2002 - JAMB Accounting Past Questions and Answers - page 2
11
The normal accounting entry to record the dishonor of a businessman is to?
A
debit cash book and credit suspense account
B
debit cash book and credit drawer
C
credit caah book and debit suspense account
D
credit cash book and debit drawer
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12
Use the information below to answer question . Statement of assets and liabilities as at 31st December, 2001. Shareholders' interest N240 Current liabilities N20 Current assets N110 Fixed assets N140
Determine the value of the trade investment?
Determine the value of the trade investment?
A
N8m
B
N10m
C
N15m
D
N20m
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13
Use the information below to answer question .
Statement of assets and liabilities as at 31st December, 2001.
Shareholders' interest N240
Current liabilities N20
Current assets N110
Fixed assets N140
What is the networking capital?
Statement of assets and liabilities as at 31st December, 2001.
Shareholders' interest N240
Current liabilities N20
Current assets N110
Fixed assets N140
What is the networking capital?
A
N90m
B
N70m
C
N100m
D
N80m
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14
The concise statement used to explain entries in the general journal is known as?
A
narration
B
summary
C
information
D
commentary
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15
In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover?
A
carriage outwards
B
carriage inwards
C
discounts received
D
returns outwards
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16
The gross profit on manufactured goods is the difference between the cost of goods manufactured and the?
A
market value of goods produced
B
prime cost of production
C
indirect cost of production
D
goods produced
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17
Use the information below to answer question
Stock of raw materials (1st January) N3000
Direct wages N2500
Direct expenses N1000
Factory overheads N2000
Cost of raw materials used N5500
Stock of finished goods (31st December) N2000
Determine the prime cost?
Stock of raw materials (1st January) N3000
Direct wages N2500
Direct expenses N1000
Factory overheads N2000
Cost of raw materials used N5500
Stock of finished goods (31st December) N2000
Determine the prime cost?
A
N7500
B
N6500
C
N9000
D
N8000
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18
Stock or raw materials(1st January) 3000
Direct wages 2500
Direct expenses 1000
Factory overheads 2000
Cost of raw materials used 5500
Stock of finished goods (31st December) 2000
The cost of goods manufactured is?
Direct wages 2500
Direct expenses 1000
Factory overheads 2000
Cost of raw materials used 5500
Stock of finished goods (31st December) 2000
The cost of goods manufactured is?
A
N11000
B
N12000
C
N14000
D
N9000
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19
(i)Orientation (ii) Entity (iii)Legal status
(iv)Finance.
Which of the characteristics above distinguishes a profit-making from a not-for-profit-making organizations?
(iv)Finance.
Which of the characteristics above distinguishes a profit-making from a not-for-profit-making organizations?
A
i, ii, iii and iv
B
i, ii, and iii
C
ii, and iii
D
i and ii
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20
Use the information below to answer questions
Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch.
Stock at branch 1st January at cost............N400
Goods sent to branch at cost...................N8000
Returns to head ...............................N340
Cash sales ....................................N9160
Stock at branch 31st December at cost..........N720
What is the gross profit carried to the profit and loss account?
Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch.
Stock at branch 1st January at cost............N400
Goods sent to branch at cost...................N8000
Returns to head ...............................N340
Cash sales ....................................N9160
Stock at branch 31st December at cost..........N720
What is the gross profit carried to the profit and loss account?
A
N1820
B
N1640
C
N1530
D
N1870
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