JAMB Accounts - Principles of Accounts 2002 Past Questions

Given:
Stock (1/4/94) N800

Purchases of flour N2450

Sales N4745

Wages of bakery staff N675

Carriage outwards N50

Salary of administrative staff N225

Stock (31/3/95) N940

Capital N1540
Determine the cost of goods sold?

In preparing the final accounts, the bad debt account is closed by a transfer to the?

In a petty cash book the imprest is N1380.
Expenses:
Stationery N350
Cleaning material N335
General expenses N265

How much was received to maintain the imprest at the ends of the month?

An entry in a subsidiary book which does not form part of the double entry system is a?

In an incomplete record, the preparation of the bank reconciliation ensures that?

In a petty cash book the imprest is N1380.
Expenses:
Stationery N350
Cleaning material N335
General expenses N265

How much was received to maintain the imprest at the ends of the month?

(i) Fixtures account (ii) Machinery account
(iii) Wages accounts (iv) Rent account.
Which of the above are nominal account?

NAFARA AND SONS Balance Sheet items as at 31st December, 1987.

Capital N74480

Creditors N15875

Prepaid expenses N580

Motor vehicles N34750

Furniture N35850

Accrued expenses N645

Stock N8100

Cash balances N9911

Debtors N1809
Compute the value of current assets?

Use the information below to answer questions

The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.

Creditors N50,000

Debtors N46,000

Loan N100,000

Stock N20,000

Motor vehicle N120,000

Building N70,000

Accrued wages 30,000

Bank N25 ,000

The value of capital invested by the owners is?

Use the information below to answer questions 9 and 10.

The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.

Creditors N50,000

Debtors N46,000

Loan N100,000

Stock N20,000

Motor vehicle N120,000

Building N70,000

Accrued wages 30,000

Bank N25 ,000

The liabilities of Udo Co. Ltd is?

The normal accounting entry to record the dishonor of a businessman is to?

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?

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?

The concise statement used to explain entries in the general journal is known as?

In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover?

The gross profit on manufactured goods is the difference between the cost of goods manufactured and the?

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 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?

(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?

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?

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?

Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to?

keeping records under the single entry system has the advantage of?

Control accounts help to verify the arithmetic accuracy of the postings from the?

Given:

Sales ............................N195,200
Stock 1st January.................N34,000
Purchases ........................N126,000
Sales returns ....................N1,200
Purchases returns ................N2,000
If the gross profit is N66,000, what is the value of stock at 31st December?

Given:



Balance at 31st December ............N14,744m

Treasury Bills issued Jan-Dec........N7124m

Revenue for the year ................N6387m

Expenditure .........................N8767m



What is the opening balance on the consolidated revenue fund account?

Upon the dissolution of a partnership, the Partnership Act provides that the amount realized should be?

In the public sector, the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called?

Use the information below to answer this question

Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200

The closing stock on March 11th by LIFO valuation is

Use the information below to answer this question

Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200

The value of closing stock as at February 14th by simple average method is

Use the information below to answer this question

The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250


Abba's capital balance at the end of the year will be

Use the information below to answer this question

The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250


Current account balance of Kaka at the end of the year will be

The gross profit on manufactured goods is the difference between the cost of goods manufactured and the

Use the information below to answer this question.

.............Total......... Dept.P.............Dept.Q
...............N...............N.................N
Sales.........10000............6000..............4000
Purchases......4000............1000..............3000
Discount received.1000..........?..................
Discounts allowed..2000...........................?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.

Department P's share of discount received is

Use the information below to answer this question.

.............Total......... Dept.P.............Dept.Q
...............N...............N.................N
Sales.........10000............6000..............4000
Purchases......4000............1000..............3000
Discount received.1000..........?..................
Discounts allowed..2000...........................?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.

What is department Q's share of discount allowed?

The working capital of the club is

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.

What is the amount to be written off as other expenses?

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.

Determine the club's excess of income over expenditure

Miscellaneous expense is 10% of revenue Calculate the net income.

Subscriptions received are always put at 125% of the total donations received and refreshment sales.

What is the closing cash balance ?

Subscriptions received are always put at 125% of the total donations received and refreshment sales.

Compute the subscriptions received.