Jamb Accounts - Principles of Accounts 2009 Past Questions and Answers

Question 26:

• JAMB 2009

Use the information below to answer questions below
Work-in-progress 1/1........................N1,000
Work-in-progress 31/12......................N2,000
Production cost of goods manufactured.......N20,000
Sales.......................................N50,000
Stock of finished goods 1/1.................N4,000
Stock of finished goods 31/12...............N5,000
Selling and distribution expenses...........N2,000
Administrative expenses.....................N1,000
Determine the gross profit?

A. 49,000
B. 48,000
C. 31,000
D. 30,000

Question 27:

• JAMB 2009

Use the information below to answer questions below
Work-in-progress 1/1........................N1,000
Work-in-progress 31/12......................N2,000
Production cost of goods manufactured.......N20,000
Sales.......................................N50,000
Stock of finished goods 1/1.................N4,000
Stock of finished goods 31/12...............N5,000
Selling and distribution expenses...........N2,000
Administrative expenses.....................N1,000
What is the net profit?

A. N46,000
B. N45,000
C. N28,000
D. N27,000

Question 28:

• JAMB 2009

Receipt and payments account is a summary of the?

A. Budget
B. Trading account
C. Cash book
D. Profit and loss account

Question 29:

• JAMB 2009

Given:
Furniture and fittings..................N20,000
Equipment...............................N15,000
Bank overdrafts.........................N6, 500
Bar creditors...........................N4,800
Subscription in arrears.................N4,700
Subscription in advance.................N650
What is the accumulated fund?

A. 23,700
B. 27,750
C. 29,650
D. 51,650

Question 30:

• JAMB 2009

i Space occupied by each department.
ii Average value of stock held by each department.
iii Departmental turnover.
iv Number of articles sold by each department .
From the information above, the two most logical bases for apportioning expenses that are common to departments are?

A. I and ii
B. I and iii
C. Ii and iii
D. Iii and iv