Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 961:

• JAMB 2014

Social Club Subscription (Extract)
31/12/2009 Subscription accrued #18,900
Subscription received in advance #16,400
Subscription received during
the year 2009 #38,570
Determine the amount of subscription for the year

A. #57,470
B. #41,070
C. #40,210
D. #35,300

Question 962:

• JAMB 2014

Social Club Subscription (Extract)
31/12/2009 Subscription accrued #18,900
Subscription received in advance #16,400
Subscription received during
the year 2009 #38,570
What is the amount of subscription to be shown as liability in the balance sheet as at December 2009

A. #14,200
B. #16,400
C. #18,900
D. #20,500

Question 963:

• JAMB 2014

Given:
Sales #180,000
Stock 1/1 # 25,000
Purchases #110,000
Sales returns # 1000
Purchases returns # 1,500
Gross profit # 58,000
Determine the value of stock as at 31st December

A. #8000
B. #9,500
C. #12,500
D. #15,500

Question 964:

• JAMB 2014

In a departmental account, where no basis of apportionment exist, apportionment is

A. On profit basis
B. According to employee decision
C. According to material available
D. On equal basis

Question 965:

• JAMB 2014

In a departmental account, the expenses to be apportioned on the basis of turnover is

A. Carriage inwards
B. Returns outwards
C. Discount recieved
D. Carriage outwards