Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1171:

• JAMB 2018

The amount paid by the new partner on admission as a compensation for the reputation built up by old partners is a

A. Bonus
B. Good will
C. Premium
D. Commission

Question 1172:

• JAMB 2018

	N
Stock at branch 1st January at cost	400
Goods sent to branch at cost	8000
Returns to head office	340
Cash sales	9160
Stock at branch 31st December at cost	720

Use the information below to answer the question.
Adex Ltd. Issues stock to its retail branches at cost price. The following particulars relate to Ede branch.

A. #1870
B. #1530
C. #1640
D. #1820

Question 1173:

• JAMB 2018

Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

A. Selling price
B. Fixed percentage on cost
C. Cost price
D. Invoice price

Question 1174:

• JAMB 2018

When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________

A. Price above or below the stipulated price
B. Any price but not below the transfer price
C. Cost price
D. A price that is equal to the mark up

Question 1175:

• JAMB 2018

In departmental accounting, which is not a transfer pricing_________

A. Cost based transfer price
B. Market based transfer pricing
C. Dual pricing system
D. Peak pricing