Jamb Accounts - Principles of Accounts 2011 Past Questions and Answers

Question 26:

• JAMB 2011

The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the?

A. Prime cost
B. Indirect cost
C. Total cost
D. Direct cost

Question 27:

• JAMB 2011

Work-in-progress is the?

A. Value of party finished goods
B. Value of finished goods sold
C. Sales less cost of goods sold
D. Value of goods produced

Question 28:

• JAMB 2011

The major festure of not-for-profit-making-organization is that they are formed?

A. To use accumulated fund to described the net amount owed to members
B. Mainly to improve the welfare of her member
C. To engaged in trading activities to sponsor its activities
D. In order to compute the receipts and payment account

Question 29:

• JAMB 2011

The subscription paid in advance is treated in the balance sheet of a club as?

A. A surplus
B. A liability
C. A deflicit
D. An asset

Question 30:

• JAMB 2011

The capital of not-for-profit-making organization is referred to as?

A. Entity fund
B. Capital owned
C. Accumulated fund
D. Capital employed