2005 - JAMB Accounting Past Questions & Answers - page 1

1
Use the information below to answer questions .

subscription.....................N5420
Canopy rent......................N400
Wages............................N1100
Post-ages........................N300
loss from bar....................N160
Purchases of new furniture.......N120
Premises.........................N4000
Furniture at the beginning.......N1120

What is the cash balance in the receipts and payments account?
A
N2 520
B
N2600
C
N3000
D
N120
CORRECT OPTION: e
Correct Answer: Option E
2
Use the information below to answer questions

Purchase:..Raw materials.................N15 000
Finished goods...........................N11 400
Stock:....(1/7/01)Raw materials..........N2 250
Work-in-progress.........................N1 875
Wages:.....Direct........................N17 100
Indirect.................................N5 400
Stock:.....(30/06/02)Raw materials.......N3 000
Work-in-progress.........................N3 375

Determine the accumulated fund value?
A
N9360
B
N6320
C
N4200
D
N3000
CORRECT OPTION: d
3
The not-for-profit-making organizations generate their income mainly from?
A
bar sales
B
subcriptions
C
rents
D
pools
CORRECT OPTION: b
4
Gamji Memorial Club carried out an activity which yield a profit of N10 000. This amount is to be transferred to the?
A
debit side of its profit and loss account
B
credit side of its profit and loss account
C
debit side of its income and expenditure account
D
credit side of its income and expenditure account
CORRECT OPTION: d
5
Departmental accounts are prepared to aid the comparison of the?
A
previous year's transactions
B
daily profits
C
workers' performances
D
management performances
CORRECT OPTION: c
6
A company incurred N21 000 in running its four departments, namely J,K,L and M with a corresponding number of employees as 1500, 2000, 3000 and 500 respectively. What is the share of department K?
A
N9000
B
N6000
C
N4500
D
N1500
CORRECT OPTION: b
7
The movement of goods from head office to a branch is treated in the in the head office accounts as?
A
sales
B
issue
C
purchase
D
requisition
CORRECT OPTION: c
8
The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch?
A
debtors' account
B
trading account
C
expenses account
D
cash account
CORRECT OPTION: d
9
In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a?
A
debit entry
B
credit entry
C
contra entry
D
reversal entry
CORRECT OPTION: c
10
Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including?
A
partners' salaries
B
interest on capital
C
partners' drawings
D
interest on loans
CORRECT OPTION: d
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