Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 351:

• JAMB 2002

Use the information below to answer question .
Statement of assets and liabilities as at 31st December, 2001.
Shareholders' interest N240
Current liabilities N20
Current assets N110
Fixed assets N140
What is the networking capital?

A. N90m
B. N70m
C. N100m
D. N80m

Question 352:

• JAMB 2002

The concise statement used to explain entries in the general journal is known as?

A. Narration
B. Summary
C. Information
D. Commentary

Question 353:

• JAMB 2002

In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover?

A. Carriage outwards
B. Carriage inwards
C. Discounts received
D. Returns outwards

Question 354:

• JAMB 2002

The gross profit on manufactured goods is the difference between the cost of goods manufactured and the?

A. Market value of goods produced
B. Prime cost of production
C. Indirect cost of production
D. Goods produced

Question 355:

• JAMB 2002

Use the information below to answer question
Stock of raw materials (1st January) N3000
Direct wages N2500
Direct expenses N1000
Factory overheads N2000
Cost of raw materials used N5500
Stock of finished goods (31st December) N2000
Determine the prime cost?

A. N7500
B. N6500
C. N9000
D. N8000