2005 - JAMB Accounting Past Questions & Answers - page 5

41
Given:
purchases ledger balance..............N4000
purchases for the period..............N50000
Cash refunded by suppliers............N290
Cheques paid to suppliers..............N42300
Returns outwards.......................N2000
Discount received from suppliers.......N400

The balance of the purchases ledger control account is?
A
N10390
B
N9990
C
N9590
D
N9010
CORRECT OPTION: c
42
Which of the following item is found on the credit side of the sales ledger control account?
A
Discount received
B
Dishonoured cheques
C
Credit sals
D
Bills receivable
CORRECT OPTION: c
43
If the assets and liabilities of a firm were valued at N17,200 and N5,120 respectively, the capital of the firm would be?
A
N22 320
B
N17 200
C
N12 080
D
5 120
CORRECT OPTION: c
44
Use the information below to answer questions

Zazzau Company:

Cash in hand................N50
Cash in bank................N1 250
Stock.......................N4 880
Furniture...................N9 60
Building....................N5 500
Debtor......................N1 750
Creditors...................N2 150

Drawings of N125 were made by the shareholders of the company.
The capital of the company stands at?
A
N12 240
B
N12 115
C
N2 510
D
N2 150
CORRECT OPTION: a
45
Use the information below to answer questions 25 and26.

Zazzau Company:

Cash in hand................N50
Cash in bank................N1 250
Stock.......................N4 880
Furniture...................N9 60
Building....................N5 500
Debtor......................N1 750
Creditors...................N2 150

Drawings of N125 were made by the shareholders of the company.

They company's net current assets amount to?
A
N5 780
B
N5 70
C
N6 580
D
N7 930
CORRECT OPTION: a
46
A component of an overhead manufacturing cost is?
A
cost of work-in-progress
B
cost of finished goods
C
labour
D
rent
CORRECT OPTION: a
47
Use the information below to answer questions

Direct labour...................N50 000
Beginning work-in-progress......N4 000
Raw materials used..............N18 000
Indirect labour.................N4 000
Ending finished goods...........N16 000
Ending work-in-progress.........N9 000
Factory supplies used...........N7 000
Selling expenses................N25 000
Beginning finished goods........N21 000
Other factory overheads.........N19 000

What is the cost of goods manufactured?
A
N117 000
B
N104 000
C
N97 000
D
N93 000
CORRECT OPTION: d
48
Use the information below to answer questions

Direct labour...................N50 000
Beginning work-in-progress......N4 000
Raw materials used..............N18 000
Indirect labour.................N4 000
Ending finished goods...........N16 000
Ending work-in-progress.........N9 000
Factory supplies used...........N7 000
Selling expenses................N25 000
Beginning finished goods........N21 000
Other factory overheads.........N19 000

Calculate the prime cost?
A
N50 000
B
N68 000
C
N70 000
D
N75 000
CORRECT OPTION: b
49
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

The cost of raw materials consumed is?
A
N17 250
B
N15 750
C
N15 000
D
N14 250
CORRECT OPTION: d
50
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

What is the cost of manufactured goods?
A
N49 125
B
N48 750
C
N37 625
D
N35 250
CORRECT OPTION: d
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