Jamb Accounts - Principles of Accounts 2004 Past Questions and Answers

Question 21:

• JAMB 2004

What is the figure for purchases?

A. N2,400
B. N2,500
C. N4,200
D. N5,200
E. No option indicated

Question 22:

• JAMB 2004

Cost classification in relation to charges is determined by the level of?

A. Raw materials
B. Labour
C. Activity
D. Profitability

Question 23:

• JAMB 2004

Use the information below to answer questions 26 and 27.
Materials consumed...................N16,600
Direct cost..........................N5,400
Factory rent.........................N2,300
Factory lighting.....................N1,200
Cost of production to be transferred at cost plus 20% mark-up.
The gross profit on manufacture is?

A. N6,120
B. N6,100
C. N5,100
D. N5,000

Question 24:

• JAMB 2004

The market value of goods produced is?

A. N30,500
B. N30,600
C. N31,600
D. N31,620

Question 25:

• JAMB 2004

Use the information below to answer questions 28 and 29.
On January 1,2000, a club's assets and liabilities were as follows:
Club house...................N8,000
Subscription.................N300
Cash.........................N1,000
Wages owed...................N100
The club has 50 members and annual subscription is N100 per member.
Subscription received is N4,000 and this includes 1999 arrears of N200.
The accumulated fund is?

A. N9,400
B. N9,300
C. N9,200
D. N9,100