Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1336:

• JAMB 2021

Use the information below to answer the question

Gross profit b/dLess: Salaries and wages Electricity Depreciation Net profit c/d

Dept A ₦6,0001,800 ? 600?6,000

Dept B ₦4,0001,200 ? ?1,6004,000

Total ₦10,000 3,000 2,000 1,000 4,00010,000

It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.

What is the net profit made by department A?

A. ₦2000
B. ₦3600
C. ₦3000
D. ₦2400

Question 1337:

• JAMB 2021

Use the information below to answer the question

Gross profit b/dLess: Salaries and wages Electricity Depreciation Net profit c/d

Dept A ₦6,0001,800 ? 600?6,000

Dept B ₦4,0001,200 ? ?1,6004,000

Total ₦10,000 3,000 2,000 1,000 4,00010,000

It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.
The depreciation to be charged to department B is

A. ₦500
B. ₦300
C. ₦400
D. ₦600

Question 1338:

• JAMB 2021

The accounting method that reports incomes when earned and expenses when incurred is called

A. Accrual accounting
B. Cash accounting
C. Fund accounting
D. Commitment accounting

Question 1339:

• JAMB 2021

Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called

A. Entity
B. Accrual
C. Realization
D. Materiality

Question 1340:

• JAMB 2021

Given:
₦
Bank overdraft 2,000
Cash 2,000
Furniture 4,000
Derive the total amount on the credit side of the trial balance

A. ₦4000
B. ₦6000
C. ₦2000
D. ₦8000