Jamb 2000 accounting questions and answers | Campusflava https://campusflava.com Tutors, Past Questions and Projects. Tue, 20 Oct 2020 08:19:44 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.3 https://i0.wp.com/campusflava.com/wp-content/uploads/2023/01/cropped-CF.png?fit=32%2C32&ssl=1 Jamb 2000 accounting questions and answers | Campusflava https://campusflava.com 32 32 123014824 Which of the following items does not feature in the balance sheet of a club? https://campusflava.com/blog/which-of-the-following-items-does-not-feature-in-the-balance-sheet-of-a-club/ https://campusflava.com/blog/which-of-the-following-items-does-not-feature-in-the-balance-sheet-of-a-club/#respond Tue, 20 Oct 2020 03:36:04 +0000 https://campusflava.com/blog/which-of-the-following-items-does-not-feature-in-the-balance-sheet-of-a-club/ Which of the following items does not feature in the balance sheet of a club? A Arrears of current year’s subscription B Salary arrears paid in the current year C Rental income received in advance D Advances subscription in respect of a coming year Answer is B

The post Which of the following items does not feature in the balance sheet of a club? first appeared on Campusflava.]]> Which of the following items does not feature in the balance sheet of a club?

A Arrears of current year’s subscription

B Salary arrears paid in the current year

C Rental income received in advance

D Advances subscription in respect of a coming year

Answer is B

The post Which of the following items does not feature in the balance sheet of a club? first appeared on Campusflava.]]> https://campusflava.com/blog/which-of-the-following-items-does-not-feature-in-the-balance-sheet-of-a-club/feed/ 0 39214 What will be the number of shares to be issued to a subscriber who applied for N30,000 shares? https://campusflava.com/blog/what-will-be-the-number-of-shares-to-be-issued-to-a-subscriber-who-applied-for-n30000-shares/ https://campusflava.com/blog/what-will-be-the-number-of-shares-to-be-issued-to-a-subscriber-who-applied-for-n30000-shares/#respond Tue, 20 Oct 2020 03:35:13 +0000 https://campusflava.com/blog/what-will-be-the-number-of-shares-to-be-issued-to-a-subscriber-who-applied-for-n30000-shares/ Use the information below to answer questions Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share. Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made? What will be […]

The post What will be the number of shares to be issued to a subscriber who applied for N30,000 shares? first appeared on Campusflava.]]> Use the information below to answer questions Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share. Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?

What will be the number of shares to be issued to a subscriber who applied for N30,000 shares?

A N20,000

B N18,000

C N15,000

D N12,000

Answer is A

The post What will be the number of shares to be issued to a subscriber who applied for N30,000 shares? first appeared on Campusflava.]]> https://campusflava.com/blog/what-will-be-the-number-of-shares-to-be-issued-to-a-subscriber-who-applied-for-n30000-shares/feed/ 0 39213 The refund due to an application for N25,000 shares is? https://campusflava.com/blog/the-refund-due-to-an-application-for-n25000-shares-is/ https://campusflava.com/blog/the-refund-due-to-an-application-for-n25000-shares-is/#respond Tue, 20 Oct 2020 03:34:24 +0000 https://campusflava.com/blog/the-refund-due-to-an-application-for-n25000-shares-is/ Use the information below to answer questions Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share. Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made? The refund due […]

The post The refund due to an application for N25,000 shares is? first appeared on Campusflava.]]> Use the information below to answer questions

Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share.
Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
The refund due to an application for N25,000 shares is?

A N45,000

B N30,000

C 7,500

D N5,000

Answer is B

The post The refund due to an application for N25,000 shares is? first appeared on Campusflava.]]> https://campusflava.com/blog/the-refund-due-to-an-application-for-n25000-shares-is/feed/ 0 39212 Didi Ltd offered 10,000 ordinary shares of N1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above? https://campusflava.com/blog/didi-ltd-offered-10000-ordinary-shares-of-n1-50-each-at-a-discount-of-2-which-were-fully-subscribed-with-regard-to-the-offer-above/ https://campusflava.com/blog/didi-ltd-offered-10000-ordinary-shares-of-n1-50-each-at-a-discount-of-2-which-were-fully-subscribed-with-regard-to-the-offer-above/#respond Tue, 20 Oct 2020 03:33:31 +0000 https://campusflava.com/blog/didi-ltd-offered-10000-ordinary-shares-of-n1-50-each-at-a-discount-of-2-which-were-fully-subscribed-with-regard-to-the-offer-above/ Didi Ltd offered 10,000 ordinary shares of N1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above? A shares are never offered at a discount; the offer is invalid B the value of shares in the capital account will be lowered by 2% C the company incurs a […]

The post Didi Ltd offered 10,000 ordinary shares of N1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above? first appeared on Campusflava.]]> Didi Ltd offered 10,000 ordinary shares of N1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above?

A shares are never offered at a discount; the offer is invalid

B the value of shares in the capital account will be lowered by 2%

C the company incurs a loss to the tune of 2% of the offer

D each of the subscribers loses 2% of investment

Answer is C

The post Didi Ltd offered 10,000 ordinary shares of N1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above? first appeared on Campusflava.]]> https://campusflava.com/blog/didi-ltd-offered-10000-ordinary-shares-of-n1-50-each-at-a-discount-of-2-which-were-fully-subscribed-with-regard-to-the-offer-above/feed/ 0 39211 When a customer’s cheque is returned unpaid in a debtor’s control accounting system, the treatment will be? https://campusflava.com/blog/when-a-customers-cheque-is-returned-unpaid-in-a-debtors-control-accounting-system-the-treatment-will-be/ https://campusflava.com/blog/when-a-customers-cheque-is-returned-unpaid-in-a-debtors-control-accounting-system-the-treatment-will-be/#respond Tue, 20 Oct 2020 03:32:53 +0000 https://campusflava.com/blog/when-a-customers-cheque-is-returned-unpaid-in-a-debtors-control-accounting-system-the-treatment-will-be/ When a customer’s cheque is returned unpaid in a debtor’s control accounting system, the treatment will be? A debit bank, credit custmer and credit conyrol account B credit bank, debit customer, and credit control account C debit customer, debit control accountand credit bank D credit control account, debit bank and debit customer Answer is B

The post When a customer’s cheque is returned unpaid in a debtor’s control accounting system, the treatment will be? first appeared on Campusflava.]]> When a customer’s cheque is returned unpaid in a debtor’s control accounting system, the treatment will be?

A debit bank, credit custmer and credit conyrol account

B credit bank, debit customer, and credit control account

C debit customer, debit control accountand credit bank

D credit control account, debit bank and debit customer

Answer is B

The post When a customer’s cheque is returned unpaid in a debtor’s control accounting system, the treatment will be? first appeared on Campusflava.]]> https://campusflava.com/blog/when-a-customers-cheque-is-returned-unpaid-in-a-debtors-control-accounting-system-the-treatment-will-be/feed/ 0 39210 One of the advantage of the shortcomings of single entry procedures is that? https://campusflava.com/blog/one-of-the-advantage-of-the-shortcomings-of-single-entry-procedures-is-that/ https://campusflava.com/blog/one-of-the-advantage-of-the-shortcomings-of-single-entry-procedures-is-that/#respond Tue, 20 Oct 2020 03:32:06 +0000 https://campusflava.com/blog/one-of-the-advantage-of-the-shortcomings-of-single-entry-procedures-is-that/ One of the advantage of the shortcomings of single entry procedures is that? A a trial balance is not available B profits are overestimated C there are no subsidiary books D there are no control accounts Answer is A

The post One of the advantage of the shortcomings of single entry procedures is that? first appeared on Campusflava.]]> One of the advantage of the shortcomings of single entry procedures is that?

A a trial balance is not available

B profits are overestimated

C there are no subsidiary books

D there are no control accounts

Answer is A

The post One of the advantage of the shortcomings of single entry procedures is that? first appeared on Campusflava.]]> https://campusflava.com/blog/one-of-the-advantage-of-the-shortcomings-of-single-entry-procedures-is-that/feed/ 0 39209 A fixed cost is fixed only in relation to? https://campusflava.com/blog/a-fixed-cost-is-fixed-only-in-relation-to/ https://campusflava.com/blog/a-fixed-cost-is-fixed-only-in-relation-to/#respond Tue, 20 Oct 2020 03:29:21 +0000 https://campusflava.com/blog/a-fixed-cost-is-fixed-only-in-relation-to/ A fixed cost is fixed only in relation to? A the quality of goods produced B the quantity of goods sold C a given period of time and a range of activities D a given period of time and the nature of activity Answer is D

The post A fixed cost is fixed only in relation to? first appeared on Campusflava.]]> A fixed cost is fixed only in relation to?

A the quality of goods produced

B the quantity of goods sold

C a given period of time and a range of activities

D a given period of time and the nature of activity

Answer is D

The post A fixed cost is fixed only in relation to? first appeared on Campusflava.]]> https://campusflava.com/blog/a-fixed-cost-is-fixed-only-in-relation-to/feed/ 0 39208 The simplest form of single entry procedure consists fo keeping a? https://campusflava.com/blog/the-simplest-form-of-single-entry-procedure-consists-fo-keeping-a/ https://campusflava.com/blog/the-simplest-form-of-single-entry-procedure-consists-fo-keeping-a/#respond Tue, 20 Oct 2020 03:28:14 +0000 https://campusflava.com/blog/the-simplest-form-of-single-entry-procedure-consists-fo-keeping-a/ The simplest form of single entry procedure consists fo keeping a? A day book or general journal B cash book and ledger accounts showing debtors and creditors balances C cash journal, sales journal and purchases journal D day book in which transactions are described in chronological order Answer is B

The post The simplest form of single entry procedure consists fo keeping a? first appeared on Campusflava.]]> The simplest form of single entry procedure consists fo keeping a?

A day book or general journal

B cash book and ledger accounts showing debtors and creditors balances

C cash journal, sales journal and purchases journal

D day book in which transactions are described in chronological order

Answer is B

The post The simplest form of single entry procedure consists fo keeping a? first appeared on Campusflava.]]> https://campusflava.com/blog/the-simplest-form-of-single-entry-procedure-consists-fo-keeping-a/feed/ 0 39207 Determine the sales returns? https://campusflava.com/blog/determine-the-sales-returns/ https://campusflava.com/blog/determine-the-sales-returns/#respond Tue, 20 Oct 2020 03:27:37 +0000 https://campusflava.com/blog/determine-the-sales-returns/ Given: Sales Ledger Control Account (Extracts) Balance b/f N10,600 Total cash payments by debtors N32,275 Total credit sales N59,193 Discount received N9,700 Balance c/f N20,751 Discount allowed N2,890 Determine the sales returns? A N24,577 B N13,877 C N7,067 D N2,890 Answer is B

The post Determine the sales returns? first appeared on Campusflava.]]> Given:
Sales Ledger Control Account (Extracts)

Balance b/f N10,600
Total cash payments by debtors N32,275
Total credit sales N59,193
Discount received N9,700
Balance c/f N20,751
Discount allowed N2,890

Determine the sales returns?

A N24,577

B N13,877

C N7,067

D N2,890

Answer is B

The post Determine the sales returns? first appeared on Campusflava.]]> https://campusflava.com/blog/determine-the-sales-returns/feed/ 0 39206 In a manufacturing company, the total cost of goods produced is equivalent to? https://campusflava.com/blog/in-a-manufacturing-company-the-total-cost-of-goods-produced-is-equivalent-to/ https://campusflava.com/blog/in-a-manufacturing-company-the-total-cost-of-goods-produced-is-equivalent-to/#respond Tue, 20 Oct 2020 03:26:46 +0000 https://campusflava.com/blog/in-a-manufacturing-company-the-total-cost-of-goods-produced-is-equivalent-to/ In a manufacturing company, the total cost of goods produced is equivalent to? A purchases B sales C cost of goods sold D cost of materials used Answer is A

The post In a manufacturing company, the total cost of goods produced is equivalent to? first appeared on Campusflava.]]> In a manufacturing company, the total cost of goods produced is equivalent to?

A purchases

B sales

C cost of goods sold

D cost of materials used

Answer is A

The post In a manufacturing company, the total cost of goods produced is equivalent to? first appeared on Campusflava.]]> https://campusflava.com/blog/in-a-manufacturing-company-the-total-cost-of-goods-produced-is-equivalent-to/feed/ 0 39205