Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 606:

• JAMB 2007

Use the information above to answer questions
Lighting..................N2925
Rent......................N2640
Salary....................N4050
The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.
Find the salary charged to Zera product?

A. N1854
B. N1845
C. N1062
D. N1134

Question 607:

• JAMB 2007

The gross profit disclosed in the branch stock adjustment account represents?

A. Head office profit
B. Unrealized profit
C. Estimated profit
D. Branch profit

Question 608:

• JAMB 2007

Partners' share of profit is credited to?

A. A partner's current account
B. A partner's capital account
C. The profit and loss account
D. The profit and loss appropriation account

Question 609:

• JAMB 2007

A pension granted to any past president or vice-president shall be charged to the?

A. Consilidation revenue fund
B. Special pension fund
C. Contingency fund
D. Development fund

Question 610:

• JAMB 2007

The federal government approved N140m to local governments W, X, Y and Z. The amount is to be shared on the basis of 40% equality, 35% population and 25% internal revenue generation. Calculate the share of local government W on equality?

A. N35m
B. N14m
C. N56m
D. N28m