JUPEB 2019 ACCOUNTING: Multiple Choice Questions
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Question 1 of 50
1. Question
Shares issued at more than nominal value are issued at a _________
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Question 2 of 50
2. Question
Subscriptions paid in advance by members of a club at the ad of a financial year is a
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Question 3 of 50
3. Question
What is the full meaning of IFRS?
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Question 4 of 50
4. Question
A club received the following life membership fees in each of its first two years:
Yearone-N3,000,000
Year two-N11,600,00
The club’s policy is to take credit for life membership fees in equal amount over ten years. What would be the membership fees recognized in the income and expenditure account for year two?
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Question 5 of 50
5. Question
The cost of an item of equipment depreciated on straight hat basis with expected economic useful life of 6 years was N400,000 on April 1, 2014. Its estimated residual value is expected to be N40,000. What is the depreciable value of the asset on December 31,2017?
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Question 6 of 50
6. Question
Onyinye Adamu Pic. bought a motor van and a building for N600,000 and N800,000 respectively on January 1,2016. The two assets were depreciated at 10% straight line and 15% reducing balance respectively. On June 30,2017, the company sold the two assets to realize Nl million. What is the total profit or loss made on the disposal of the assets?
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Question 7 of 50
7. Question
Aisha owes N1.000 to Daniel. She pays 80% of the debt. Daniel wrote off the remaining debt. What entries will Daniel make to write off the bad debt?
Account to be debited Account to be credited
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Question 8 of 50
8. Question
Chigozie bought 10 pairs ofshoesforN3,500 each and sold 6 pairs for N6,800 each. He paidN4,200 to transport the goods to his shop. What is the gross profit on the sales of the shoes?
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Question 9 of 50
9. Question
Use the following information to answer this question
The members of Progressive Club pay N5000 subscription per annum. At December 31, 2016; there were 40 members out of which 5 members had paid 2017 subscription in advance. During 2017, 10 new members were inducted. By December 31, 2017, 10 members have paid the 2018 subscription in advance. No subscription is outstanding for the year 2017.
How much subscription should be recognized; in the Income and Expenditure Account for December 31. 2017?
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Question 10 of 50
10. Question
Use the following information to answer this question
The members of Progressive Club pay N5000 subscription per annum. At December 31, 2016; there were 40 members out of which 5 members had paid 2017 subscription in advance. During 2017, 10 new members were inducted. By December 31, 2017, 10 members have paid the 2018 subscription in advance. No subscription is outstanding for the year 2017.
How much subscription should be recognized in the Receipts and Payments Account for December 31, 2017?
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Question 11 of 50
11. Question
The Petty cash book cannot have a credit balance because.
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Question 12 of 50
12. Question
You are given the following information:
Receivables as at I January, 2013 Nl0,000
Receivables as at 31 December, 2013 N9.000
Total receipts during 2013 (including cash sales of N5,000)N85,000
Total sales during 2013 amount to ____________
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Question 13 of 50
13. Question
Which of the following is not contained in a partnership agreement?
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Question 14 of 50
14. Question
Which of the following books is both a subsidiary and a ledger?
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Question 15 of 50
15. Question
In Partnership, where there is no Partnership Agreement the business _____________
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Question 16 of 50
16. Question
Tomisin gave his customer a cheque of N50,000 in settlement of his debt. When the Bank statement was received it was not reflected. This means the cheque is _________
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Question 17 of 50
17. Question
When the trial balance totals do not agree, the difference is recorded in the ________
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Question 18 of 50
18. Question
Cost of goods produced in a manufacturing setting will equal __________
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Question 19 of 50
19. Question
All of the following are costing techniques EXCEPT
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Question 20 of 50
20. Question
The maximum quantity of material used for production in the maximum lead time represents the of inventory.
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Question 21 of 50
21. Question
The capital investment appraisal method that is particular about the length of time to recover the initial investment is known as
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Question 22 of 50
22. Question
If a business is holding a safety stock to act as buffer, and if daily usage accelerates, the reorder level would
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Question 23 of 50
23. Question
A manufacturing company has a fixed cost of N45,000 and a contribution to sales ratio of 60%. If the selling price is N40, what is the number of units required to make a target profit of N5 8,680?
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Question 24 of 50
24. Question
What is the present value of N20,000 in year 5 if discount factor is 10%?
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Question 25 of 50
25. Question
The opening and closing inventories of SOX Limited were 400units and 500units respectively. The variable production cost per unit and fixed overhead absorption rate are N200 and N50 respectively. If the selling price per unit is N280, the absorption costing profit is the marginal costing profit.
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Question 26 of 50
26. Question
is the department, location or it of equipment through which a product passes or work is done to facilitate production.
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Question 27 of 50
27. Question
In cost accounting, the total of direct labour cost, direct material cost and direct expenses is referred to as
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Question 28 of 50
28. Question
A cost that reduces in unit as the level of activity increases and increases in total as the level of activity increases is called __________
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Question 29 of 50
29. Question
Halsey premium bonus scheme is calculated as __________
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Question 30 of 50
30. Question
Cost of resources already acquired and which does not have any effect on the alternative courses of actions to be undertaken is known as ___________
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Question 31 of 50
31. Question
Calculate the Internal Rate of Return of a project given the information below:
Net Present Value at 40%: N78,000
Net Present Value at 12%: N90,000
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Question 32 of 50
32. Question
What is the term used in describing a statement where the auditor draws the attention of users of financial statements to a particular issue without the intention of qualification?
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Question 33 of 50
33. Question
An audit engagement letter is written by a company’s ______________
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Question 34 of 50
34. Question
Ethical dilemmas occur as a result of ___________
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Question 35 of 50
35. Question
____ is the misconception about what auditors do and what they are expected to do.
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Question 36 of 50
36. Question
Management responsibility as to the presentation of financial statements is reemphasized in ___________
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Question 37 of 50
37. Question
The auditor is expected to be familiar with rules and regulations guiding the operation of client’s business. The document that contains such rules is the ___________
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Question 38 of 50
38. Question
Providing accounting as well as audit services to the same client carries a risk of _______
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Question 39 of 50
39. Question
Which organ of government does the Auditor General of your country report to ___________
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Question 40 of 50
40. Question
When circumstances involved in an audit is disagreement and the factors involved are material, but not fundamental to the whole financial statement, the auditor is expected to issue a/an _______ report.
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Question 41 of 50
41. Question
The following are the contents of a permanent working paper, EXCEPT ___________
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Question 42 of 50
42. Question
According to section 357 of CAMA 2004 LFN, the auditor is appointed by _____
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Question 43 of 50
43. Question
Which of the following conforms with the ability to pay and equal sacrifice principle?
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Question 44 of 50
44. Question
Use the information below to answer question
Chidi Ciroma Limited commenced business on April 1, 2016. The company incurred losses in the first three years of trading. The company’s accounting year end is 30th September every year The following basis periods have been suggested.
i. April 1,2016 to September30,2016
ii. April 1,2016 to December 31,2016
iii. April 1,2016 to March 31,2017
iv. January 1,2017 to December 31,2017
Which of the following is a valid basis period for the 2016 year of assessment?
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Question 45 of 50
45. Question
Use the information below to answer question
Chidi Ciroma Limited commenced business on April 1, 2016. The company incurred losses in the first three years of trading. The company’s accounting year end is 30th September every year The following basis periods have been suggested.
i. April 1,2016 to September30,2016
ii. April 1,2016 to December 31,2016
iii. April 1,2016 to March 31,2017
iv. January 1,2017 to December 31,2017
Which of the following is a valid basis period for the 2017 year of assessment
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Question 46 of 50
46. Question
FIRS means ______
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Question 47 of 50
47. Question
Ultimate year on cessation of business is synonymous with _______
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Question 48 of 50
48. Question
The computation of minimum tax for a Nigerian company with a turnover of N500,000 or below is _________
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Question 49 of 50
49. Question
Education tax is charged at 2% of __________ profit.
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Question 50 of 50
50. Question
Lilac Limited commenced business on 1st October 2015 and has chosen 31st December as its year-end. Which of the following is the correct basis period for assessable profit for the second year of assessment?
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