JAMB Accounts - Principles of Accounts 2018 Past Questions

What is the amount of capital employed?

Advertising expenses incurred on a product in a business organization should be charged to

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 : The acid test ratio in the company is___________

When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________

The office responsible for ascertaining whether all public expenditures and appropriations are in line with approved guidelines is the________

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Trading account for the year ended 31st December 2009

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Trading account for the year ended 31st December 2009

Calculate the cost of goods sold

The amount called in respect of a share but not paid before or on the date fixed for payment is referred to as:

When goodwill is not retained in the business, the entries in the new partners books will be to debit______________

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If at 31/1/95 the following information was ascertained

  (i). rent for shop #12,000 paid for the year

  (ii). Total purchases #15,000

  (iii). Total sales #8,200

  (iv). Stock of goods left #10,000

  (v). paid sales boy #500

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

If the purchase price exceeds the net assets of a company, the excess amount is debited to________________

Gross profit in the branch adjustment account is transferred to the branch____________

Ade, Tony, Rose share profit and losses in the ratio of 3 : 2 : 1 respectively. Ade retires and the remaining partners decide to take Ade’s share in the existing ratio. What is the new ratio?

Calls in advance are treated in the balance sheet as_______

Why are adjustments in the profit and loss account necessary?

Which of the following is not a type of branch?

In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________

Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including____________

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If at 31/1/95 the following information was ascertained;

  (i). rent for shop #12,000 paid for the year

  (ii). Total purchases #15,000

  (iii). Total sales #8,200

  (iv). Stock of goods left #10,000

  (v). paid sales boy #500

If at 31/1/95 the following information was ascertained;

  (i). rent for shop #12,000 paid for the year

  (ii). Total purchases #15,000

  (iii). Total sales #8,200

  (iv). Stock of goods left #10,000

  (v). paid sales boy #500

  What is the balance on its cash account as at 31/1/95

The amount paid by the new partner on admission as a compensation for the reputation built up by old partners is a

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  Adex Ltd. Issues stock to its retail branches at cost price. The following particulars relate to Ede branch.

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

When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________

In departmental accounting, which is not a transfer pricing_________

What act generally includes completing unfinished partnership business, collecting and paying debts, collecting partnership assets to be turned into cash and taking inventory?

Using the following:

  Balance as par overdraft of the cashbook is ₦4000 ,uncredited cheque is ₦2300, bank charges ₦300, unpresented cheque ₦5000.

  what is the adjusted cashbook balance?

Branch stock adjustment account is prepared at?

A partnership deed is used to____________

The cost price method is applicable when_____

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  Adex Ltd. Issues stock to its retail branches at cost price.

 Calculate the cost of goods credited to the head office trading account

In dealing with incomplete record, fixed assets are posted to___________-

Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January ,2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. What is the interest on the drawings of Tea?

Which of the following should not be adjusted for in the profit and loss account?

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Goods worth #300 was transferred from department Q to P. Similarly, P’s total expenses for the period was #200.

  Department P’s net profit was

In the absence of a partnership deed, the act stipulates that____________

A partnership’s internal regulation are set out by________---

Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing?

Transfers from the head office to branches are best carried out at__________

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

Departmentalization of accounts is useful because it shows the____________

Why should a new partner contribute towards goodwill on his admission?

The rent expense for Trendy store is ₦3500. Trendy store has three departments; jewelry, hair dressing, and clothing. The floor spaces occupied by the departments are 3:2:5 respectively. What is the rent allocated to clothing department?

Cost of rent as an expense can be apportioned to all department on the basis of:

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  Rakiya and joy are in a partnership and agreed that 5% interest per annum is to be charged on drawings. The drawing made by both partners in one year were:

  Rakiya, #200 on March 31 and #300 on September 30.

  Joy, #100 on April 1 and #240 on July 1.

  The interest on Joy’s drawing is___________

Which of the following is a conversion cost?

Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January , 2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. what is the closing balance in Tea’s current account

To account for expenses paid by head office on behalf of the branch, the branch should___________

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  Calculate the balance in the bank statement.

Which of the following is not an inventory costing method?