Jamb Accounts - Principles of Accounts 2013 Past Questions and Answers

Question 21:

• JAMB 2013

Given:
Opening capital - #50,000
Closing capital - #64,000
Drawings - #16,000
Determine the net profit

A. #2,000
B. #14,000
C. #20,000
D. #30,000

Question 22:

• JAMB 2013

The estimated profit or loss for a period is calculated by

A. Closing capital less opening capital add drawings
B. Opening capital less closing capital add drawings
C. Opening capital less drawings add closing capital
D. Opening capital add closing add drawings

Question 23:

• JAMB 2013

Given:
Drawings - #3,500
Net loss - #2,500
Capital 1/1/2007 - #35,000
Additional capital - #10,000
The adjusted capital as at 31/1/2007 is

A. #35,000
B. #39,000
C. #45,000
D. #46,000

Question 24:

• JAMB 2013

When goods produced are transferred at cost plus mark-up sale, the difference between the cost and the transferred price is a

A. Discount
B. Sales commission
C. Manufacturing profit
D. Factory reserves

Question 25:

• JAMB 2013

The addition of prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of

A. Goods available for sale
B. Goods sold
C. Goods manufactured
D. Materials put into production