JAMB Accounts - Principles of Accounts 2012 Past Questions

The basis upon which assets of an organization is valued is the

An accountant must not only be interested in record keeping but also in

The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit

The capital of a sole trader can be increased by

Akirika bought a motor van for his business by cash. The entries are to debit

Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
In the book of Ibrahim, the entry to record the transaction would be to debit

Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
The record in Jide's book would be to debit

In a three-column cash book, dishonored cheques will be shown on the

Cash can be drawn from the bank using

In a modern day banking system, cash transfer cannot be made where the transferor

Given:
Cash book balance- #5000
Dishonored cheque- #1000
Direct credit - # 800
Direct debit - # 500

The adjusted cash book balance is

At the end of a financial period, the trading
profit and loss account of a sole trader
shows a profit of #180,000. it is however
discovered that revenue of #15,000 is
recorded as expenses while expenses of
#4,000 is recorded as revenue.

Determine the adjusted net profit

At the end of a financial period, the trading
profit and loss account of a sole trader
shows a profit of #180,000. it is however
discovered that revenue of #15,000 is
recorded as expenses while expenses of
#4,000 is recorded as revenue.

The revenue to be added as an adjustment is

Which of the following is an item of special assets?

1/5/07 Purchased 100 bags of milk at #10.00k each
3/5/07 Purchased 60 bags of milk at #11.50k each
15/5/07 Issued 85 bags of milk
15/5/07 Purchased 180 bags of milk at #12.80K each
22/5/07 Issued 145 bags of milk.

Using FIFO method, what would be the value of stock as at 9/5/07?

1/5/07 Purchased 100 bags of milk at #10.00k each
3/5/07 Purchased 60 bags of milk at #11.50k each
15/5/07 Issued 85 bags of milk
15/5/07 Purchased 180 bags of milk at #12.80K each
22/5/07 Issued 145 bags of milk.

Using simple average method, calculate the value of stock after 22/5/07

The LIFO method has an advantage over FIFO in that stocks are valued at

In sales ledger control account, returns inwards is usually

Purchasers ledger control account can also be referred to as

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

In manufacturing accounts, finance expenses are charged to the

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units

What is the total manufacturing profit?

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units

Determine the value of prime cost

The main advantage of a departmental account is that its

The excess revenue over expenditure is charged to

Given:
Fixtures-#30,000
Debtors-#7,000
Stock- #8,000
Creditors-#3,000
Goodwill-#10,000

Determine the capital

In the head office ledger, the value of goods sent to the branch are

Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

The partners capital are: Modibbo #60,000
and Jakata #90,000. The partners share
profit and losses in the ratio of their capital
contributions.
The net profit for the year is #12,000.

Find Modibbo's share of the profit

The partners capital are: Modibbo #60,000
and Jakata #90,000. The partners share
profit and losses in the ratio of their capital
contributions.
The net profit for the year is #12,000.

What is Jakata's sharing profit?

In what way can goodwill be written off in a partnership business?

Ngozi and Musa with a capital of #30,000 each decide to admit Mary into the partnership business with a capital of #20,000 and goodwill #15,000.If the profits and losses are to be shared equally, the journal entries to record goodwill are

In converting a partnership into a limited liability company, the necessary accounts to be opened in the books of the company are

Given:
1. The Memorandum of Association of the Company
11.The Article of Association of the Company
111. The Incorporation documents

From the above, which of the following is delivered to the Registrar of companies for incorporation

When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such money is to debit

Investment at cost of a company is to be disclosed under

Purchasers - #44,880
Sales - #85,850
Trade creditors - #12,250
Trade debtors - #24,000
Accrued expenses - # 350
Prepaid expenses - # 700
Stock 1/1/2006 - #25,120
Stock 31/12/2006 - #27,840

Calculate the acid test ration

Purchasers - #44,880
Sales - #85,850
Trade creditors - #12,250
Trade debtors - #24,000
Accrued expenses - # 350
Prepaid expenses - # 700
Stock 1/1/2006 - #25,120
Stock 31/12/2006 - #27,840

Determine the number of times stock was turned over during the period to the nearest figure

Which of the following is a source of revenue to the federation account?

The book into which all types of a ministry's expenditure are recorded is the

The Petroleum Technology Development Fund is under the

The power to appoint the Auditor General of the Federation is vested in the

Given:

Determine the balance

Given:

From the above information, the gross profit fro department X is

Debtors opening and closing balances amount to N6,500 and N7,600 respectively, What is the sales value?

The 5% discount shown above indicates

Use the information above to answer the question
Find the gross profit.

Use the information above to answer the question

Calculate the net profit.

Determine the bank balance