Accounts Principles Of Accounts Jamb Past Questions and Answers

Question 76 :

• JAMB 1995

The Asa branch of Emene company Ltd, made a sales of N549,000 from the goods sent from the head office during the period ended 31/12/94. These sales were based on a 22% mark up. If branch expenses were N34,400 and there were no discrepancies, what should be the profit of the branch for the period?

A. N6,500
B. N64,600
C. N85,380
D. N514,600

Question 77 :

• JAMB 1995

Which of the following statement is correct about the head office current account and the branch current account?

A. Both always have debit balances
B. Both always have credit balances
C. The head office current account has a credit balance while the branch current account has a debit balance
D. The head office current account has a debit balance while the branch current account has a credit balance

Question 78 :

• JAMB 1995

Which of the following are sources of revenue to state government in Nigeria?
I Statutory allocation
II Fines from customary courts
III Petroleum tax
IV Income tax
IV

A. I and II only
B. II and III
C. I and IV
D. III and IV

Question 79 :

• JAMB 1995

Eko Local Government expenditure
Hospital building ---------------------- N200,000
Drugs ---------------------------------- N180,000
Hospital beds and mattresses ------------ N40,000
Doctors' and nurses' salaries ---------- N120,000
Administrative expenses ----------------- N50,000
Capital expenditure is

A. N420,000
B. N380,000
C. N240,000
D. N200,000

Question 80 :

• JAMB 1995

Eko Local Government expenditure
Hospital building ---------------------- N200,000
Drugs ---------------------------------- N180,000
Hospital beds and mattresses ------------ N40,000
Doctors' and nurses' salaries ---------- N120,000
Administrative expenses ----------------- N50,000
Recurrent expenditure is

A. N390,000
B. N360,000
C. N350,000
D. N170,000