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CBT Accounts JAMB 2016

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Created on By bola

Account

CBT Accounts JAMB 2016

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Category: Account

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.

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Category: Account

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?

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Category: Account

3 The major advantage of the journal proper is that
it

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Category: Account

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

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Category: Account

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

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Category: Account

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

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Category: Account

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

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Category: Account

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

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Category: Account

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

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Category: Account

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

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Category: Account

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

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Category: Account

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

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Category: Account

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

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Category: Account

14 A receipt is an evidence of

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Category: Account

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?

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Category: Account

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

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Category: Account

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?

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Category: Account

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.

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Category: Account

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

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Category: Account

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

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Category: Account

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

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Category: Account

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.

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Category: Account

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

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Category: Account

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

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Category: Account

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

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Category: Account

26 Impersonal account is subdivided into

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Category: Account

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?

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Category: Account

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

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Category: Account

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

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Category: Account

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

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Category: Account

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

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Category: Account

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

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Category: Account

33 Purchases can be ascertained through the
preparation of a

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Category: Account

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

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Category: Account

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.

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Category: Account

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

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Category: Account

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

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Category: Account

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

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Category: Account

39 A business organization prepares departmental
account in order to

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Category: Account

40 The objective of departmental account is to

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Category: Account

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

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Category: Account

42 The difference between book keeping and
accounting is that while

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Category: Account

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

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Category: Account

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?

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Category: Account

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?

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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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