Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 761:

• JAMB 2010

The gross loss on manufacturing is always transferred to the?

A. Credit side of balance sheet
B. Debit side of profit and loss account
C. Credit side of profit and loss account
D. Debit side of balance sheet

Question 762:

• JAMB 2010

The depreciation on a motor vehicle that is being used for manufacturing and administration is charged to the?

A. Debit side of manufacturing and profit and loss account
B. Debit side of profit and loss account only
C. Credit side of profit and loss account only
D. Debit side of manufacturing and balance sheet

Question 763:

• JAMB 2010

The prime cost is the total of the?

A. Production cost + selling expenses
B. Direct material + direct labour + direct expenses
C. Direct material + work overhead expenses
D. Administrative expenses + selling + distribution expenses

Question 764:

• JAMB 2010

In the not-for-profit-making organization, the excess of income over expenditure is?

A. Deducted from the capital
B. Added to the accumulated fund
C. Added to the capital
D. Deducted from the the accumulated fund

Question 765:

• JAMB 2010

The equivalent of a club's receipts and payment account is the?

A. Trading account
B. Revenue account
C. Cash account
D. Suspense account