Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1266:

• JAMB 2019

Goods can be charged to branches using any of these pricing methods except

A. Cost price
B. Cost plus percentage
C. Selling price
D. Selling plus percentage

Question 1267:

• JAMB 2019

Abelawo ltd operates a retail branch at Aba. All purchases are made by the head office in Onitsha and goods are charged to the branch at cost plus 50%. During the year ended. Goods sent to branch at invoiced price is ₦30,870, cash sales ₦13,020 and Bad debt amounted to 129. From the following, what is the profit?

A. 20,580
B. 10,290
C. 7980
D. 30,870

Question 1268:

• JAMB 2019

Use the question to answer this question:

Opening stock	₦
DepartmentAB	100800
Purchases:ABWages of workersSalaries	1500200050100
SalesAB	30005000

Expenses are to be shared in the ratio of sales.


The cost of goods for department B is

A. 4,120
B. 3400
C. 3000
D. 2800

Question 1269:

• JAMB 2019

Use the question to answer this question:

Opening stock	₦
DepartmentAB	100800
Purchases:ABWages of workersSalaries	1500200050100
SalesAB	30005000

Expenses are to be shared in the ratio of sales.


The net profit for departmental A is

A. 1880
B. 1600
C. 880
D. 425

Question 1270:

• JAMB 2019

Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is

A. Realisation concept
B. Entity concept
C. Going concern concept
D. Matching concept