Jamb Accounts - Principles of Accounts 2010 Past Questions and Answers

Question 26:

• JAMB 2010

The prime cost is the total of the?

A. Production cost + selling expenses
B. Direct material + direct labour + direct expenses
C. Direct material + work overhead expenses
D. Administrative expenses + selling + distribution expenses

Question 27:

• JAMB 2010

In the not-for-profit-making organization, the excess of income over expenditure is?

A. Deducted from the capital
B. Added to the accumulated fund
C. Added to the capital
D. Deducted from the the accumulated fund

Question 28:

• JAMB 2010

The equivalent of a club's receipts and payment account is the?

A. Trading account
B. Revenue account
C. Cash account
D. Suspense account

Question 29:

• JAMB 2010

The summary of receipts and payments account represent?

A. Cash at hand
B. Journal proper
C. General journal
D. Ledger accounts

Question 30:

• JAMB 2010

The Akachala Limited has four department W, X Y and Z. The profits or loss of the departments were N20 000 loss, X N25 profit, Y were N30 000 loss and Z N1800 profit. How much is the net profit or loss of the company?

A. N7 000 loss
B. N5 000 loss
C. N5 000 profit
D. N7 000 profit