1999 - JAMB Accounting Past Questions and Answers - page 3
21
Manufacturing costs can be classified based on?
A
timing of charges degree of averaging and size of capital
B
degree of averaging, ease of traceability and timing of charges
C
degree of averaging, size of floor space occupied and cost accounts
D
number of employees, timing of charges and management style
correct option: d
Users' Answers & Comments22
The difference between the factory cost of production and the prime cost of production is?
A
direct materials
B
direct labour
C
selling expenses
D
overhead
correct option: b
Users' Answers & Comments23
Receipt and payments account of a non-profit making organization is principally a summary of the?
A
bak entries
B
cash bok entries
C
expenditure entries
D
balance sheet entries
correct option: b
Users' Answers & Comments24
Given:
Club N150
Cash sales N4,850
Club debtors at close N900
Cash received from debtors N550
What is the amount of club sales?
Club N150
Cash sales N4,850
Club debtors at close N900
Cash received from debtors N550
What is the amount of club sales?
A
N6,150
B
N4,850
C
N4,650
D
N1,300
correct option: a
Users' Answers & Comments25
A credit balance on a receipt and payments account indicates that the non-profit making organization?
A
had more revenues than expenses during the period
B
did not owe much liabilities during the period
C
received more cash than it paid out during the period
D
made more cash payments than it received during the period
correct option: d
Users' Answers & Comments26
Goodwill can be valued in partnership when?
A
a partners make profits
B
large losses are made
C
a partner retires
D
a new branch is opened
correct option: d
Users' Answers & Comments27
As part of the initial investment, a partner contributes office equipment that originally cost N20,000 and on which provision for depreciation of N12,500 had been recorded. If the partners agree on a valuation of N9,000 for the equipment, what amount should be debited to the office equipment account?
A
N7,500
B
N9,000
C
N12,500
D
N20,000
correct option: b
Users' Answers & Comments28
When a partner makes a drawing of stock items from a partnership, the accounting impact of the drawing is to increase the partner's?
A
goodwill account balance
B
current account credit balance
C
current account debit balance
D
profit and loss credit balance
correct option: c
Users' Answers & Comments29
Dele and Seun who are in partnership, have decided to covert their business into a limited liability company where both become directors. To convert the business?
A
they will simply continue since there are no new members
B
the partnership is formally ended and new company books opened
C
the shares and all other items will be shared equally and not in their former ratios
D
computation of goodwill must be done as it is legally required
correct option: b
Users' Answers & Comments30
If a sole proprietorship is purchased for cash, then?
A
the purchaser debits his business purchase account with the consideration he pays
B
all assets and liabilities must be bought
C
goodwill results where value of assets
D
the vendor debits his business purchase account with the considerstion he receives
correct option: a
Users' Answers & Comments