2007 - JAMB Accounting Past Questions & Answers - page 1

1
A company has departments X, Y and Z. Department X occupies a space of Y while Z occupies half the space of Y. If the company pays N70 000 on rent, what is the amount of rent that should be allocated to Y?
A
N30 000
B
N40 000
C
N20 000
D
N10 000
CORRECT OPTION: c
2
Use the information below to answer questions.

Entrance fees.........................N1200
Subscriptions(including N850 arrears).N4310
Donations received....................N1500
Proceeds from sales...................N2300
Total payments........................N8200
Depreciation..........................N2100
Closing cash balance..................N1110

The club deposited 200% of the closing cash balance in he bank during the period.
Calculate the total figure for the receipt and payments account?
A
N11 410
B
N13 630
C
N9 310
D
N11 530
CORRECT OPTION: d
3
Given:
Stock at start:
Raw materials................N57 000
Work-in-progress.............N42 000
Finished goods...............N71 000

Purchase of raw materials amount to N81 000, direct labour is N38 000 and factory overhead N29 000.

Calculate the prime cost?
A
N176 000
B
N170 000
C
N167 000
D
N156 000
CORRECT OPTION: a
4
(i) Profits and looses will be shared unequally.
(ii) Interest is not allowed on capital.
(iii) Salaries are not allowed.
(iv) Interest is charged on drawings.

From the above, which of the following would apply where there is no agreement during partnership formation?
A
i only
B
i, ii and iii
C
i, ii and iv
D
ii and iii
CORRECT OPTION: c
5
Use the information below to answer question

Stock (1/1/02) at selling price..........N2000
Goods sent to branch (selling price).....N?
Sales by branch (selling price)..........N4500
Stock (31/12/02).........................N?

Opening stock is 1/4 of goods sent to branch.


Determine the closing stock?
A
N5 500
B
N6 500
C
N2 500
D
N4 500
CORRECT OPTION: a
6
Use the information below to answer question .

Stock (1/1/02) at selling price..........N2000
Goods sent to branch (selling price).....N?
Sales by branch (selling price)..........N4500
Stock (31/12/02).........................N?

Opening stock is 1/4 of goods sent to branch.

The value of goods sent to branch is?
A
N4 000
B
N6 000
C
N8 000
D
N2 000
CORRECT OPTION: c
7
Expense paid during the conversion of a partnership to a company are?
A
debited to the partners' capital account
B
debited to the realization account
C
debited to the cash account
D
credited to the realization account
CORRECT OPTION: d
8
In the trading and profit and loss account of a manufacturing organization, purchases is?
A
always the same amount as the total factory overhead cost
B
given separately
C
equivalent to the total cost of goods manufactured
D
always the same as the prime cost
CORRECT OPTION: b
9
Goods worth N50 000 were sent at different times from head office to the branch during the year.
By the end of the period, only N40 000 worth of goods had arrived at the branch. Which of the following is correct about the treatment of this transaction?
A
Branch should debit goods received from head ofice with N50 000
B
Head office should debit goods sent to branch account with N10 000
C
Head office should debit goods sent to branch account with N50 000
D
Branch should debit goods received from head office with N10 000
CORRECT OPTION: b
10
An accounting ratio that considers only quick assets to determine the short-term safety margin of a firm is the?
A
fixed assets ratio
B
capital gearing ratio
C
current assets ratio
D
acid test ratio
CORRECT OPTION: d
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