Jamb Accounts - Principles of Accounts 2011 Past Questions and Answers

Question 21:

• JAMB 2011

A typical example of a real account is?

A. Prepayment
B. Expenses
C. Plant
D. Income

Question 22:

• JAMB 2011

The control accounting can be used in?

A. Recording all the business transactions of the enterprise
B. Keeping records of all direct deposit in the bank account
C. Monitoring the books of original entry
D. Monitoring the efficiency of bookkepping by accountants

Question 23:

• JAMB 2011

Use the information below to answer questions 23 and 24.
Incomplete Record (Extract)
Sales......................................N10,600
Rent...........................N200
Depreciation of vehicle (cost N5000) 10%
Gross profit margin is 20%
What is the cost of goods sold?

A. N4 800
B. N8 480
C. N2 320
D. N 9 900

Question 24:

• JAMB 2011

Calculate the net profit?

A. N1 620
B. N1 920
C. N1 420
D. 2 120

Question 25:

• JAMB 2011

The cost that are directly traceable to the the goods being produced is?

A. Party manufactured goods
B. Overhead cost
C. Total factory expenses
D. Prime cost