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"The Final Accounts of a Sole Trader" question number distribution across years
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JAMB questions for "Financial Accounting :: The Final Accounts of a Sole Trader"
Q1
If Odukoya takes money out of the business bank account for his own private use, the effect of the transaction is
A
increase in assets and increase in capital
B
increase in assets and decrease capital
C
decrease in capital and increase in assets
D
decrease in capital and decrease in assets
E
Q2
What are the current liabilities?
A
I and II
B
IV and V
C
II and V
D
II and IV
E
Q3
Find the fixed assets
A
I, II and V
B
I, II and IV
C
I, II and III
D
III, IV and V
E
Q4
Which of the following items are currently assets?
A
Stock, bills receivable, cash and debtors
B
Stock, bill payable, cash and debtors
C
Stock, bad debt, bills receivable and cash
D
Stock, bad debt, cash and bills payable
E
Q5
Determine the fixed assets
A
I and V
B
II and IV
C
II and VI
D
III and IV
E
Q6
What are the current assets?
A
I and II
B
I and V
C
II and IV
D
III and V
E
Q7
What is the gross profit?
A
₦88 200
B
₦76 800
C
₦19 200
D
₦11 400
E
Q8
The factors that determine the periodic depreciation charge are
A
asset cost, market value and useful
B
asset cost, market value and residual value
C
asset value, cash value and useful life
D
asset cost, salvary and useful life
E
Q9
An accounting ratio that considers only quick assets to determine the short-term safely margin of a firm is the
A
fixed assets ratio
B
capital gearing ratio
C
current assets ratio
D
acid test ratio
E
Q10
Determine the working capital
A
₦7,380,000
B
₦8,480,000
C
₦5,480,000
D
₦6,480,000
E
Q11
The amount of subscriptions accrued is reported in the balance sheet under
A
fixed asset
B
long-term liability
C
current asset
D
current liability
E
Q12
The lighting charge to be apportioned to Zema
A
₦891
B
₦819
C
₦927
D
₦975
E
Q13
Find the salary charged to Zera product
A
₦1,854
B
₦1,845
C
₦1,062
D
₦1,134
E
Q14
Using the straight line method, the depreciation of the asset in the first year was
A
₦210m
B
₦343m
C
₦105m
D
₦270m
E
Q15
What was the asset value at the beginning of the third year?
A
₦63m
B
₦133m
C
₦36m
D
₦28m
E
Q16
The drawings for the period stand at
A
₦2,750
B
₦3,750
C
₦2,500
D
₦2,570
E
Q17
Determine the amount for discount allowed on debtors
A
₦1,000
B
₦3,000
C
₦900
D
₦1,500
E
Q18
The provision for bad debt is
A
₦2,000
B
₦800
C
₦3,000
D
₦1,900
E
Q19
Find the value of the total assets?
A
₦17,700
B
₦10.500
C
₦20,000
D
₦15,400
E
Q20
What will be the equity of the business?
A
₦12,800
B
₦4,900
C
₦8,200
D
₦9,500
E
Q21
How much is sundry expenses?
A
₦2,700
B
₦2,250
C
₦1,550
D
₦2,000
E
Q22
If Mr. Ajasin paid his creditors ₦5,000 out of ₦20,000 owed, what would be the effect of this transaction on the accounting equation?
A
A decrease in the total liabilities and assets by ₦5,000
B
An increase in total liabilities and owners' equity by ₦15,000
C
An increase in the total assets by ₦15,000
D
A decrease in owners' equity by ₦5,000
E
Q23
A sole trader purchased goods in cash worth ₦2,000 at 2% discount and made a cash sale of ₦1,000 at the same rate of discount. Determine the amount of discount allowed
A
₦20
B
₦40
C
₦400
D
₦200
E
Q24
The amount to be charged to the profit and loss account is
A
₦30,000
B
₦25,000
C
₦5,000
D
₦20,000
E
Q25
Calculate the yearly depreciation expense using the straight line method
A
₦11,000
B
₦11,200
C
11,400
D
₦11,300
E
Q26
The objective of a trading account is to establish the
A
cost of goods sold
B
gross profit
C
manufacturing profit
D
net profit
E
Q27
The capital balance is
A
₦9,500
B
₦12,500
C
₦11,500
D
₦10,000
E
Q28
Determine the current assets
A
₦7,000
B
₦6,000
C
₦8,000
D
₦9,000
E
Q29
The undistributed profit carried toward is
A
₦68,000
B
₦20,000
C
₦74,000
D
₦34,000
E
Q30
What is the tax charged to profit and loss account?
A
₦14,000
B
₦60,000
C
₦34,000
D
₦20,000
E
Q31
Accrual accounting differs from cash accounting because it recognizes
A
cash and creditors
B
debtors and creditors
C
cash and debtors
D
prepayment and cash
E
Q32
Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called
A
entity
B
materiality
C
realization
D
accrual
E
Q33
Calculate the cost of raw materials consumed
A
₦156000
B
₦38300
C
₦183150
D
₦66550
E
Q34
Determine the net profit of the business
A
₦6600
B
₦6271
C
₦5353
D
₦7224
E
Q35
The proprietor made drawings of 3755 per month for personal use. The profit for the period is
A
₦3,000
B
₦1,360
C
₦9,060
D
₦37,700
E
Q36
What is the capital balance?
A
₦8400
B
₦6900
C
₦10500
D
₦15000
E
Q37
A rent received by a trader for sub-letting part of his business premises should be added to the
A
total revenue
B
net profit
C
total profit
D
gross profit
E
Q38
The accumulated depreciation provision at the time of sales was
A
₦72000
B
₦84000
C
₦60000
D
₦12000
E
Q39
The net book value of the piece of equipment at the time of sale was
A
₦24,000
B
₦96,000
C
₦48,000
D
₦36,000
E
Q40
The provision for bad debt stands at 10% of debtors. How much is to be charged to profit and loss account as provision for bad debt?
A
₦1000
B
₦1800
C
₦2000
D
₦800
E
Q41
The capital employed is
A
₦9900
B
₦9000
C
₦8400
D
₦1300
E
Q42
The accounting method that reports incomes when earned and expenses when incurred is called
A
accrual accounting
B
fund accounting
C
cash accounting
D
commitment accounting
E
Q43
Calculate the profit available for appropriation
A
₦7000
B
₦12000
C
₦10000
D
₦8000
E
Q44
The balances of current account of Jide and Haruna are respectively
A
₦4000 and ₦4000
B
₦6000 and ₦5000
C
₦3000 and ₦600
D
₦3000 and ₦3400
E
Q45
The concept that has much influence over asset valuation and income determination is
A
matching
B
conservatism
C
entity
D
realization
E
Q46
What is the capital introduced by the proprietor?
A
₦88200
B
₦40800
C
₦108500
D
₦61100
E
Q47
Determine how much to be charged to profit and loss account
A
₦786
B
₦856
C
₦606
D
₦791
E
Q48
The depreciation to be changed to department T is
A
₦400
B
₦600
C
₦300
D
₦500
E
Q49
In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the
A
receipts and payment account
B
revenue and expenditure account
C
profit and loss account
D
profit and loss appropriate account
E
Q50
Where the debit side of the income and expenditure account is higher than the credit side, the difference is a
A
gain
B
deficit
C
loss
D
surplus
E
Q51
The market value of goods produced is
A
₦31,600
B
₦31,620
C
₦30,600
D
₦30,500
E
Q52
The gross profit on manufacture is
A
₦5,100
B
₦5,000
C
₦6,120
D
₦6,100
E
Q53
Determine the amount for the beginning inventory.
A
₦10,240
B
₦8,140
C
₦7,240
D
₦20,140
E
Q54
Cost classification in relation to changes is determined by the level of
A
labour
B
raw materials
C
profitability
D
activity
E
Q55
In the balance sheet, the subscription in arrears will be
A
₦300
B
₦1,200
C
₦1,300
D
₦200
E
Q56
The loss of equipment in a fire disaster results in
A
a decrease in assets and capital
B
a decrease in current assets
C
an increase in liabilities and a decrease in assets
D
an increase in liabilities and assets
E
Q57
A debit in the suspense account will appear in the balance sheet as
A
a current liability
B
a current asset
C
drawings
D
capital
E
Q58
The value of the owner's equity is
A
₦957 000
B
₦1 357 000
C
₦400 000
D
₦900 000
E
Q59
The balance of profit and loss account will be
A
₦2,800
B
₦300
C
₦4,000
D
₦1,500
E
Q60
The balance on the provision for depreciation account is
A
deducted from the profit and loss account
B
added to fixed assets on the balance sheet
C
added to the current liabilities of the account
D
deducted from fixed assets on the balance sheet
E