2000 - JAMB Accounting Past Questions and Answers - page 2
11
A business is required at par when the?
A
purchase consideration equals goodwill
B
purchase consideration equals net value
C
purchase consideration is greater than the net value
D
net assets is greater than the liabilitties
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12
Given:
cash book item:
Paid to suppliers N10,800
Expenses paid N6,900
Drawings made N900
Balances at start N15,750
Balances at end N3,870
Drawings from bank to shop N1,720
Determine the receipt from debtors?
cash book item:
Paid to suppliers N10,800
Expenses paid N6,900
Drawings made N900
Balances at start N15,750
Balances at end N3,870
Drawings from bank to shop N1,720
Determine the receipt from debtors?
A
N22,470
B
N17,470
C
N8,440
D
N5,000
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13
Given:
Depreciation of plant and machinery N1,600
Factory rent N650
Indirect wages N695
General indirect expenses N726
lubricants N1235
Carriage inwards N829
Factory power N350
Bank charges N612
Carriage outwards N2,900
Determine the total factory overhead cost?
Depreciation of plant and machinery N1,600
Factory rent N650
Indirect wages N695
General indirect expenses N726
lubricants N1235
Carriage inwards N829
Factory power N350
Bank charges N612
Carriage outwards N2,900
Determine the total factory overhead cost?
A
N4,485
B
N5,256
C
N6,085
D
N6,556
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14
Yola Social Club
Statement of Account 1998 financial year
31/12/98:
Subscription in arrears N21,000
Subscription in advance N12,000
Receipt during 1999:
Arrears 1998 N21,000
Dues 1999 N48,000
Advance 2000 N11,000
The subscription transferable to the income and expenditure account is?
Statement of Account 1998 financial year
31/12/98:
Subscription in arrears N21,000
Subscription in advance N12,000
Receipt during 1999:
Arrears 1998 N21,000
Dues 1999 N48,000
Advance 2000 N11,000
The subscription transferable to the income and expenditure account is?
A
N48,000
B
N59,000
C
N60,000
D
N69,000
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15
The most appropriate basis for apportioning inventory holding cost among departments is to use the value of?
A
purchases
B
opening stock
C
closing stock
D
average stock
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16
The body constitutionally charged with the responsibility of examining the audited accounts of the Federation and other reports as referred by the National Assembly is the?
A
Public Accounts Committee
B
Public Audit Committee
C
Internal Audit Committee
D
External Audit Committee
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17
(i) Meet growth and diversification need.
(ii) Reach out to particular customers or markets
(iii) Comply with some regulatory directives
(iv) Increase employees' income.
Which of the reasons above do companies consider in establishing branches?
(ii) Reach out to particular customers or markets
(iii) Comply with some regulatory directives
(iv) Increase employees' income.
Which of the reasons above do companies consider in establishing branches?
A
i and ii
B
i, ii and iii
C
ii, iii and iv
D
iii and iv
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18
The channel through which all government borrowing and domestic lending transactions pass is called?
A
special trust fund
B
agency fund
C
national loan fund
D
contingency fund
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19
Recurrent expenditure are expenses for the period not exceeding?
A
10 years
B
5 years
C
2 years
D
1 year
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20
A major benefit derived from the reconciliation of branch and head office books is to?
A
determine accurate returns by the branch
B
ascertian the correct profit or loss on branch activities
C
enable the branch to keep control over stock
D
enable the branch to ascertain debtor's balance
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