Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 166:

• JAMB 1998

Use the information below to answer question 28 and 29.
Raw materials inventory at the beginning of a period was N 46,800 and at the close of the period there was a balance of N38,600. From the purchases made during the period, defective materials costing N9,200 were returned. Cost of materials consumed during the period was N448,500.
What was the total purchases made during the period?

A. N497,100
B. N457,700
C. N449,500
D. N440,300

Question 167:

• JAMB 1998

What was the cost of materials available for use during the period?

A. N487,100
B. N449,500
C. N448,500
D. N440,300

Question 168:

• JAMB 1998

The limitations of the receipts and payments account arise mainly because of the reliance on?

A. Cash movement as evidence of transaction
B. The acconuting officer to report
C. The capital account of the organization
D. The transaction papers as evidence of transaction

Question 169:

• JAMB 1998

The trading account is to a sole trader what income and expenditure account is to a?

A. Partnership
B. Public limited organization
C. Manufacturing organization
D. Non-profit making organization

Question 170:

• JAMB 1998

A non-profit-making organization differs from a profit-making one in that?

A. It does not earn income
B. Proceeds from sale of shares form part of its income
C. All its income is committed
D. Annual subscriptions and levies form part of its income