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CBT Account JAMB 2017

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16
Created on By bola

Account

CBT Accounts JAMB 2017

1 / 49

Category: Account

1 Which of these accounts is dissolution expenses credited?

2 / 49

Category: Account

2 Capital for a profit making organization is generated through

3 / 49

Category: Account

3 The account where the profit are distributed to the partner in
their profit sharing ratio in partnership

4 / 49

Category: Account

4 In manufacturing account, depreciation of office machine is
charged to

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

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Category: Account

6 You add the following when starting with the balance as per
cash book when preparing the bank reconciliation statement
except

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Category: Account

7 Which fund is used to meet unforeseen or urgent expenditure

8 / 49

Category: Account

8 In the period of rising prices, which method of stock
valuation is most appropriate?

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Category: Account

9 Which of these is the subsidiary book for return inwards?

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Category: Account

10 A double entry for a transaction that offsets one amount
against another on both sides of the cashbook is a

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Category: Account

11 What is the main purpose of transaction file?

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Category: Account

12 Processed data is only useful to user if it is

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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

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Category: Account

14 The authority warrant issued prior to the approval of the
appropriate bill at the beginning of the year

15 / 49

Category: Account

15 one of the options below is not the source of income for non-
profit organization

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Category: Account

16. Determine the net profit

17 / 49

Category: Account

17 Salaries in arrears is treated in the balance sheet as a

18 / 49

Category: Account

18. Determine the amount of goodwill

19 / 49

Category: Account

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

20 / 49

Category: Account

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

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

22 / 49

Category: Account

22 The movement of goods from head office to a branch is
treated in the head office as

23 / 49

Category: Account

23 The following are the importance of branch account except

24 / 49

Category: Account

24 The current growth in the volume of trading and financial
dealing in Nigeria is helped by

25 / 49

Category: Account

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

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Category: Account

26 Calculate the discount received in Department B

27 / 49

Category: Account

27 An advantage of FIFO method of stock valuation is that

28 / 49

Category: Account

28 Discount allowed is enjoyed by

29 / 49

Category: Account

29. Determine the discount allowed by Department A

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Category: Account

30 The accounting entries for goods stolen in branch will be to
debit

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Category: Account

31. The balance as per bank statement is

32 / 49

Category: Account

32 The following appears in trading account except

33 / 49

Category: Account

33 Goodwill can be created in the books of a partnership firm
when

34 / 49

Category: Account

34. What is the amount of sales of sales for the year?

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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?

36 / 49

Category: Account

36 The use of a three column cash book is determined by

37 / 49

Category: Account

37 The discount column on the left-hand side of cashbook
represents a discount

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Category: Account

38 Which of the following is used to service all operations of
government?

39 / 49

Category: Account

39. *bonus

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Category: Account

40 The tier of government that uses financial memorandum

41 / 49

Category: Account

41 What is the effect of transaction when cash is paid into the
bank

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Category: Account

42 The principle of double entry developed from the axioms of
accounting equation is given as

43 / 49

Category: Account

43. Carriage outwards

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Category: Account

44 The correct expression of accounting equation is

45 / 49

Category: Account

45 Subscription in advance is treated in the balance sheet as a

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Category: Account

46 Which of these is a content of a master file?

47 / 49

Category: Account

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

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Category: Account

48 A part of public company’s profits belonging to the
shareholders is

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Category: Account

49 When expenses are paid on behalf of the venture, the
accounting entries is to debit

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John Aina has a Masters degree as an engineer and has over 3 years of teaching and research experience. John is happiest when he is on a bike and is also interested in Solar technology.
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