Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 861:

• JAMB 2012

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units
Determine the value of prime cost

A. #416,000
B. #304,000
C. #240,000
D. #184,000

Question 862:

• JAMB 2012

The main advantage of a departmental account is that its

A. Expenses are shared
B. Gross profit is computed
C. Net profit is computed
D. Balance sheet is obtained

Question 863:

• JAMB 2012

The excess revenue over expenditure is charged to

A. Profit and loss
B. Revenue account
C. Accumulated fund
D. Income and expenditure acccount

Question 864:

• JAMB 2012

Given:
Fixtures-#30,000
Debtors-#7,000
Stock- #8,000
Creditors-#3,000
Goodwill-#10,000
Determine the capital

A. #10,000
B. #42,000
C. #45,000
D. #52,000

Question 865:

• JAMB 2012

In the head office ledger, the value of goods sent to the branch are

A. Debited to the head office current account
B. Debited to the branch current account
C. Credited to the head office current account
D. Credited to the branch current account