CBT Accounts JAMB 2016

1 Balance as per cashbook 2, 970
Bank Charges 220
Unpresented cheques 3, 950
Uncredited cheques 4, 178
Direct debit by bank 1, 0000
Determine the balance as per bank statement.

2 The records of Superstores shows a loan of
#14,000 from Bala,creditor #8,000 and assets
#190,500. What is the firm’s capital?

3 The major advantage of the journal proper is that
it

4 Departments K Y
Opening 2,500 800
Purchases 120,000 100,000
Sales 180,000 200,000
Salary 8,000 30,000
Closing stock 3,000 1,500
Rate expenses of 1,500 are apportioned in the ratio
1:2
The gross profit for K is

5 One of the objectives of accounting is that it can
be used for

6 The ratio that gives the indication of the efficiency
of a firm’s sales with respect to cost of goods sold is a

7 The instrument used in analysis and interpretation
of financial statement is the

8 An item in the balance sheet of a limited liability
company is

9 The documents that provide instant information to
firms on their tranactions with banks are

10 Which of the following is the capital reserve of a
company?

11 The effect of overstating revenue expenditure in
the profit and loss account is that the

12 Which of the following condition would attract
credit and debit notes to be used?

13 Given: #
Drawings 3,500
Net loss 2,500
Capital 1.1,2007 35,000
Additional capital 10,000
The adjusted capital as at 31 : 12 : 2007 is

14 A receipt is an evidence of

15 Turaki Youth Club Income and Expenditure for
the year ended 31/12/04
# #
Bal.b/d 390 Expenses on cleaning 300
Sales of – New tool 510
trickets 4,000 Repairs 400
Donations 3,000 Electricity 350
Subscription 6,500
What is the total income for the period?

16 An organization which has records of only
personal accounts is said to be operating on the basis
of

17 A proprietor started business with #13,000. Assets
and liabilities at the end of the year; fixed assets
#8,800, stock #, 600, debtors #1,000, cash #3, 000
and creditors #1,000. Determine the profit for the
year?

18 Badge Plc issued 450,000 ordeinary shares of 50k
each at #1.50 per share
Application and allotment 45k
1st call 50k
2nd call 55k
Determine the amount received on final call.

19 When goods are sent to the branch at cost plus
mark-up, it means that the branch should sell at

20 The income and expenditure account differs from
receipts and payments account because it

21 The major sources of revenue for the state and
local governments is

Which of the following is correct about the imprest
system?

i. The amount of the imprest is the same from
one organization to another.

ii. At the end of a fixed period, the petty cashier
received a fixed sum of money.

iii. At the end of a period, the petty cashier is
reimbursed with the amount spent in that period.

iv. The system is a method by which a measure of
control is kept on petty cash expenses.

23 When the fixed capital method is used, the
partners’ share of profits and remunerations are
credited to the

24 A discount that is allowed to encourage a debtor
to pay off his debt within a period is the

25 The costs of acquiring fixed assets and bringing
them into the firm is a

26 Impersonal account is subdivided into

27 Opening balance of Dikscompany was #12,202,
closing balance #15,300, total cash received during
the period #40,000. What was the amount of cash paid
during the same period?

28 The total cash and cheques received from
customers in a control account is derived from the

29 Which of the foloowing is a credit item in
creditors ledger control account?

30 The trader is capital in a single entry system is
ascertained by preparing

31

I. Members subscription
II. Fines from members
III. Donation
IV. Loan from bank
From the informaation above, sources of income for
a Not-for-profit-making organization include

32 Clifford pays rent of #200 per month for premises
He paid #2,800 within the year. Computer the
prepayment.

33 Purchases can be ascertained through the
preparation of a

34 When stock is withdrawn for personal use, the
accounting entries is to debit

35 Sundry debtors in the balance sheet of Onoja
Bakery and Sons totaled #800,000. A provision for
bad and doubtful debts.
Find the amount for sundry debtors after provision.

36 Which of the following is accounted for in
receipts and payments account?

37 When the purchase consideration is lower than the
net asset, the buyer has gained the advantage of

38 An increase in government expenditure within a
year is taken care of by means of

39 A business organization prepares departmental
account in order to

40 The objective of departmental account is to

41 Which of the following expenses relate to the
profit and loss account of a manufacturing firm?

42 The difference between book keeping and
accounting is that while

43 Alaka who owed Saka N15,000, settled his debt
after deducting cash discount of 10%. To record the
discount in the book of Saka, debit

44. Use the information below to answer the question
that follows,
A machine bought for N35,000 was estimated to
have a life span of 5years with a scrap value of
N9,000. If the scrap value is now N15,000. What will
be the yearly depreciation using the straight line
method?

45. Use the information below to answer the question
that follows,
A machine bought for N35,000 was estimated to
have a life span of 5years with a scrap value of
N9,000. The yearly depreciation using the straight
line method would be?