Jamb Accounts - Principles of Accounts 2011 Past Questions and Answers

Question 31:

• JAMB 2011

The major objective of departmental accounts is to ascertain the?

A. Contribution of each department to profit
B. Materials sold in each department
C. Insurance premium payable on employees
D. Number of employees in each department

Question 32:

• JAMB 2011

The transactions relating to liquidation in partnership account is drawn by using?

A. Current account
B. Cash account
C. Capital account
D. Realization account

Question 33:

• JAMB 2011

The cost method of charging goods to branch is used where?

A. Branch stock adjustment account is in use
B. The retention of branch trading account is in addition to the cost of goods sold
C. Goods are sent without invoice or any source documents
D. Goods are of a perishable nature on which a pre-determined price is inapplicable

Question 34:

• JAMB 2011

The correct entries to record goods transferred to branch from head office is to debit?

A. Branch stock account and credit goods sent to branch account
B. Branch supplies account and credit branch stock account
C. Branch stock account and credit purchases account
D. Goods sent to branch account and credit branch stock account

Question 35:

• JAMB 2011

The two accounts that are normally opened in the head office when goods are transferred to a branch are?

A. Branch supplies and branch receipts
B. Branch stock account and goods sent to branch accounts
C. Goods sent to brannch account and branch receipt account
D. Goods sent to branch accounts and branch supplies