Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 406:

• JAMB 2003

four broad classifications of overheads are?

A. Production, selling, distribution and material
B. Production, selling, distribution and administration
C. Selling, distribution and production and wages
D. Distribution, selling, administration and material

Question 407:

• JAMB 2003

Given:
Cost of raw materials issued to production.....N37000
Opening stock of raw material..................N2000
Purchases of raw material......................N3800
Wages .........................................N500
What is the closing stock of raw material?

A. N4000
B. N3000
C. N2000
D. N1000

Question 408:

• JAMB 2003

Income and expenditure account is more informative than receipts and payments account because it discloses?

A. Cash
B. Cheques
C. Debtors
D. Stocks

Question 409:

• JAMB 2003

A company has two departments X and Y. Y transferred goods to X at a profit margin of 25%. N10,000 worth of goods was not sold at the end of the accounting period.
How much is the unrealized profit?

A. N2000
B. N2500
C. 12000
D. 12500

Question 410:

• JAMB 2003

Given:
..............Rich Social Club...........
Cash.........................N100,000
Loan ........................N30,000
Subscription in arrears......N5,000
Subscription in advance......N15,000
What is the accumulation fund?

A. N60,000
B. N80,000
C. N90,000
D. N110,000