Jamb Accounts - Principles of Accounts 2001 Past Questions and Answers

Question 21:

• JAMB 2001

Use the information below to answer question
Given: 31/12/98 31/12/99
Assets: Plant and Mach. N1,500 N1,200
Fixtures N700 N520
Stock N500 N600
Debtors N900 N400
Cash N200 N300
Liabilities: Creditor N500 N600
Loan N600 N400
Determine the total fixed assets from the opening balance sheet?

A. N2,200
B. N2,020
C. N1,720
D. N2,070

Question 22:

• JAMB 2001

Given:
Direct material N2,500
Direct labour N5,000
Direct expenses N1,000
Overhead expenses N1,500
From the data above, compute the prime cost?

A. N8,500
B. N7,500
C. N6,500
D. 6,000

Question 23:

• JAMB 2001

Use the information below to answer question 25 and 26.
Bar opening stock N10,000
Amount owed to bar suppliers at
the end the beginning of the year N10,000
Bar sales N50,000
Bar credit purchases N40,000
Payment to suppliers N30,000
Bar expenses N1,000
Bar closing stock N15,000
What is the bar profits?

A. N20,000
B. N15,000
C. N14,000
D. N10,000

Question 24:

• JAMB 2001

Use the information below to answer question 25 and 26.
Bar opening stock N10,000
Amount owed to bar suppliers at
the end the beginning of the year N10,000
Bar sales N50,000
Bar credit purchases N40,000
Payment to suppliers N30,000
Bar expenses N1,000
Bar closing stock N15,000
How much is owed to suppliers?

A. N50,000
B. N40,000
C. N30,000
D. 20,000

Question 25:

• JAMB 2001

Lubricating oil and spare parts of machinery are examples of?

A. Direct materials
B. Indirect materials
C. Indirect expenses
D. Direct expenses