Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1196:

• JAMB 2018

Which of the following is a conversion cost?

A. Factory overhead
B. Purchases
C. Material cost
D. Wages

Question 1197:

• JAMB 2018

Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January , 2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. what is the closing balance in Tea’s current account

A. 36,925Cr
B. 40,000Cr
C. 50,000Dr
D. 36,295Dr

Question 1198:

• JAMB 2018

To account for expenses paid by head office on behalf of the branch, the branch should___________

A. Debit profit and loss account and credit head office account
B. Debit head office account and credit cash
C. Credit cash and debit profit and loss account
D. Credit profit and loss account and debit head office account

Question 1199:

• JAMB 2018

Use the information below to answer the question.
Calculate the balance in the bank statement.

	₦
Balance as per cashbook	13560
Unpresented cheques	5120
Dividend received	2000
Uncredited cheque	2300
Bank charges	280
Standing order	600
Balance as per bank statement	?

A. ₦10,740
B. ₦11,860
C. ₦16,380
D. ₦17,500

Question 1200:

• JAMB 2018

Which of the following is not an inventory costing method?

A. FIFO
B. LIFO
C. Average cost method
D. LILA