JAMB Accounts - Principles of Accounts 1998 Past Questions

The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on?

Cost reports for the intention of management should reflect?

Responsibility accounting is particularly concerned with?

An advantage of the use of the voucher system is that it?

A business transaction is recorded in the books of account when the?

When a transaction causes an assets account to increase, there is?

N
Bank account 59,410
Capital account 50,000
Purchase account 20,000
Rent 2,500
Stationery 90
typewriter 6,500
Sales 38,000

In preparing a trial from the list of balances given above, what is the total in debit and credit columns?

The purchase of two generators by Hassan Electronics Enterprises should be recorded as?

If the inventory at the end of the current year is understated and the error is not caught during the following year, the effect is to?

The total of the discounts received column in the cash book is posted to the?

Use the information below to answer questions 11 and 12.
The initial imprest as at July Ist was N500. Petty cash vouchers with the custodian by July 15th added up to N394. An IOU slip received from a co-worker was N65 and there was a shortage of N5 cash. The co-worker made refund on July 18th just before the imprest was replenished.

What was the actual cash in the till as at 15th July?

The amount required to replenish the payments made from the imprest was?

State Bank collected a note for A-Makura Company. This collection, not yet recorded in AL-Makura's books, appears on the bank reconciliation as?

Mayana Corporation uses special journals to record its transactions. If one of Mayana's customers returns merchandize purchased with cash (for a refund), it makes an entry in the?

Sobande Incorporation acquired a machine that involved the following expenditures and related factors.

N
Gross invoice price 15,000
Sales tax 900
Purchases discount taken 300
Freight 750
Assembly of machine 500
Installation of machine 800
Assorted spare parts for future use 1200
Turing and adjusting machine 700

What is the initial accounting cost of the machine?

A pottery company had sales of N176,000 during the current period and a gross profit rate of 40%.
The company's cost of merchandize available for sale during the period was N128,000. The company's ending inventory is?

On Ist January, 1993, lobo Company purchased equipment for N18,000. it uses straight-line depreciation and estimates an eight-year useful life and a N2,000 salvage value. On 31st December, 1996, it sells the equipment for N80,0000. In recording this sales, it should reflect?

The balance on a purchase ledger control account represents the?

A powerful instrument of control over both the sales ledger and the clek whose duty is to post the ledger is the?

Mini Enterprises Sales Ledger as at 31/12/94
read:
N
Balance b/f 12750
Total credit sales 28185
Payments by debtors 12112
Discount allowed 638
Sales returns 1500

Prepare the sales ledger control account and determine the balance due from debtors.

Determine the year''s purchase from the following information relating to a firm.


Total creditor''s b/f N 7,200
Total cash payment to suppliers N 98,800
Total creditors c/f N 8,400

Derive the total sales figure from the following information extracted from a firm's cash book and other relevant records.

Total debtors b/f N 5,600
Total cash receipts from debtors
and cash sales N 153,000
Total debtors c/f N 6,800

The statement of affairs prepared from incomplete records can be described as?

The contribution marginal on a job is the?

The objective of allocating all costs to producer is to?

Use the information below to answer question 28 and 29.
Raw materials inventory at the beginning of a period was N 46,800 and at the close of the period there was a balance of N38,600. From the purchases made during the period, defective materials costing N9,200 were returned. Cost of materials consumed during the period was N448,500.
What was the total purchases made during the period?

What was the cost of materials available for use during the period?

The limitations of the receipts and payments account arise mainly because of the reliance on?

The trading account is to a sole trader what income and expenditure account is to a?

A non-profit-making organization differs from a profit-making one in that?

Which of the following indicate that a partnership business is in place?
(i) There is a business
(ii)It is run commonly by partners
(iii)It has profit-making in view
(iv) Partners' liability is limited

When forming a partnership, new partners should record non-monetary assets on the new partnership's books at?

Umar and Ahemed share profit and losses equally and have capital balances of N40,000 and N60,000 respectively. If bdullahi purchases one-third interest with no bonus, how much will he have to contribute to the partnership?

Which of the following is an intangible asset and a measure of a firm's superior earning power?

The price paid by an acquiring company is the?

Use the information below to answer question 38 and 39.

Dan and Baker are in partnership with capital of N50,000 and N30,000 each. The partnership agreement provides that:(i) profits be shared in the ratio of capital. (ii) Baker be paid a salary of N8,000.
(iii) both partners earn interest on capital at 6% p.a.
(iv) both partners pay interest on drawing at 6% p.a.
At the end of the year, Dan drew N15,000 while Baker drew N14,000 in four installment on 31/3,30/6,30/9 and 31/12. The net profit for the year was N48,000. N5,000 is to be written off the Goodwill account.

What is the interest on the drawing by Baker?

Dan and Baker are in partnership with capitals of N50,000 and N30,000 each. The partnership agreement provides that: (i) profits be shared in the ratio of capital (ii) both partners earn interest on capital at 6% p.a (iv) both parents pay interest on drawings at 6% p.a. At the end of the year, Dan drew N15,000 while baker drew N14,000 in four installments on 31/3, 30\6, 30\9 and 30\12. The net profit for the year was N48,000. N5000 is to be written off the goodwill account.


Determine the total interest on capital due to the partners?

The ordinary shareholders enjoy the following rights except the right to?

Granada Corporation has net assets of N600,000 and contributed capital of N180,000. The corporation has 30,000 shares of common stock outstanding with no preferred stock. This suggest that the corporation has?

Under which of these conditions can a company issue shares at discount? (i)A resolution must be passed at a general meeting (ii) The amount of discount must be stated in the resolution (iii) The share must have existed for at least six years (iv) On the order of a court.

The part of equity which is payable on winding up is called?

To compute gearing ratio, divide?

Which of the following entries is effected by a department when goods are charged to it at selling prices?

The difference between the closure of the books of a branch and those of a separate company is that?

The term fiscal compliance means?

In a public corporation, the capital expenditure incurred in a financial period is?

Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be?

If a monthly insurance premium is remitted to a company by the state government, the initial deductions from employees are recorded in?