Jamb Accounts - Principles of Accounts 2006 Past Questions and Answers

Question 31:

• JAMB 2006

Departmentalization of accounts is useful because it shows the?

A. Overall performance of a firm
B. Price per unit of a product
C. Cost per unit of a product
D. Overall performance of a division

Question 32:

• JAMB 2006

When goodwill is not retained in the business, the entries in the new partners' book will be to debit?

A. Good account and credit partners' capital account
B. Partners' capital account and credit goodwill account
C. Cash account and credit goodwill account
D. Goodwill account and credit cash account

Question 33:

• JAMB 2006

Given:
....................January.............December
Assets................N28,320.............N25,320
Creditors.............N5,620..............N10,320
The proprietor made drawings of N755 per month for personal use.
The profit for the period is?

A. N3000
B. N1,360
C. N9060
D. N7700

Question 34:

• JAMB 2006

Given:
Subscriptions received.........N200 000
Subscriptions owed.............N10 000
Subscriptions in advance.......N25 000
Calculate the subscription in the income and expenditure account?

A. N200 000
B. N235 000
C. N185 000
D. N225 000

Question 35:

• JAMB 2006

Boro Limited apportion 1/6 of its rent for factory and 10% of the balance for warehouse. If rent paid is N48 600, how much is paid for warehouse?

A. N4000
B. N6000
C. N10000
D. N8000