Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 716:

• JAMB 2009

Given:
Furniture and fittings..................N20,000
Equipment...............................N15,000
Bank overdrafts.........................N6, 500
Bar creditors...........................N4,800
Subscription in arrears.................N4,700
Subscription in advance.................N650
What is the accumulated fund?

A. 23,700
B. 27,750
C. 29,650
D. 51,650

Question 717:

• JAMB 2009

i Space occupied by each department.
ii Average value of stock held by each department.
iii Departmental turnover.
iv Number of articles sold by each department .
From the information above, the two most logical bases for apportioning expenses that are common to departments are?

A. I and ii
B. I and iii
C. Ii and iii
D. Iii and iv

Question 718:

• JAMB 2009

Use the information to answer question below
......................... Departments
........................... P Q R
Sales value............... N23,400
Selling expenses.......... 1,100 N1,400 N1,280
Administrative expenses...N1,400 N1,000 N1,020
Cost of sales............. N6,900.... N6,700 N5,500
Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to N1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.
What is the sales value of department R?

A. N7,800
B. N11,700
C. N23,400
D. N35,100

Question 719:

• JAMB 2009

Use the information to answer questions
......................... Departments
........................... P Q R
Sales value............... N23,400
Selling expenses.......... 1,100 N1,400 N1,280
Administrative expenses...N1,400 N1,000 N1,020
Cost of sales............. N6,900.... N6,700 N5,500
Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to N1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.
Determine the total expenses of department P?

A. 9,760
B. 9,400
C. 2,860
D. 2,500

Question 720:

• JAMB 2009

One of the purposes of maintaining the account of a branch at the head office is to?

A. Record charges in shareholdings
B. Record charges in liabilities
C. Check the excesses of customers
D. Check and monitor the growth of individual branches