2002 - JAMB Accounting Past Questions and Answers - page 2

The normal accounting entry to record the dishonor of a businessman is to?

Use the information below to answer question . Statement of assets and liabilities as at 31st December, 2001. Shareholders' interest N240 Current liabilities N20 Current assets N110 Fixed assets N140

Determine the value of the trade investment?

Use the information below to answer question .

Statement of assets and liabilities as at 31st December, 2001.

Shareholders' interest N240

Current liabilities N20

Current assets N110

Fixed assets N140
What is the networking capital?

The concise statement used to explain entries in the general journal is known as?

In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover?

The gross profit on manufactured goods is the difference between the cost of goods manufactured and the?

Use the information below to answer question

Stock of raw materials (1st January) N3000

Direct wages N2500

Direct expenses N1000

Factory overheads N2000

Cost of raw materials used N5500

Stock of finished goods (31st December) N2000

Determine the prime cost?

Stock or raw materials(1st January) 3000
Direct wages 2500
Direct expenses 1000
Factory overheads 2000
Cost of raw materials used 5500
Stock of finished goods (31st December) 2000
The cost of goods manufactured is?

(i)Orientation (ii) Entity (iii)Legal status
(iv)Finance.
Which of the characteristics above distinguishes a profit-making from a not-for-profit-making organizations?

Use the information below to answer questions

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

Stock at branch 1st January at cost............N400
Goods sent to branch at cost...................N8000
Returns to head ...............................N340
Cash sales ....................................N9160
Stock at branch 31st December at cost..........N720

What is the gross profit carried to the profit and loss account?