Education

Practise JUPEB ACCOUNTING ESSAY and OBJECTIVES QUESTIONS

JOINT UNIVERSITIES PRELIMINARY EXAMINATIONS BOARD

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2015 EXAMINATIONS

ACCOUNTING ESSAY QUESTIONS

Register Your Business or Company Name With CAC

Attempt Four Questions, at least, ONE question from each section

SECTION A: Basic Financial Accounting

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Question 1

A.  i.         What is a Source Document?                                                             (1 Marks)

ii.          List  and  briefly   explain   five  major   source   documents   that  can  be  found  in  a  typical sole proprietorship business Nigeria.                                                              (4 Marks)

B.   List four major conditions under which bad debts can be written off.                      (4 Marks) C.   Mention the main attributes of a non-current (fixed) asset.                           (2 Marks) D.  With clear examples, define the following terms:

i.      Accounting Concept;

ii.      Accounting Basis;

iii.      Accounting Policy; and

iv.      Bookkeeping.  (4 Marks)

(Total: 15 Marks)

Question 2

The following are balances extracted from the books of Muda Manufacturing Company Ltd as at

31st December, 2013:

N Delivery van expenses                                                125,000

Electricity:   Factory                                                   142,950

Office                                                        55,500

Manufacturing wages                                              2,273,500

General expenses:   Factory                                       282,000

Office                                          190,800

Sales representative:    Commission                           393,000

Purchase of raw materials                                       1,952,700

Rent:     Factory                                                          240,000

Office                                                             110,000

Machinery (cost N2,500,000)1,625,000
Office equipment (cost N750,000)550,000
Office salaries742,250
Debtors1,418,500
Creditors972,500
Bank666,850
Sales6,825,800
Premises (cost N2,500,000)2,000,000
Stock at 31 December, 2009: 
Raw materials428,250
Finished goods1,474,000
Share capital6,872,800

You are provided with additional information thus: (a)       Stock at 31st December, 2013:

–     Raw materials       N452,500

–     Finished goods     N1,560,000

There was no work-in-progress.

(b)       Depreciation: Machinery-N100,000, Office equipment N75,000 and Premises N50,000

(c)       Manufacturing  wages  due  but  unpaid  at  31st  December,  2010,  was  N15,200,  Office  Rent

Prepaid was N5,400.

Required to prepare:

(a) The Company’s Manufacturing and Statement of Comprehensive Income for the

year ended 31 December 2013.                                                                      (8 Marks)

(b) The Statement of Financial Statement Position as at that date.                     (7 Marks) Total (20 Marks)

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