JAMB Accounts - Principles of Accounts 2008 Past Questions

One of the major features of bookkeeping is that it?

Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results?

A financial analyst needs accounting information to?

One basic assumption of the double entry theory is that it allows?

Given:

Sales.....................N4000
Light expenses............N2900
Rent......................N1500
Purchases.................N7500
Debtors...................N6000
Creditors.................N29000
Drawings..................N25
Bank......................N400
General expenses..........N1500

Calculate the total of trial balance?

Bariga, a stock broker bought stationery for N 12000 by cash. To record this transaction, debit?

Use the information below to answer questions .

(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.

Determine the fixed assets?

Use the information below to answer questions .

(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
What are the current assets?

Given:

................Cash Book........................

Capital..........N6 500........purchases.....N12 250
Sales............N30 000........Rent..........N9 100
................................Motor vehicle.N2 400

Find the bank balance?

An entry made in bank column of cash book to record movement of cash between the office and the bank is the?

Abba offers 5% cash discount on goods worth N10 000, The discount allowed account is to be?

Commission-on-turnover is charged on?

The medium that enables the ATM to read the account details and process transaction directly with the account held in the bank is the?

Use the information below to answer question .

Capital.......N12 700........Purchases......N7 100
Debtors.......N4 000........Stationery.....N1 900
Sales.........N2 400........Wages..........N1 230

The owners wishes to maintain an account equal to of capital as drawings.

What is the amount withdrawn?

\(\begin{array}{c|c}
\text{Capital} & 12,700 & \text{Purchases} & 7,100 \\
\hline
\text{Debtors} & 4,000 & \text{Stationery} & 1,900 \\
\hline
\text{Sales} & 2,400 & \text{Wages} & 1,230 \\
\end{array}\)

Determine the closing balance of the cash book?

The factor that determine the periodic depreciation charge are?

Use the information below to answer questions .

Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units

Using the simple average method, what is the cost per unit of the closing stock?

Use the information below to answer questions .

Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units

Using the FIFO method, what is the value of the closing stock?

In a period of inflation, which of the following method normally gives a closing closing stock?

The main purpose of control account is to?

Which of the following is a credit item in creditors ledger control account?

Discount allowed as represented in the control account appears on the?

Use the information below to answer question .

.........................31 Dec. 05........31 Dec. 06

Total fixed assets.........N7 800............N6 600
Total current assets.......N12 100............N17800
Total current liabilities..N4 700............N3 800

Drawings for 2006 is N5 200.
Determine the capital balance as at Dec. 31,2005?

Use the information below to answer question .

.........................31 Dec. 05........31 Dec. 06

Total fixed assets.........N7 800............N6 600
Total current assets.......N12 100............N17800
Total current liabilities..N4 700............N3 800

Drawings for 2006 is N5 200.

What is the net profit for 2006?

The floor space occupied by manufacturing and administration departments in a company is 200 sqm and 300 sqm respectively. N20 000 rent incurred is shared using floor space occupied. How much is the rent chargeable to manufacturing?

Use the information below to answer questions .

Stock of material 1/1..............N10 000
Purchase of raw material...........N160 000
Manufacturing wages................N420 000
Royalties..........................N3 000
Stock of raw materials 31/12.......N14 000

What is the cost of raw materials consumed?

Use the information below to answer questions .

Stock of material 1/1..............N10 000
Purchase of raw material...........N160 000
Manufacturing wages................N420 000
Royalties..........................N3 000
Stock of raw materials 31/12.......N14 000

Calculate the prime cost?

Receipt and payment account discloses?

Given:

Subscription in arrears 01/10/06...........N2 000
Subscription in advance 01/10/06...........N1 500
Subscription paid during the year..........N7 000
Subscription in arrears 31/12/06...........N3 000

Determine the amount of subscription included in the income and expenditure account for the year?

The main reason for adopting a departmental account is to?

Given:
(i) Cost price (ii) Selling price (iii) Cost plus fixed percentage (iv) Price above cost and selling price

From the information above, the prices used in charging goods to the branches are?

If a GSM operator based in Lagos supplies recharge cards to its branch in Akure, the head office can charge the goods at?

Given:

Capital:..G...........N5 000
..........T...........N8 000

Drawings: G...........N2 000
..........T..........N1 000

Interest on capital..10%
Interest on Drawings..5%

Find the interest on drawings of G?

The entry in the partnership books of accounts for interest on drawings is to?

In partnership dissolution, an asset taken over by a partner is debited to?

Goodwill can be in the balance sheet as?

Cash received from the subscribed shares is recorded by debting?

Ordinary shareholders received dividend before?

A source of revenue that is compulsory payment without any derived benefit is?

The salary of the chief Justice of the Federation is paid from the?

Which of the following is among the categories of government cash book?

The Auditor General of the Federation can be removed by the?

Given that the balance as per cash book after adjustment was N6315, nu-presented cheques N1000 and the bank statement balance N3240. What was the balance of the nu-credited cheques?

Use this information below to answer this question.

Trading Account (Extract)

.................N.............................N......
Opening stock...19500........Sales............96 000..
Add purchases...68700.................................
................88200.................................
Less closing stock..?.................................
Cost of goods sold..?.................................
Gross profit C/D....?.................................
....................?..........................?......
The gross profit margin is 20%

What is the gross profit?

Use this information below to answer this question.

Trading Account (Extract)

.................N.............................N......
Opening stock...19500........Sales............96 000..
Add purchases...68700.................................
................88200.................................
Less closing stock..?.................................
Cost of goods sold..?.................................
Gross profit C/D....?.................................
....................?..........................?......
The gross profit margin is 20%
Determine the closing stock

Give:
1. Ascertainment of the particulars of the proposed company
II. Preparation of the incorporation documents
III. Filling of the documents
IV. Registration of the company
From the information above, the stages involved in the formation of a company are

The debit ratio is approximately

Which of the following is true of Uju Nig.Ltd?

Goods worth N300 was transferred from department Q to P Similarly, P's total expenses for the period was N200

What was department Q's gross profit?

Goods worth N300 was transferred from department Q to P Similarly, P's total expenses for the period was N200

Department P's net profit was