1997 - JAMB Accounting Past Questions and Answers - page 3

The principle use of control accounts is to

In the absence of a sales day book or sales account the credit for sales can be computed from

which of the following conditions best represents the net effect of discount allowed on credit sales on the accounts of the business?

The total of the creditors at the beginning of the year was N4,600 and at the end of the year N5,250. During the year, N26,500 was paid to suppliers and N130 was received in discounts from these suppliers. The purchases for the year would be

Given:

Capital at the beginning...............N20 000

Drawings...............................N3 000

Capital................................N30 000

New capital introduced.................N8 000

What is the profit for the period?

Which of the following stock valuation methods is suitable under inflationary conditions?

The understatement of closing value of work-in-process would have the effect of?

Emeka Manufacturing Company (Extract) Manufacturing Account.

Direct material.....................N5 000

Direct labour.......................N4 500

Direct expenses.....................N3 000

Factory overhead....................N2 500

Selling distribution................N1 500

Calculating the production cost?

Adamu, Babaji and Chukwu are in partnership and they share profit and losses on ratio 3:2:1. Their respective capitals are N20 000, N15 000 and N5 000 on which on which they are entitle to interest at 5% per annum. The profit for the year before charging interest on capital amounted to N5 500.

Calculate the profit for Adamu?

Faruk and Osawe are in partnership sharing profits and losses in the ratio of 3:7. Faruk is to receive a salary of N9 000. In one accounting period, the business recorded a loss of N1 500 (before deduction of Faruk's salary). The appropriate distribution of the net loss would be?