Departmental Accounts - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 51:

• JAMB 2018

In departmental accounting, which is not a transfer pricing_________

A. Cost based transfer price
B. Market based transfer pricing
C. Dual pricing system
D. Peak pricing

Question 52:

• JAMB 2018

Use the information below to answer the question .

	Total	P	Q		Total	P	Q
	₦	₦	₦		₦	₦	₦
Stock	3,000	2,000	1,000	Sales	10,000	6,000	4,000
Purchase	4,000	2,500	1,500	Closing Stock	2,000	1,500	500

Goods worth #300 was transferred from department Q to P. Similarly, P’s total expenses for the period was #200.
Department P’s net profit was

A. #2,500
B. #2,800
C. #3,000
D. #5,200

Question 53:

• 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 54:

• 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 55:

• 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