Accounting Archives - Page 26 Of 386

Which of the below are nominal account?

(i) Fixtures account (ii) Machinery account (iii) Wages accounts (iv) Rent account. A. iii and iv B. i and ii C. i and iii D. ii and iii Correct Answer: Option A – iii and iv

In an incomplete record; the preparation of the bank reconciliation ensures that?

by Sunday | Dec 8 | Accounting JAMB

A. all cash taking are banked B. the cash book is correct C. there are no overdrafts D. there are no hidden loans Correct Answer: Option A

How much was received to maintain the imprest at the ends of the month?

by Sunday | Dec 8 | Accounting JAMB

In a petty cash book the imprest is N1380. Expenses: Stationery N350 Cleaning material N335 General expenses N265 A. N950 B. N970 C. N430 D. N380 Correct Answer: Option A – N950

In preparing the final accounts; the bad debt account is closed by a transfer to the?

by Sunday | Dec 8 | Accounting JAMB

A. balance sheet B. provision for bad debt account C. profit and loss account D. trading account Correct Answer: Option C – profit and loss account

Determine the cost of goods sold?

by Sunday | Dec 8 | Accounting JAMB

Given: Stock (1/4/94) N800 Purchases of flour N2450 Sales N4745 Wages of bakery staff N675 Carriage outwards N50 Salary of administrative staff N225 Stock (31/3/95) N940 Capital N1540 A. N2575 B. N2985 C. N3250 D. N3925 Correct Answer: Option B –...

Which of the below are nominal account?

In an incomplete record; the preparation of the bank reconciliation ensures that?

How much was received to maintain the imprest at the ends of the month?

In preparing the final accounts; the bad debt account is closed by a transfer to the?

Determine the cost of goods sold?

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