Jamb Accounts - Principles of Accounts 2012 Past Questions and Answers

Question 21:

• JAMB 2012

Which of the following is a debit item in the sales ledger control account

A. Cheque reciepts
B. Dishonoured cheques
C. Discount allowed
D. Bills recievable

Question 22:

• JAMB 2012

In manufacturing accounts, finance expenses are charged to the

A. Departmental account
B. Trading acount
C. Profit and loss account
D. Balance sheet

Question 23:

• JAMB 2012

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units
What is the total manufacturing profit?

A. #64,000
B. #120,000
C. #360,000
D. #480,000

Question 24:

• JAMB 2012

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units
Determine the value of prime cost

A. #416,000
B. #304,000
C. #240,000
D. #184,000

Question 25:

• JAMB 2012

The main advantage of a departmental account is that its

A. Expenses are shared
B. Gross profit is computed
C. Net profit is computed
D. Balance sheet is obtained