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"Incomplete Records and Single Entry" question number distribution across years
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JAMB questions for "Financial Accounting :: Incomplete Records and Single Entry"
Q1
Determine the capital balances as at Dec. 31 2005
A
₦20 600
B
₦15 200
C
₦13 800
D
11 600
E
Q2
What is the net profit for 2006?
A
₦19 000
B
₦16 000
C
₦12 600
D
₦10 600
E
Q3
Calculate the net profit or loss made during the year
A
₦15,100 profit
B
₦15,100 loss
C
₦11,500 profit
D
₦11,500 loss
E
Q4
What is the amount of the additional capital?
A
₦900
B
₦900,000
C
₦90,000
D
₦9,000
E
Q5
I. Facilitating the preparation of final account. II. Marking the existence of error easy to detect. III. Checking the accuracy of posting periodically. From the above, which of the followings are among the uses of control accounts?
A
I, II and III
B
I and III
C
II and III
D
I and II
E
Q6
The cash balance at the end of the month was
A
₦1,600
B
₦4,100
C
₦6,600
D
₦6,100
E
Q7
What is the closing cash balance?
A
₦335000
B
₦3211000
C
₦35000
D
₦310000
E
Q8
The subscriptions received would be
A
₦3200000
B
₦3240000
C
₦3300000
D
₦324000
E
Q9
What is the figure for purchases?
A
₦5,200
B
₦2,000
C
₦2,500
D
₦4,200
E
Q10
Given: Rates paid during the year amounted to ₦2,250 at ₦125 per month and ₦1,035 was paid for electricity in the same period at ₦115 per month. Determine the amount of prepaid rates
A
₦1,500
B
₦1,380
C
₦345
D
₦750
E
Q11
For the purpose of conversion of 3.6m was paid. If 30% of the purchase consideration was in cash and the rest by 50k shares, how much shares were issued?
A
₦1,080,000
B
₦2,160,000
C
₦3,600,000
D
₦5,040,000
E
Q12
What is the total expenses?
A
₦1,875
B
₦1,744
C
₦1,626
D
₦1,426
E
Q13
The goodwill on purchase is
A
₦90 000
B
₦30 000
C
₦19 000
D
₦18 000
E
Q14
In an incomplete record, the preparation of the bank reconciliation ensures that
A
all cash taking are banked
B
the cash book is correct
C
there are no overdraft
D
there are no hidden loans
E
Q15
Determine concise statement used to explain entries in the general journal is known as
A
narration
B
summary
C
information
D
commentary
E
Q16
Calculate the purchases for the period
A
₦8500 loss
B
₦2000 loss
C
₦2000 profit
D
₦8500 profit
E
Q17
In an incomplete record system, a trading account cannot be prepared until the
A
day book has been balanced
B
amount of personal drawings has been established
C
cash book has been balanced
D
amount of sales and purchases has been established
E
Q18
Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to
A
draw up the statement of affairs
B
draw up a T-account to establish the amount
C
compare the journal entries with the cash book
D
cross-check the cash book for further information
E
Q19
Keeping records under the single entry system has the advantage of
A
duality in terms of records
B
completeness in terms of records
C
accuracy in terms of operation
D
simplicity in terms of operation
E
Q20
If the business is purchased at a price including a goodwill of ₦20,000, what must have been the purchase price?
A
₦21,000
B
₦230,000
C
₦190,000
D
₦220,000
E
Q21
Determine the receipt from debtors
A
₦22470
B
₦17470
C
₦8440
D
₦5000
E
Q22
The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are
A
sales income
B
receipt from debtors
C
fixtures and fittings
D
rent paid
E
Q23
Determine the sales returns
A
₦24,577
B
₦13,877
C
₦7,069
D
₦2,890
E
Q24
The simplest of single entry procedure consists of keeping
A
day book or general journal
B
cash book and ledger accounts showing debtors and creditors balance
C
cash journal, sales journal and purchases journal
D
day book in which transactions are described in chronological order
E
Q25
One of the shortcoming of single entry procedures is that
A
a trail balance is not available
B
profits are overestimated
C
there are no subsidiary books
D
there are no control accounts
E
Q26
The main features of the single entry system are that
A
books of accounts are not maintained and business relies only on bank statement
B
he journal records are absent and only the main ledger is kept
C
there are complete classifications and recording procedures
D
only credit sales transactions and credit purchases are recorded
E
Q27
In dealing with incomplete record, fixed assets are posted to
A
opening profit and loss as brought forward figure
B
closing balance sheet as carried forward figures
C
closing balance sheet as brought forward figures
D
E
Q28
Given: ₦ Club debtors at start 150 Cash sales 4,850 Club debtors at close 900 Cash received from debtors 550 What is the amount of club sales?
A
₦6,150
B
₦4,850
C
₦4,650
D
₦1,300
E
Q29
Determine the year's purchase from the following information relating to a firm ₦ Total creditor's b/f 7,200 Total cash payment of suppliers 98,800 Total cash creditor's c/f 8,400
A
₦7,200
B
₦98,800
C
₦100,000
D
₦105,200
E
Q30
Derive the total sales figure form the following information extracted from a firm's cash book and other relevant records ₦ Total debtor b/f 5,600 Total cash receipts from debtors and Cash sales 153,000 Total debtors c/f 6,800
A
₦6,800
B
₦153,000
C
₦154,200
D
₦159,800
E
Q31
The statement of affairs prepared from incomplete record can be described as
A
the summary of the business transactions of the trader ascertained by the accounts
B
a balance sheet at a particular date showing the assets and liabilities of the business
C
a schedule of all business ventures entered into for the period to which the records relate
D
the statement that shows the profit of loss made during the period.
E
Q32
What was the total purchases made during the period?
A
₦48,100
B
₦457700
C
₦449500
D
₦440300
E
Q33
In analyzing incomplete records, which of the following should be investigated?
A
The general ledger
B
The purchases day book and sales day book
C
The nature of trading activities and basis on which goods are sold
D
The asset register together with depreciation schedule
E
Q34
What is the profit for the period?
A
₦4,000
B
₦5,000
C
₦6,000
D
₦8,000
E
Q35
The total of the creditors at the beginning of the year was ₦4600 and at the end of the year ₦5250. During the year, ₦26500 was paid to suppliers and ₦130 was received in received in discounts from these suppliers. The purchase for the year would be
A
₦26,630
B
₦27,038
C
₦27,150
D
₦27,280
E
Q36
Determine the total expenses.
A
₦45,000
B
₦35,000
C
₦25,000
D
₦15,000
E
Q37
What was the balance in the trade creditor's account as at 31/12/92?
A
₦29,800
B
₦29,500
C
₦29,400
D
₦29,000
E
Q38
The starting point for the production of accounts from incomplete records is to
A
ascertain the total sales
B
compute the opening stock of goods sold
C
verify the total purchases
D
prepare an opening statement of affairs
E
Q39
Beginning and ending account receivable balances were ₦5,000 and ₦15,000 respectively. If collections from customers during the period were ₦36,00, then total sales on account would be
A
₦23,000
B
₦29,000
C
₦36,000
D
₦43,000
E
Q40
From which of the following sources are creditors control account most likely to be posted?
A
Supplier's invoices
B
Cash disbursements jornal
C
Subsidiary debtors ledger
D
Purchases journal 
E