Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 566:

• JAMB 2006

Stock 1/1/2002..................................N40 000
Goods received from head office.................N800 000
Goods returned to head office...................N34 000
Sales...........................................N916000
Stock 31/12/2000................................N72 000
From the data above determine the cost of goods credited to the head office trading account.

A. N766 000
B. N840 000
C. N734 000
D. N806 000

Question 567:

• JAMB 2006

Use the information below to answer question .
Prime cost..................N12 100
lighting....................N10 000
Heating.....................N15 000
Factory overhead............?
The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.
The factory overhead is?

A. N5050
B. N7250
C. N2750
D. N5500

Question 568:

• JAMB 2006

Use the information below to answer question .
Prime cost..................N12 100
lighting....................N10 000
Heating.....................N15 000
Factory overhead............?
The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.
Interest on the drawings of partners is treated in the?

A. Profit and loss appropriation account
B. Goodwill account
C. Profit and loss account
D. Trading account

Question 569:

• JAMB 2006

Departmentalization of accounts is useful because it shows the?

A. Overall performance of a firm
B. Price per unit of a product
C. Cost per unit of a product
D. Overall performance of a division

Question 570:

• JAMB 2006

When goodwill is not retained in the business, the entries in the new partners' book will be to debit?

A. Good account and credit partners' capital account
B. Partners' capital account and credit goodwill account
C. Cash account and credit goodwill account
D. Goodwill account and credit cash account