JUPEB 2015 ACCOUNTING: Multiple Choice Questions
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Question 1 of 50
1. Question
The writing off of a bad debt is an example of which concept?
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Question 2 of 50
2. Question
Which item should be treated as a capital expenditure?
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Question 3 of 50
3. Question
Chike bought goods on credit from Taiwo for N10,000, less trade discount of 5%. How would the transaction be recorded in Chike’s books?
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Question 4 of 50
4. Question
Which error will cause an entry in the suspense account?
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Question 5 of 50
5. Question
How many types of opinion could an Auditor express in respect of a set of audited financial statements?
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Question 6 of 50
6. Question
What are the major assumptions in contribution/sales analysis?
- Costs can be identified as either fixed or variable
- Fixed cost per unit is constant as activity rises
- Variable cost per unit changes with the volume of activity
- Volume of activity is the only factor that affects revenue and variable costs.
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Question 7 of 50
7. Question
The authority entrusted with the power to assess and collect petroleum tax in Nigeria is:
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Question 8 of 50
8. Question
A business manufactured 225 units of a product in a month. From the following information, what is the break-even point in units?
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Question 9 of 50
9. Question
A method of dealing with overheads, which involves spreading common costs over cost centres on the basis of benefit received, is called
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Question 10 of 50
10. Question
Auditing was derived from the Latin word
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Question 11 of 50
11. Question
The following may disqualify an auditor from being re-appointed, EXCEPT
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Question 12 of 50
12. Question
Which of the following is NOT an old form of taxation?
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Question 13 of 50
13. Question
The Federal Inland Revenue Service is charged with the responsibility of assessing and collecting the following taxes, EXCEPT
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Question 14 of 50
14. Question
The tier of government, vested with the responsibility of collecting tenement rate and slaughter slab fees, is
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Question 15 of 50
15. Question
A quantitative expression of a plan of action, prepared in advance of the period to which it relates, is called
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Question 16 of 50
16. Question
If the annual demand of inventory is 19,600 units, the order cost is ₦25 and the cost of keeping one unit of inventory is ₦8. What is the economic order quantity (EOQ)?
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Question 17 of 50
17. Question
The costing technique, used for short-term decision-making by managers, is
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Question 18 of 50
18. Question
If the hourly rate is ₦3, the agreed rate of production per hour is 60 units, the actual number of hours taken is 6 hours and the units produced is 480 units; what is the worker’s pay under the Rowan Bonus Scheme?
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Question 19 of 50
19. Question
The following are advantages of the NPV method in project evaluation, EXCEPT that
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Question 20 of 50
20. Question
The Canon of taxation includes the following, EXCEPT
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Question 21 of 50
21. Question
A sale should be recognised when the goods or services have been provided and the invoice sent out, rather than when the sale is agreed. Which accounting concept does this illustrate?
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Question 22 of 50
22. Question
The account in which each partner’s contribution is recorded and kept is called _____ Account.
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Question 23 of 50
23. Question
Which of the following is shown in the statement of comprehensive income of a company?
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Question 24 of 50
24. Question
If the accrued wages of a business, amounting to N1,800, is not recorded, then
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Question 25 of 50
25. Question
The responsibilities of the directors in relation to the accounting functions of the company fall under the following headings, EXCEPT
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Question 26 of 50
26. Question
The removal of an auditor before the expiration of his/her term requires a special resolution and a notice of
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Question 27 of 50
27. Question
Which of these is NOT true about the removal of an auditor?
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Question 28 of 50
28. Question
The common name given to Statement of Comprehensive Income and Statement of Financial Position is
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Question 29 of 50
29. Question
N50 cash taken from the cash till and banked is posted as follow:
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Question 30 of 50
30. Question
In cost accounting, the total of direct labour cost, direct material cost and direct expense referred to as
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Question 31 of 50
31. Question
The bonus to be paid under the Rowan Scheme is determined as follows:
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Question 32 of 50
32. Question
An Accountant in public practice can offer all the following services, EXCEPT
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Question 33 of 50
33. Question
The scope and nature of an auditor’s contractual obligation to a client is set out in the
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Question 34 of 50
34. Question
An auditor, who is expected to practise the profession, should be
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Question 35 of 50
35. Question
Which Agency of Government is responsible for the taxation of Limited Liability Companies in Nigeria?
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Question 36 of 50
36. Question
The title of the head of the Federal Inland Revenue Service Board is
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Question 37 of 50
37. Question
The legislations, passed by Acts of National and State Assemblies and Bye-laws by Local Government authorities in a democratic government, are called
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Question 38 of 50
38. Question
Ola Enterprises commenced business on 1st March, 2011 and it prepared its accounts to 31st October each year. The basis period for the determination of the assessable profit for the first tax year is
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Question 39 of 50
39. Question
What is the accounting principle that states “Anticipate no profit but provide for all possible losses”?
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Question 40 of 50
40. Question
Which of the following source documents is received from a supplier of goods in relation to goods returned by a customer?
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Question 41 of 50
41. Question
The means of reducing or eliminating variations in accounting practice, in order to introduce a degree of uniformity into financial reporting, is
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Question 42 of 50
42. Question
In a business enterprise that has not kept proper books of accounts, what does an increase in capital at the end of the year over capital at the beginning of the year represent?
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Question 43 of 50
43. Question
 In relation to cost accounting, which of the following is CORRECT?
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Question 44 of 50
44. Question
A supervisor’s salary of N200,000 per month in a factory in Akwa Ibom is an example of a
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Question 45 of 50
45. Question
 When the marginal revenue equals the marginal cost, then the
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Question 46 of 50
46. Question
The following are different branches of accounting, EXCEPT
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Question 47 of 50
47. Question
Which of the following is NOT part of auditors’ duties during stocktaking?
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Question 48 of 50
48. Question
What should an auditor do when he/she discovers a material misstatement? He/She should
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Question 49 of 50
49. Question
The following are the objectives of taxation, EXCEPT
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Question 50 of 50
50. Question
A quorum is formed at any meeting of the State Internal Revenue Board where there is in attendance
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