Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 591:

• JAMB 2007

Given:
Stock at start:
Raw materials................N57 000
Work-in-progress.............N42 000
Finished goods...............N71 000
Purchase of raw materials amount to N81 000, direct labour is N38 000 and factory overhead N29 000.
Calculate the prime cost?

A. N176 000
B. N170 000
C. N167 000
D. N156 000

Question 592:

• JAMB 2007

(i) Profits and looses will be shared unequally.
(ii) Interest is not allowed on capital.
(iii) Salaries are not allowed.
(iv) Interest is charged on drawings.
From the above, which of the following would apply where there is no agreement during partnership formation?

A. I only
B. I, ii and iii
C. I, ii and iv
D. Ii and iii

Question 593:

• JAMB 2007

Use the information below to answer question
Stock (1/1/02) at selling price..........N2000
Goods sent to branch (selling price).....N?
Sales by branch (selling price)..........N4500
Stock (31/12/02).........................N?
Opening stock is 1/4 of goods sent to branch.
Determine the closing stock?

A. N5 500
B. N6 500
C. N2 500
D. N4 500

Question 594:

• JAMB 2007

Use the information below to answer question .
Stock (1/1/02) at selling price..........N2000
Goods sent to branch (selling price).....N?
Sales by branch (selling price)..........N4500
Stock (31/12/02).........................N?
Opening stock is 1/4 of goods sent to branch.
The value of goods sent to branch is?

A. N4 000
B. N6 000
C. N8 000
D. N2 000

Question 595:

• JAMB 2007

Expense paid during the conversion of a partnership to a company are?

A. Debited to the partners' capital account
B. Debited to the realization account
C. Debited to the cash account
D. Credited to the realization account