Income statement (Trading and profit and loss account) - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 21:

• JAMB 2005

A rent received by a trader for sub-letting part of his business premises should be added to the?

A. Gross profit
B. Total profit
C. Net profit
D. Total revenue

Question 22:

• JAMB 2005

Musa merchants Trading and profit and Loss Account for the year ended Dec.31st, 2003
Determine the closing stock

A. N20 000
B. N30, 000
C. N40 000
D. N50,000

Question 23:

• JAMB 2006

The objective of a trading account is to establish the?

A. Cost of goods sold
B. Gross profit
C. Manufacturing profit
D. Net profit

Question 24:

• JAMB 2006

Assuming the closing stock was valued at N19 000 at the end of November, what was the gross profit?

A. N30 000
B. N50 000
C. N70 000
D. N100 000

Question 25:

• JAMB 2007

Given:
Prepaid b/f.......................N10 000
Cash paid during the year.........N20 000
The amount to be charged to the profit and loss account is?

A. N30 000
B. N25 000
C. N5 000
D. 20 000