Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 161:

• JAMB 1998

Determine the year''s purchase from the following information relating to a firm.
Total creditor''s b/f N 7,200
Total cash payment to suppliers N 98,800
Total creditors c/f N 8,400

A. N7,200
B. N98,800
C. N100,000
D. N105,800

Question 162:

• JAMB 1998

Derive the total sales figure from the following information extracted from a firm's cash book and other relevant records.
Total debtors b/f N 5,600
Total cash receipts from debtors
and cash sales N 153,000
Total debtors c/f N 6,800

A. N6,800
B. N153,000
C. N154,200
D. N159,800

Question 163:

• JAMB 1998

The statement of affairs prepared from incomplete records can be described as?

A. The summary of all the business transactions of the trader ascertained by the accountant
B. A balance sheet at a particular date showing the assets and liabilities of the business
C. A schedule of all the business ventures entered into for the period to which the records relates
D. The statement that shows the profit or loss made during the period

Question 164:

• JAMB 1998

The contribution marginal on a job is the?

A. Gross profit
B. Net profit
C. Excess of sales revnue over variable costs
D. Difference between fixed and variable costs

Question 165:

• JAMB 1998

The objective of allocating all costs to producer is to?

A. Produce a scientifically accurate cost
B. Avoid unallocated overhead and compute total accounts
C. Co-odinate the cost and financial accounts
D. Compute the contribution of the product to the final profit