Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 251:

• JAMB 2000

In a manufacturing company, the total cost of goods produced is equivalent to?

A. Purchases
B. Sales
C. Cost of goods sold
D. Cost of materials used

Question 252:

• JAMB 2000

Given:
Sales Ledger Control Account (Extracts)
Balance b/f N10,600
Total cash payments by debtors N32,275
Total credit sales N59,193
Discount received N9,700
Balance c/f N20,751
Discount allowed N2,890
Determine the sales returns?

A. N24,577
B. N13,877
C. N7,067
D. N2,890

Question 253:

• JAMB 2000

The simplest form of single entry procedure consists fo keeping a?

A. Day book or general journal
B. Cash book and ledger accounts showing debtors and creditors balances
C. Cash journal, sales journal and purchases journal
D. Day book in which transactions are described in chronological order

Question 254:

• JAMB 2000

A fixed cost is fixed only in relation to?

A. The quality of goods produced
B. The quantity of goods sold
C. A given period of time and a range of activities
D. A given period of time and the nature of activity

Question 255:

• JAMB 2000

One of the advantage of the shortcomings of single entry procedures is that?

A. A trial balance is not available
B. Profits are overestimated
C. There are no subsidiary books
D. There are no control accounts