2000 - JAMB Accounting Past Questions and Answers - page 5
41
In a manufacturing company, the total cost of goods produced is equivalent to?
A
purchases
B
sales
C
cost of goods sold
D
cost of materials used
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42
Given:
Sales Ledger Control Account (Extracts)
Balance b/f N10,600
Total cash payments by debtors N32,275
Total credit sales N59,193
Discount received N9,700
Balance c/f N20,751
Discount allowed N2,890
Determine the sales returns?
Sales Ledger Control Account (Extracts)
Balance b/f N10,600
Total cash payments by debtors N32,275
Total credit sales N59,193
Discount received N9,700
Balance c/f N20,751
Discount allowed N2,890
Determine the sales returns?
A
N24,577
B
N13,877
C
N7,067
D
N2,890
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43
The simplest form of single entry procedure consists fo keeping a?
A
day book or general journal
B
cash book and ledger accounts showing debtors and creditors balances
C
cash journal, sales journal and purchases journal
D
day book in which transactions are described in chronological order
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44
A fixed cost is fixed only in relation to?
A
the quality of goods produced
B
the quantity of goods sold
C
a given period of time and a range of activities
D
a given period of time and the nature of activity
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45
One of the advantage of the shortcomings of single entry procedures is that?
A
a trial balance is not available
B
profits are overestimated
C
there are no subsidiary books
D
there are no control accounts
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46
When a customer's cheque is returned unpaid in a debtor's control accounting system, the treatment will be?
A
debit bank, credit custmer and credit conyrol account
B
credit bank, debit customer, and credit control account
C
debit customer, debit control accountand credit bank
D
credit control account, debit bank and debit customer
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47
Didi Ltd offered 10,000 ordinary shares of N1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above?
A
shares are never offered at a discount; the offer is invalid
B
the value of shares in the capital account will be lowered by 2%
C
the company incurs a loss to the tune of 2% of the offer
D
each of the subscribers loses 2% of investment
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48
Use the information below to answer questions
Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share.
Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
The refund due to an application for N25,000 shares is?
Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share.
Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
The refund due to an application for N25,000 shares is?
A
N45,000
B
N30,000
C
7,500
D
N5,000
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49
Use the information below to answer questions Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share. Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
What will be the number of shares to be issued to a subscriber who applied for N30,000 shares?
What will be the number of shares to be issued to a subscriber who applied for N30,000 shares?
A
N20,000
B
N18,000
C
N15,000
D
N12,000
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50
Which of the following items does not feature in the balance sheet of a club?
A
Arrears of current year's subscription
B
Salary arrears paid in the current year
C
Rental income received in advance
D
Advances subscription in respect of a coming year
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