Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1191:

• JAMB 2018

Departmentalization of accounts is useful because it shows the____________

A. Over all performance of a division
B. Cost per unit of a profit
C. Price per unit of a product
D. Over all performance of a firm

Question 1192:

• JAMB 2018

Why should a new partner contribute towards goodwill on his admission?

A. It is a norm
B. To ensure new partner also have a stake in the business
C. The firm into which he is entering already has some goodwill in the market
D. To purchase the business

Question 1193:

• JAMB 2018

The rent expense for Trendy store is ₦3500. Trendy store has three departments; jewelry, hair dressing, and clothing. The floor spaces occupied by the departments are 3:2:5 respectively. What is the rent allocated to clothing department?

A. ₦700
B. ₦1050
C. ₦1750
D. ₦3500

Question 1194:

• JAMB 2018

Cost of rent as an expense can be apportioned to all department on the basis of:

A. No of employees
B. Stock value
C. Space occupied
D. Wages

Question 1195:

• JAMB 2018

Use the information to answer the questions

Rakiya and joy are in a partnership and agreed that 5% interest per annum is to be charged on drawings. The drawing made by both partners in one year were:

Rakiya, #200 on March 31 and #300 on September 30.

Joy, #100 on April 1 and #240 on July 1.

The interest on Joy’s drawing is___________

A. #511.25 debit
B. #500.00 credit
C. #349.75 debit
D. #340.00 credit