JAMB Accounts - Principles of Accounts 2009 Past Questions

Which of the following branches of accounting was first developed?

The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is?

The process of bookkeeping includes records produced from?

Musa, a prepaid customer of XYZ and KLM, bought N1500 recharge card from XYZ, and N2000 recharge recharge card from KLM, for business calls. The entry to record these transaction is debit?

Given:

Capital...............................N2375 000
Debtors...............................N495 000
Motor vehicle.........................N870 000
Creditors.............................N245 000
Prepayment............................N500 000
Bills receivable......................N505 000
Furniture.............................N150 000

What is the total debit for the trial balance?

If Odukoya takes money out of business bank account for his own private use, the effect of the transaction is?

Use the information to answer below to answer questions 7 and 8.

i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors

What are the current liabilities?

Find the fixed assets?

Use the information above to answer question 9 and 10.

Period 1:
........Cash to petty cashier.............N1000
........Petty cashier pays out............N780

Period 2:
........Petty cashier pays out............N840

If the float is increased to N1200, how much should the petty cashier receive after period 2?

What is the balance of cash with the petty cashier at the end of period 1?

Cash discount is often recorded on?

The standing order is a payment instruction given by a?

Which of the should not be added or subtracted from the bank statement balance to determine the adjust cash balance?

Given:

Balance as per cash book...................N20,000
Unpresented cheques........................N5, 200
Direct credit to the bank..................N1, 000
Direct debit from the bank.................N1, 000
Credit in the cash book....................N500

Calculate the balance as bank statement at the end of the year?

Use the information below to answer questions 17 and 18.

Total current assets..................N2,000
Total fixed assets....................N4,000
Current liabilities...................N1,200
Drawings..............................N200
Long-term loan........................N2,000

Determine the capital of the business?

What is the net working capital?

Which of the following items are current assets?

Use the information below to answer questions 20 and 21.

Jan. 1 Received 1,000 units at N10 each
Jan. 2 Received 2,000 units at N12 each
Jan. 3 Issued 1,500 units
Jan. 4 Received 1,000 units at N11 each
Jan. 5 Issued 1,000 units

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

What is the value of closing stock using simple average?

Which of the following methods gives a conservative closing stock value during a period of rising prices?

Apart from the common control accounts, a control account can also be opened for?

Which of the following is a debit item in the purchases ledger control account.

Which of the following is an item in the debit side of the sales ledger control account?

The cost incurred by departments that support the production departments with such activities as maintenance, production control and storage are called?

Use the information below to answer questions 29 and 30.

Work-in-progress 1/1........................N1,000
Work-in-progress 31/12......................N2,000
Production cost of goods manufactured.......N20,000
Sales.......................................N50,000
Stock of finished goods 1/1.................N4,000
Stock of finished goods 31/12...............N5,000
Selling and distribution expenses...........N2,000
Administrative expenses.....................N1,000

Determine the gross profit?

What is the net profit?

Receipt and payments account is a summary of the?

Given:

Furniture and fittings..................N20,000
Equipment...............................N15,000
Bank overdrafts.........................N6, 500
Bar creditors...........................N4,800
Subscription in arrears.................N4,700
Subscription in advance.................N650

What is the accumulated fund?

i Space occupied by each department.
ii Average value of stock held by each department.
iii Departmental turnover.
iv Number of articles sold by each department .

From the information above, the two most logical bases for apportioning expenses that are common to departments are?

Use the information to answer questions 334 and 35.

.........................Departments
...........................P..........Q...........R
Sales value...............N?........N23,400....N?
Selling expenses..........N1,100....N1,400.....N1,280
Administrative expenses...N1,400....N1,000.....N1,020
Cost of sales.............N6,900....N6,700.....N5,500

Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to N1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

What is the sales value of department R?

Determine the total expenses of department P?

One of the purposes of maintaining the account of a branch at the head office is to?

Which of the following is a common cause of a discrepancy between head office and branch trial balance?

Sule and Ahmad are in partnership sharing profits and losses equally. If Khadija is admitted as new partner tot take 1/5 as her share, what is the new partner to take 1/5th as share, what is the new profit or loss sharing ratio?

Given:

Net profit b/d.....................N10,000
Interest on capital:...M...........N2, 000
.......................K...........N1, 000
Partners' on salary....K...........N800
Interest on drawings...M...........N500
Profit sharing ratio M and K 3:2

Determine M's share of profit?

Use the information to answer questions 40 and 41.

Capital balances b/d:.....P.............N20,000
..........................K.............N10,000
Drawings:.................P.............N2, 000
..........................K.............N1, 000
Share of profits:.........K.............N4, 000
..........................K.............N2, 000
Salary....................P.............N1, 000
Interest on drawings:.....K.............N100
..........................K.............N20


Assuming that the partnership maintains a fixed capital, what is P's closing capital?

If the capital of the partnership is unfixed, what is K's current accounts?

In a partnership account, conversation of non-cash assets into cash is referred to as?

Use the information below to answer questions 43 and 44.

A company advertised and issued N750,000, 12% preference shares of N1 each to be issued at N1.50 per share. Applications for N1,370,000 were received at 30k per share. 70k per share (including premium) was due om allotment while 25k per share was due on each of the remaining two calls. All amounts due were received . Application money for 120,000 shares was refunded to unsuccessful applicants were allotment shares on pro-rata basis.

The share premium account would be?

The second and final call account was debited with?

Provision for bad and double debts in companies final accounts is treated in?

The book value per share is obtained by dividing?

Expenditure incurred on consumables and goods for resale is?

Replacement and renewal of fixed assets are?

Which of the following is credited to the consolidated revenue fund?

One of the reasons for the existence of the public sector is to?

If the gross profit margin is 10% what is the value of the cost of goods sold?

If the opening stock is 5% of sales. calculate the purchases

Use the information to answer the question.
..........................30/9/06.......30/9/07.....
............................N.............N.........
Accrued insurance premium...600...........710.......
Prepaid rent income.........490............630......

The cash book includes N1,850 and N,2,100 in respect of insurance premium and rent income respectively.

The insurance premium to be taken to the profit and loss account would be.

Use the information to answer the question.
..........................30/9/06.......30/9/07.....
............................N.............N.........
Accrued insurance premium...600...........710.......
Prepaid rent income.........490............630......

The cash book includes N1,850 and N,2,100 in respect of insurance premium and rent income respectively.

What amount is to be credited to the profit and loss account in respect of rent income?