2002 - JAMB Accounting Past Questions and Answers - page 3

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

Calculate the cost of goods credited to the head office trading account?

Nasara Manufacturing Plc has three direct labour employees that work 40 hours each a week for 50 weeks a year. Factory overhead costs of N60,000 is distributed on the basis of direct labour hours.
Compute the overhead rate?

Given that 1/3 of the N6000 stock held by a branch is purchased from outsiders. If goods are invoiced to branch at 25% on cost, the provision for unrealized profit is?

Costs that vary in proportion to the level of production in a manufacturing environment are known as?

A company operating a chain of retail provision stores invoices goods to the branches at cost plus a mark-up of 25%. What is the mark-up percentage on selling price?

Given:

Cash purchases ..............................N25000
Trading creditors............................N45000
Opening balance of trade creditors...........N35000

Calculate the purchases for the period?

Which method of pricing can be used satisfactorily in either a rising or falling price situation?

Given:

Capital at start.......................N3250

Capital at close ......................N6250

Additional capital during the period...N1000



Calculate the profit or loss?

In a control account, discount received is found on the?

In an incomplete record system a trading account cannot be prepared until the?