Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 711:

• JAMB 2009

Which of the following is an item in the debit side of the sales ledger control account?

A. Interest charged by suppliers
B. Bills receivable honored
C. Transfer of credit balances from credit control account
D. Transfer of debit balance from creditors control account

Question 712:

• JAMB 2009

The cost incurred by departments that support the production departments with such activities as maintenance, production control and storage are called?

A. Autonomous costs
B. Service costs
C. Supporting cost
D. Subsidiary costs

Question 713:

• JAMB 2009

Use the information below to answer questions below
Work-in-progress 1/1........................N1,000
Work-in-progress 31/12......................N2,000
Production cost of goods manufactured.......N20,000
Sales.......................................N50,000
Stock of finished goods 1/1.................N4,000
Stock of finished goods 31/12...............N5,000
Selling and distribution expenses...........N2,000
Administrative expenses.....................N1,000
Determine the gross profit?

A. 49,000
B. 48,000
C. 31,000
D. 30,000

Question 714:

• JAMB 2009

Use the information below to answer questions below
Work-in-progress 1/1........................N1,000
Work-in-progress 31/12......................N2,000
Production cost of goods manufactured.......N20,000
Sales.......................................N50,000
Stock of finished goods 1/1.................N4,000
Stock of finished goods 31/12...............N5,000
Selling and distribution expenses...........N2,000
Administrative expenses.....................N1,000
What is the net profit?

A. N46,000
B. N45,000
C. N28,000
D. N27,000

Question 715:

• JAMB 2009

Receipt and payments account is a summary of the?

A. Budget
B. Trading account
C. Cash book
D. Profit and loss account