Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 456:

• JAMB 2004

Given:
General expenses account.
Paid by cheque..................N671
Paid by cash....................N70
Accrued b/f.....................N65
Accrued c/f.....................N115
Determine how much to be charged to profit and loss account?

A. N606
B. N786
C. N791
D. N856

Question 457:

• JAMB 2004

In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the?

A. Revenue and expenditure account
B. Receipts and payments account
C. Profit and loss apporpriation account
D. Profit and loss account

Question 458:

• JAMB 2004

Use the information below to answer questions 23 and 24.
Beginning inventory............N?
Purchases......................N?
Ending inventory...............N4,800
Sales..........................N12,800
Wages..........................N1,040
Gross profit...................N5,900
The beginning inventory was estimated at 80% of sales.
Determine the amount for the beginning inventory?

A. N20,140
B. N10,240
C. N8,140
D. N7,240

Question 459:

• JAMB 2004

What is the figure for purchases?

A. N2,400
B. N2,500
C. N4,200
D. N5,200
E. No option indicated

Question 460:

• JAMB 2004

Cost classification in relation to charges is determined by the level of?

A. Raw materials
B. Labour
C. Activity
D. Profitability