Jamb Accounts - Principles of Accounts 2009 Past Questions and Answers

Question 46:

• JAMB 2009

Which of the following is credited to the consolidated revenue fund?

A. Recurrent expenditure
B. Capital expenditure
C. Transfer to revenue fund
D. International revenue

Question 47:

• JAMB 2009

One of the reasons for the existence of the public sector is to?

A. Take adequate care of the needy
B. Supplement the commercial sector
C. Provide cheap services to all citizens
D. Correct perceived inequalities

Question 48:

• JAMB 2009

If the gross profit margin is 10% of sales, what is the value of the cost of goods sold?

A. N10,000
B. N90,000
C. N105,600
D. N110,000

Question 49:

• JAMB 2009

If the opening stock is 5% of sales. calculate the purchases

A. N95,600
B. N95,000
C. N90,600
D. N85,000

Question 50:

• JAMB 2009

Use the information to answer the question.
..........................30/9/06.......30/9/07.....
............................N.............N.........
Accrued insurance premium...600...........710.......
Prepaid rent income.........490............630......
The cash book includes N1,850 and N,2,100 in respect of insurance premium and rent income respectively.
The insurance premium to be taken to the profit and loss account would be.

A. N1,310
B. N1,850
C. N1,990
D. 2,210