Jamb Accounts - Principles of Accounts 2005 Past Questions and Answers

Question 31:

• JAMB 2005

Use the information below to answer questions
Purchase:..Raw materials.................N15 000
Finished goods...........................N11 400
Stock:....(1/7/01)Raw materials..........N2 250
Work-in-progress.........................N1 875
Wages:.....Direct........................N17 100
Indirect.................................N5 400
Stock:.....(30/06/02)Raw materials.......N3 000
Work-in-progress.........................N3 375
Determine the accumulated fund value?

A. N9360
B. N6320
C. N4200
D. N3000

Question 32:

• JAMB 2005

The not-for-profit-making organizations generate their income mainly from?

A. Bar sales
B. Subcriptions
C. Rents
D. Pools

Question 33:

• JAMB 2005

Gamji Memorial Club carried out an activity which yield a profit of N10 000. This amount is to be transferred to the?

A. Debit side of its profit and loss account
B. Credit side of its profit and loss account
C. Debit side of its income and expenditure account
D. Credit side of its income and expenditure account

Question 34:

• JAMB 2005

Departmental accounts are prepared to aid the comparison of the?

A. Previous year's transactions
B. Daily profits
C. Workers' performances
D. Management performances

Question 35:

• JAMB 2005

A company incurred N21 000 in running its four departments, namely J,K,L and M with a corresponding number of employees as 1500, 2000, 3000 and 500 respectively. What is the share of department K?

A. N9000
B. N6000
C. N4500
D. N1500