Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 411:

• JAMB 2003

During the year ended 31st December 2001,
Nuju Enterprises paid rent as follows:
Jan. 20, N24 000 for a period of 4 months.
May. 16, N30 000 for a period of 5 months.
Oct. 15, N36 000 for a period of 6 months.
What is the overpaid portion of the rent?

A. N36 000
B. N18 000
C. N12 000
D. N6 000

Question 412:

• JAMB 2003

Use the information below to answer question .
...........PQ Manufacturing Company
Raw materials (1/11/2001)...........N3 500
Raw materials (31/12/2001)..........N4 900
Purchase of raw materials...........N56 000
Salary .............................N63 000
Wages...............................N148 000
Factory lighting ...................N3 080
Plant Depreciation..................N2 800
Factory Insurance ..................N2 170
The overhead cost is?

A. N71 050
B. N68 250
C. N67 970
D. N66 080

Question 413:

• JAMB 2003

Use the information below to answer question .
...........PQ Manufacturing Company
Raw materials (1/11/2001)...........N3 500
Raw materials (31/12/2001)..........N4 900
Purchase of raw materials...........N56 000
Salary .............................N63 000
Wages...............................N148 000
Factory lighting ...................N3 080
Plant Depreciation..................N2 800
Factory Insurance ..................N2 170
The company consumed raw materials worth?

A. N54 600
B. N56 000
C. N57 400
D. 59 500

Question 414:

• JAMB 2003

A company has departments M and N. The expenses incurred wholly in M is N5000. General expenses incurred amount toN25000. Expenses are apportioned in the ratio 2:3 for departments M and N respectively.
What is N's share of the expense?

A. N10 000
B. N15 000
C. N18 000
D. N20 000

Question 415:

• JAMB 2003

The first step in converting as single entry to a double entry system of bookkeeping is to prepare a?

A. Suspense account
B. Statement of affairs
C. Realization account
D. Trial balance