2002 - JAMB Accounting Past Questions and Answers - page 3
21
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
Calculate the cost of goods credited to the head office trading account?
Calculate the cost of goods credited to the head office trading account?
A
N7660
B
N7500
C
N7460
D
N7200
correct option: a
Users' Answers & Comments22
Nasara Manufacturing Plc has three direct labour employees that work 40 hours each a week for 50 weeks a year. Factory overhead costs of N60,000 is distributed on the basis of direct labour hours.
Compute the overhead rate?
Compute the overhead rate?
A
N12 per hour
B
N16 per hour
C
N10 per hour
D
N15 per hour
correct option: c
Users' Answers & Comments23
Given that 1/3 of the N6000 stock held by a branch is purchased from outsiders. If goods are invoiced to branch at 25% on cost, the provision for unrealized profit is?
A
N1000.00
B
N333.33
C
N666.66
D
N800.00
correct option: d
Users' Answers & Comments24
Costs that vary in proportion to the level of production in a manufacturing environment are known as?
A
control costs
B
overheads
C
direct costs
D
indirect costs
correct option: c
Users' Answers & Comments25
A company operating a chain of retail provision stores invoices goods to the branches at cost plus a mark-up of 25%. What is the mark-up percentage on selling price?
A
35%
B
30%
C
20%
D
15%
correct option: c
Users' Answers & Comments26
Given:
Cash purchases ..............................N25000
Trading creditors............................N45000
Opening balance of trade creditors...........N35000
Calculate the purchases for the period?
Cash purchases ..............................N25000
Trading creditors............................N45000
Opening balance of trade creditors...........N35000
Calculate the purchases for the period?
A
N80,000
B
N35,000
C
N105,000
D
N70,000
correct option: d
Users' Answers & Comments27
Which method of pricing can be used satisfactorily in either a rising or falling price situation?
A
Standard price
B
Marketing price
C
FIFO
D
Average method
correct option: d
Users' Answers & Comments28
Given:
Capital at start.......................N3250
Capital at close ......................N6250
Additional capital during the period...N1000
Calculate the profit or loss?
Capital at start.......................N3250
Capital at close ......................N6250
Additional capital during the period...N1000
Calculate the profit or loss?
A
N8500 profit
B
N2000 loss
C
N2000 profit
D
N8500 loss
correct option: c
Users' Answers & Comments29
In a control account, discount received is found on the?
A
debit side of the purchase ledger control account
B
debit side of the sales ledger control account
C
credit side of the purchase ledger control account
D
credit side of the sales ledger control account
correct option: a
Users' Answers & Comments30
In an incomplete record system a trading account cannot be prepared until the?
A
day book has been balanced
B
amount of personal drawings has been established
C
cash book has been balanced
D
amount os sales and purchases has been established
correct option: d
Users' Answers & Comments