Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 511:

• JAMB 2005

Use the information below to answer questions
Zazzau Company:
Cash in hand................N50
Cash in bank................N1 250
Stock.......................N4 880
Furniture...................N9 60
Building....................N5 500
Debtor......................N1 750
Creditors...................N2 150
Drawings of N125 were made by the shareholders of the company.
The capital of the company stands at?

A. N12 240
B. N12 115
C. N2 510
D. N2 150

Question 512:

• JAMB 2005

Use the information below to answer questions 25 and26.
Zazzau Company:
Cash in hand................N50
Cash in bank................N1 250
Stock.......................N4 880
Furniture...................N9 60
Building....................N5 500
Debtor......................N1 750
Creditors...................N2 150
Drawings of N125 were made by the shareholders of the company.
They company's net current assets amount to?

A. N5 780
B. N5 70
C. N6 580
D. N7 930

Question 513:

• JAMB 2005

A component of an overhead manufacturing cost is?

A. Cost of work-in-progress
B. Cost of finished goods
C. Labour
D. Rent

Question 514:

• JAMB 2005

Use the information below to answer questions
Direct labour...................N50 000
Beginning work-in-progress......N4 000
Raw materials used..............N18 000
Indirect labour.................N4 000
Ending finished goods...........N16 000
Ending work-in-progress.........N9 000
Factory supplies used...........N7 000
Selling expenses................N25 000
Beginning finished goods........N21 000
Other factory overheads.........N19 000
What is the cost of goods manufactured?

A. N117 000
B. N104 000
C. N97 000
D. N93 000

Question 515:

• JAMB 2005

Use the information below to answer questions
Direct labour...................N50 000
Beginning work-in-progress......N4 000
Raw materials used..............N18 000
Indirect labour.................N4 000
Ending finished goods...........N16 000
Ending work-in-progress.........N9 000
Factory supplies used...........N7 000
Selling expenses................N25 000
Beginning finished goods........N21 000
Other factory overheads.........N19 000
Calculate the prime cost?

A. N50 000
B. N68 000
C. N70 000
D. N75 000