Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1296:

• JAMB 2019

Use the information to answer this question
Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830
What is the creditors amount in the balance sheet?

A. ₦550
B. ₦12,250
C. ₦12,530
D. ₦830

Question 1297:

• JAMB 2019

In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be

A. Profit
B. Capital
C. Loss
D. Cash

Question 1298:

• JAMB 2019

The manufacturing account is prepared to ascertain

A. Cost of goods sold
B. Cost of production
C. Gross profit
D. Finished goods

Question 1299:

• JAMB 2019

Which of the following is not charged to manufacturing account?

A. Direct expenses
B. Factory wages
C. Distribution expenses
D. Raw materials

Question 1300:

• JAMB 2019

Which of the following cannot depreciate?

A. Plant and machinery
B. Motor van
C. Premises
D. Land