2015 - JAMB Accounting Past Questions and Answers - page 2
11
The interest of a petty cashier is N2450
Expenses N Printing 420 Cleaning 250 Stamp and postage 175 How much was received to maintain the interest at the end of the month?
Expenses N Printing 420 Cleaning 250 Stamp and postage 175 How much was received to maintain the interest at the end of the month?
A
N1, 605
B
N8, 45
C
N2, 450
D
N1, 300
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12
The ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------
A
appreciation
B
amortization
C
provisions
D
depreciation
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13
To realize an asset means to
A
mortgage it
B
open its account in the ledger
C
turn it to cash
D
give it out as a collateral
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14
The process of cost apportionment is carried out so that
A
indirect costs may be controlled
B
cost units could gather overhead as they pass through cost centres
C
variable costs may be controlled
D
common costs are shared among cost centres
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15
Preliminary expenses is an example of
A
fictitious assets
B
liquid assets
C
wasting assets
D
tangible assets
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16
Use the information below to answer this question.
\(\begin{array}{c|c}
\text{Raw materials jan.} & 5,000 \\ \hline
\text{Raw materials dec.} & 5,800 \\ \hline
\text{Purchase of raw materials} & 45,000 \\ \hline
\text{Salary} & 61,000 \\ \hline
\text{Factory lubricant} & 2,050 \\ \hline
\text{plant depreciation} & 1,300 \\ \hline
\text{Factory insurance} & 1,250 \\ \end{array}\)
The prime cost for the company is
\(\begin{array}{c|c}
\text{Raw materials jan.} & 5,000 \\ \hline
\text{Raw materials dec.} & 5,800 \\ \hline
\text{Purchase of raw materials} & 45,000 \\ \hline
\text{Salary} & 61,000 \\ \hline
\text{Factory lubricant} & 2,050 \\ \hline
\text{plant depreciation} & 1,300 \\ \hline
\text{Factory insurance} & 1,250 \\ \end{array}\)
The prime cost for the company is
A
N169, 200
B
N44, 200
C
N55, 800
D
N230, 200
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17
What is the ledger entry for sale of generator on credit to Patrick?
A
credit sales account and debit Patrick’s account
B
credit generator account and debit cash account
C
credit sales account and debit cash account
D
credit generator account and debit Patrick’s account
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18
Sai Baba made sales of N10,000 having computed his gross profit % to sales to be 20. His opening stock was N250 and ending stock is N200. Calculate his purchases.
A
N7950
B
N8050
C
N7050
D
N8950
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19
Use the information below to answer this question.
Jejelaye Plc stock records for 2009 was given below:
Jan 1 received 100 units at N1.00
Jan 8 received 260 units at N1.05
Jan 20 issued 700units at .........
Feb 3 received 400 units at N1.15
What will be the issued price of 700 units, using simple average method
Jejelaye Plc stock records for 2009 was given below:
Jan 1 received 100 units at N1.00
Jan 8 received 260 units at N1.05
Jan 20 issued 700units at .........
Feb 3 received 400 units at N1.15
What will be the issued price of 700 units, using simple average method
A
N1.183
B
N1.025
C
N1.00
D
N1.05
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20
Income and expenditure account is more detailed than receipts and payments account because it disclosed
A
cash
B
cheques
C
debtors
D
stocks
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