Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 516:

• JAMB 2005

Use the information below to answer questions
Purchase:..Raw materials.................N15 000
Finished goods...........................N11 400
Stock:....(1/7/01)Raw materials..........N2 250
Work-in-progress.........................N1 875
Wages:.....Direct........................N17 100
Indirect.................................N5 400
Stock:.....(30/06/02)Raw materials.......N3 000
Work-in-progress.........................N3 375
The cost of raw materials consumed is?

A. N17 250
B. N15 750
C. N15 000
D. N14 250

Question 517:

• JAMB 2005

Use the information below to answer questions
Purchase:..Raw materials.................N15 000
Finished goods...........................N11 400
Stock:....(1/7/01)Raw materials..........N2 250
Work-in-progress.........................N1 875
Wages:.....Direct........................N17 100
Indirect.................................N5 400
Stock:.....(30/06/02)Raw materials.......N3 000
Work-in-progress.........................N3 375
What is the cost of manufactured goods?

A. N49 125
B. N48 750
C. N37 625
D. N35 250

Question 518:

• JAMB 2005

Use the information below to answer questions .
subscription.....................N5420
Canopy rent......................N400
Wages............................N1100
Post-ages........................N300
loss from bar....................N160
Purchases of new furniture.......N120
Premises.........................N4000
Furniture at the beginning.......N1120
What is the cash balance in the receipts and payments account?

A. N2 520
B. N2600
C. N3000
D. N120
E. No option

Question 519:

• JAMB 2005

Use the information below to answer questions
Purchase:..Raw materials.................N15 000
Finished goods...........................N11 400
Stock:....(1/7/01)Raw materials..........N2 250
Work-in-progress.........................N1 875
Wages:.....Direct........................N17 100
Indirect.................................N5 400
Stock:.....(30/06/02)Raw materials.......N3 000
Work-in-progress.........................N3 375
Determine the accumulated fund value?

A. N9360
B. N6320
C. N4200
D. N3000

Question 520:

• JAMB 2005

The not-for-profit-making organizations generate their income mainly from?

A. Bar sales
B. Subcriptions
C. Rents
D. Pools