appropriate bill at the beginning of the year provisional general warrant annual general warrant Reserved expenditure warrant contigencies 15 / 49 Category: Account 15 one of the options below is not the source of income for non- profit organization Entrance fees subscription/dues odrinary shares Donations 16 / 49 Category: Account 16. Determine the net profit ₦4,000 ₦4,500 ₦5,000 ₦1,400 17 / 49 Category: Account 17 Salaries in arrears is treated in the balance sheet as a current asset current liability fixed asset long term liability 18 / 49 Category: Account 18. Determine the amount of goodwill ₦110 000 ₦ 80 000 ₦ 90 000 ₦ 30 000 19 / 49 Category: Account 19 When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added Unpresented cheque Dividend Uncredited cheque credit transfer 20 / 49 Category: Account 20 Which of these is the main source document for recording cash paid into bank? invoice cheque book credit note pay-in-slip 21 / 49 Category: Account 21 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 cashbook The features of receipts and payment account includes I,II and IV II,III and IV III and IV I,II and III 22 / 49 Category: Account 22 The movement of goods from head office to a branch is treated in the head office as Sales issue purchases requisition 23 / 49 Category: Account 23 The following are the importance of branch account except it enable the organization to determine the branch that is making either profit or loss it allows proper control over the branch by the head office it assist the organization to determine the performance of a branch manager it allows fraud and wastage of resources 24 / 49 Category: Account 24 The current growth in the volume of trading and financial dealing in Nigeria is helped by increased financial activities government intervention credit as a factor in business Payment for goods in cash 25 / 49 Category: Account 25 One of the options below have the same features as the profit and loss account in non-profit organization Income and expenditure account profit and loss account receipts and payment account Non profit account 26 / 49 Category: Account 26 Calculate the discount received in Department B ₦12,000 ₦15,000 ₦16,000 ₦9,000 27 / 49 Category: Account 27 An advantage of FIFO method of stock valuation is that it serves-as a control during inflation it is calculated at the end of the year it is progressive in nature its flow of cost is in sequence with the flow of stock. 28 / 49 Category: Account 28 Discount allowed is enjoyed by Managers Customers Suppliers Staff of the company 29 / 49 Category: Account 29. Determine the discount allowed by Department A ₦5,000 ₦9,375 ₦5,625 ₦8,000 30 / 49 Category: Account 30 The accounting entries for goods stolen in branch will be to debit The accounting entries for goods stolen in branch will be to debit branch stock account and credit branch adjustment account branch adjustment account and credit profit and loss account branch adjustment account and credit branch stock account 31 / 49 Category: Account 31. The balance as per bank statement is ₦21,901 ₦19,021 ₦21,109 ₦21,091 32 / 49 Category: Account 32 The following appears in trading account except sales carriage outward carriage inward opening stock 33 / 49 Category: Account 33 Goodwill can be created in the books of a partnership firm when the partnership experiences super profit a new member is admitted the business is being expanded the business suffers high loss 34 / 49 Category: Account 34. What is the amount of sales of sales for the year? ₦3850 ₦6650 ₦1550 ₦6850 35 / 49 Category: Account 35 Given: I. Settlement of debts II. Cessation of business III. Introduction of assets IV. Disposal of assets Which of these constitutes dissolution of partnership? II and IV only I,II and IV only I,II and III only II,III and IV only 36 / 49 Category: Account 36 The use of a three column cash book is determined by cash discount trade discount cash transaction Bank transaction 37 / 49 Category: Account 37 The discount column on the left-hand side of cashbook represents a discount received from a creditor allowed to a debtor received from a debtor allowed to a creditor 38 / 49 Category: Account 38 Which of the following is used to service all operations of government? Consolidated Revenue Fund Consolidated Reserve Fund Special Operational Fund General-Reserve Fund 39 / 49 Category: Account 39. *bonus ₦4207 ₦9527 ₦6907 ₦9877 40 / 49 Category: Account 40 The tier of government that uses financial memorandum Federal government state government local government municipal government 41 / 49 Category: Account 41 What is the effect of transaction when cash is paid into the bank Bank balance decrease and cash balance increase bank balance decrease and cash balance decrease cash balance increase and bank balance increase cash balance decrease and bank balance increase 42 / 49 Category: Account 42 The principle of double entry developed from the axioms of accounting equation is given as Assets + Liability = Equity Assets + Equity = Liabilities Liabilities + Equity = Asset Liabilities + Equity = Net assets 43 / 49 Category: Account 43. Carriage outwards ₦9,000 ₦2,500 ₦3,000 ₦1,500 44 / 49 Category: Account 44 The correct expression of accounting equation is Assets = Liabilities + Equity Net assets = Liabilities + Equity Assets + Liabilities = Equity Assets = Equity – liabilities 45 / 49 Category: Account 45 Subscription in advance is treated in the balance sheet as a current asset current liability fixed asset long term liability 46 / 49 Category: Account 46 Which of these is a content of a master file? All records relevant to the organisation. Records of assets of the organisation A collection of data items All records relating to employees 47 / 49 Category: Account 47 An evidence of payment issued to a government ministry by a revenue collector is treasury receipt receipt voucher payment voucher treasury card 48 / 49 Category: Account 48 A part of public company’s profits belonging to the shareholders is public issue bonus right issue dividends 49 / 49 Category: Account 49 When expenses are paid on behalf of the venture, the accounting entries is to debit bank account and credit joint venture account expenses account and credit bank account joint venture account and credit expenses account joint venture account and credit bank account Your score isThe average score is 19% LinkedIn Facebook VKontakte 0% Restart quiz No related posts. Share FacebookTwitterPinterestLinkedinWhatsappTelegramEmail
