2012 - JAMB Accounting Past Questions and Answers - page 3
21
In manufacturing accounts, finance expenses are charged to the
A
departmental account
B
trading acount
C
profit and loss account
D
balance sheet
22
Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units
What is the total manufacturing profit?
A
#64,000
B
#120,000
C
#360,000
D
#480,000
23
Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units
Determine the value of prime cost
A
#416,000
B
#304,000
C
#240,000
D
#184,000
24
The main advantage of a departmental account is that its
A
expenses are shared
B
gross profit is computed
C
net profit is computed
D
balance sheet is obtained
25
The excess revenue over expenditure is charged to
A
profit and loss
B
revenue account
C
accumulated fund
D
income and expenditure acccount
26
Given:
Fixtures-#30,000
Debtors-#7,000
Stock- #8,000
Creditors-#3,000
Goodwill-#10,000
Determine the capital
A
#10,000
B
#42,000
C
#45,000
D
#52,000
27
In the head office ledger, the value of goods sent to the branch are
A
debited to the head office current account
B
debited to the branch current account
C
credited to the head office current account
D
credited to the branch current account
28
Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?
A
cost price
B
fixed percentage on cost
C
selling price
D
invoice price
29
The partners capital are: Modibbo #60,000
and Jakata #90,000. The partners share
profit and losses in the ratio of their capital
contributions.
The net profit for the year is #12,000.
Find Modibbo's share of the profit
A
#62,000
B
#48,000
C
#44,000
D
#43,000
30
The partners capital are: Modibbo #60,000
and Jakata #90,000. The partners share
profit and losses in the ratio of their capital
contributions.
The net profit for the year is #12,000.
What is Jakata's sharing profit?
A
3:5
B
1:2
C
2:5
D
1:5
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