JAMB Accounts - Principles of Accounts 2004 Past Questions

The accounting principle that is applied to check arbitrary actions on the part of accountants is?

The loss of equipment in a fire disaster results in?

A source document is used for verifying the?

The rule of accounting equation requires that account payable should be placed under?

A debit in the suspense accounting will appear in the balance sheet as?

The receipt whose name appears on a cheque is called a?

The imprest account is subsidiary to the?

Zakari started a business in January 2000. He bought a shop costing N54,000 and stock worth N7,600. Profit for the year amounted to 22,100. His closing capital was N73,800.
Zakari's personal drawings amounted to?

The balance on the provision for depreciation account is?

Given:
Rates paid during the year amounted to N2,250 at N125 per month and 1,035 was paid for electricity in the same period at N115 per month.
Determine the amount of prepaid rates?

Where closing stock is undervalued, the effect is?

The balancing figure in the purchases ledger control account is?

The balancing figure in the purchases ledger control account is?

Use the information below to answer questions 17 and 18.

Opening balance.............................N10,640
Purchases...................................N26,912
Returns inwards.............................N492
Returns outwards............................N810
Cash discount received......................N1,348
Cash discount allowed.......................N1,560
Cash paid to suppliers......................N20,808

At the year end, the purchases ledger showed a debit balance of N108.

The total on the debit side of the purchases ledger control account will be?

In a sales ledger, contra entry is found on the?

The beginning and ending accounts receivable balances were N20,000 and N30,000 respectively.
The collection from customers during the period was N70,000. What was the total sale on account?

Given:
General expenses account.
Paid by cheque..................N671
Paid by cash....................N70
Accrued b/f.....................N65
Accrued c/f.....................N115

Determine how much to be charged to profit and loss account?

In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the?

Use the information below to answer questions 23 and 24.

Beginning inventory............N?
Purchases......................N?
Ending inventory...............N4,800
Sales..........................N12,800
Wages..........................N1,040
Gross profit...................N5,900

The beginning inventory was estimated at 80% of sales.
Determine the amount for the beginning inventory?

What is the figure for purchases?

Cost classification in relation to charges is determined by the level of?

Use the information below to answer questions 26 and 27.

Materials consumed...................N16,600
Direct cost..........................N5,400
Factory rent.........................N2,300
Factory lighting.....................N1,200

Cost of production to be transferred at cost plus 20% mark-up.
The gross profit on manufacture is?

The market value of goods produced is?

Use the information below to answer questions 28 and 29.

On January 1,2000, a club's assets and liabilities were as follows:
Club house...................N8,000
Subscription.................N300
Cash.........................N1,000
Wages owed...................N100

The club has 50 members and annual subscription is N100 per member.
Subscription received is N4,000 and this includes 1999 arrears of N200.

The accumulated fund is?

In the balance sheet, the subscription in arrears will be?

Where the debit side of the income and expenditure account is higher than the credit side, the difference is a?

In the balance sheet of a not-for-profit-making organization, subscription paid in advance is regarded s a?

A rapidly growing business organization with multiple units that is interested in comparing the performances and weaknesses of each unit should adopt?

How are credit sales by a department treated?

Discounts granted branch customers are treated as a debit to branch?

Transfers from the head office to branches are best carried out at?

On dissolution, the final distribution of cash to partners is based on?

Use the information below to answer questions 39 and 40.

Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.
Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.

The balance of profit and loss account will be?

What is Kunle's share of the profit?

When a new partner is admitted to a partnership, there is a need to revalue the?

The accounting entry to record the premium on goodwill is to debit?

Debentures can be redeemed out of?

The expenses incurred in promoting a company are?

Share premium is an example of?

According to the provisions of the 1999 Constitution, all revenues generated by the Federal Government must be paid into the?

The budget statement presented to the legislature by the Chief Executive is called?

The statement of assets and liabilities in the public sector can be described as the?

What is the value of the authorized share capital?

The value of the owner's equity is

What is the net profit made by department S?

The depreciation to be charged to department T is ?

The owner wishes to maintain an amount equal to \( \frac{1}{3} \)
of capital as drawings.

The amount withdrawn is

The owner wishes to maintain an amount equal to \( \frac{1}{3} \)
of capital as drawings.

The cash book closing balance will be

WHAT IS THE VALUE OF RAW MATERIALS ISSUED ON MAY 17TH BASED ON THE LIFO METHOD?

Based on the FIFO method of valuation the total cost of the raw materials issued is