Jamb Accounts - Principles of Accounts 2018 Past Questions and Answers

Question 41:

• JAMB 2018

Which of the following is a common cause of a discrepancy between head office and branch trial office________

A. Stock and repayment
B. Creditors and cash in transit
C. Stock and cash in transit
D. Debtors and cash in transit

Question 42:

• JAMB 2018

Departmentalization of accounts is useful because it shows the____________

A. Over all performance of a division
B. Cost per unit of a profit
C. Price per unit of a product
D. Over all performance of a firm

Question 43:

• JAMB 2018

Why should a new partner contribute towards goodwill on his admission?

A. It is a norm
B. To ensure new partner also have a stake in the business
C. The firm into which he is entering already has some goodwill in the market
D. To purchase the business

Question 44:

• JAMB 2018

The rent expense for Trendy store is ₦3500. Trendy store has three departments; jewelry, hair dressing, and clothing. The floor spaces occupied by the departments are 3:2:5 respectively. What is the rent allocated to clothing department?

A. ₦700
B. ₦1050
C. ₦1750
D. ₦3500

Question 45:

• JAMB 2018

Cost of rent as an expense can be apportioned to all department on the basis of:

A. No of employees
B. Stock value
C. Space occupied
D. Wages