Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 731:

• JAMB 2009

Expenditure incurred on consumables and goods for resale is?

A. Revenue expenditure
B. Capital expenditure
C. Sunk cost
D. Miscellanous expenses

Question 732:

• JAMB 2009

Replacement and renewal of fixed assets are?

A. Revenue receipt
B. Capital receipt
C. Capital expenditure
D. Revenue expenditure

Question 733:

• JAMB 2009

Which of the following is credited to the consolidated revenue fund?

A. Recurrent expenditure
B. Capital expenditure
C. Transfer to revenue fund
D. International revenue

Question 734:

• JAMB 2009

One of the reasons for the existence of the public sector is to?

A. Take adequate care of the needy
B. Supplement the commercial sector
C. Provide cheap services to all citizens
D. Correct perceived inequalities

Question 735:

• JAMB 2009

If the gross profit margin is 10% of sales, what is the value of the cost of goods sold?

A. N10,000
B. N90,000
C. N105,600
D. N110,000