Jamb Accounts - Principles of Accounts 2015 Past Questions and Answers

Question 51:

• JAMB 2015

Use the information below to answer this question.
\(\begin{array}{c|c}
\hline & \text{Dept A} & \text{Dept B} \\
\hline
\text{Sales} & 180,000 & 150,000 \\
\hline
\text{Cost of sales} & 79,000 & 85,000 \\
\hline
\text{Expense} & 28,000 & 40, 000 \\
\end{array}\)
How much is the gross profit for department A?

A. N101,000
B. N73,000
C. N79,000
D. N152,000

Question 52:

• JAMB 2015

An advantage of using accounting ratios is that

A. Can be easily calculated
B. Show errors and frauds
C. Facilitate decision making
D. Are stipulated by law

Question 53:

• JAMB 2015

The document setting out the regulations regarding shares, meetings and internal organization of a company is known as

A. Prospectus
B. Memorandum of association
C. Company law
D. Articles of association

Question 54:

• JAMB 2015

The loss made by a non profit making organization is called

A. Deficit
B. Surplus
C. Discount
D. Shortage

Question 55:

• JAMB 2015

If rent account is debited instead of rate account, the error committed is that of;

A. Omission
B. Commission
C. Principle
D. Original entry