Jamb Accounts - Principles of Accounts 2003 Past Questions and Answers

Question 21:

• JAMB 2003

Income and expenditure account is more informative than receipts and payments account because it discloses?

A. Cash
B. Cheques
C. Debtors
D. Stocks

Question 22:

• JAMB 2003

A company has two departments X and Y. Y transferred goods to X at a profit margin of 25%. N10,000 worth of goods was not sold at the end of the accounting period.
How much is the unrealized profit?

A. N2000
B. N2500
C. 12000
D. 12500

Question 23:

• JAMB 2003

Given:
..............Rich Social Club...........
Cash.........................N100,000
Loan ........................N30,000
Subscription in arrears......N5,000
Subscription in advance......N15,000
What is the accumulation fund?

A. N60,000
B. N80,000
C. N90,000
D. N110,000

Question 24:

• JAMB 2003

During the year ended 31st December 2001,
Nuju Enterprises paid rent as follows:
Jan. 20, N24 000 for a period of 4 months.
May. 16, N30 000 for a period of 5 months.
Oct. 15, N36 000 for a period of 6 months.
What is the overpaid portion of the rent?

A. N36 000
B. N18 000
C. N12 000
D. N6 000

Question 25:

• JAMB 2003

Use the information below to answer question .
...........PQ Manufacturing Company
Raw materials (1/11/2001)...........N3 500
Raw materials (31/12/2001)..........N4 900
Purchase of raw materials...........N56 000
Salary .............................N63 000
Wages...............................N148 000
Factory lighting ...................N3 080
Plant Depreciation..................N2 800
Factory Insurance ..................N2 170
The overhead cost is?

A. N71 050
B. N68 250
C. N67 970
D. N66 080