2022 - JAMB Accounting Past Questions and Answers - page 3

To find the cost of goods sold (COGS) for the Ede branch, you can use the following formula:

\[ \text{COGS} = (\text{Opening Stock} + \text{Goods Sent}) - \text{Returns} \]

Given the information:

\[ \text{COGS} = (400 + 8000) - 340 \]
\[ \text{COGS} = 8240 - 340 \]
\[ \text{COGS} = 7900 \]

Now, subtract the closing stock from the calculated COGS to find the cost of goods sold:

\[ \text{Cost of Goods Sold} = \text{COGS} - \text{Closing Stock} \]
\[ \text{Cost of Goods Sold} = 7900 - 720 \]
\[ \text{Cost of Goods Sold} = 7180 \]

The cost of goods sold for the Ede branch is #7180.

The accounting equation represents the fundamental principle of accounting, which states that the total assets of a business are equal to the total liabilities and owner's equity. In this case:

Total assets (N1500) = Total liabilities (N500) + Owner's equity (N1000)

So, N1000 (Owner's equity) + N500 (Liabilities) = N1500 (Assets), which is expressed as Option C.

An evidence of payment issued to a government ministry by a revenue collector is typically a "treasury receipt." A treasury receipt is a document that serves as proof of payment made to the government, usually for taxes, fees, or other obligations. It is an official record of the transaction and is used to track and account for government revenue.

To calculate the unrealized profit, you need to determine the profit margin on the goods transferred from department Y to X and then find out how much profit would have been recognized if all the goods were sold. 

1. Profit Margin = 25% (0.25 in decimal form)

2. Value of goods transferred = N10,000

3. Profit on transferred goods = Profit Margin * Value of goods transferred
   = 0.25 * N10,000
   = N2,500

Since N10,000 worth of goods was not sold, the unrealized profit is the same as the profit on those unsold goods, which is N2,500 

The main features of a single-entry system include the absence of comprehensive double-entry bookkeeping practices.

In a single-entry system, businesses typically maintain limited records, and they rely heavily on bank statements to track their financial transactions. Therefore, Option A accurately describes one of the main features of a single-entry system.