2014 - JAMB Accounting Past Questions and Answers - page 4
31
In a departmental account, the expenses to be apportioned on the basis of turnover is
A
carriage inwards
B
returns outwards
C
discount recieved
D
carriage outwards
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32
If goods are sent to to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of #100,000?
A
#130,000
B
#125,000
C
#80,000
D
#75,000
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33
Hussaina Enterprises sent goods worth #800,000 at cost plus mark-up of 20% to its branch
What is the cost price of the goods sent to the branch
What is the cost price of the goods sent to the branch
A
#600,000
B
#620,000
C
#640,000
D
#700,000
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34
Hussaina Enterprises sent goods worth #800,000 at cost plus mark-up of 20% to its branch
Determine the profit on the goods sent to the branch at profit margin of 25% mark-up
Determine the profit on the goods sent to the branch at profit margin of 25% mark-up
A
#150,000
B
#160,000
C
#170,000
D
#180,000
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35
In the absence of a partnership deed, the act stipulates that
A
an amount should be fixed as salary for partners
B
interest on partners loan should be 25%
C
interest should not be allowed on partners drawings
D
profits and losses should not be shared equally
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36
The profit of a branch is usually credited to the
A
adjustment account
B
head office sales
C
head office goods account
D
head office current account
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37
Where partnership is converted into a limited liability company, current account balances of partners are transferred to a
A
realization account
B
savings account
C
share capital account
D
capital account
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38
The expenses incurred in purchasing a vehicle is a
A
revenue expenditure
B
capital expenditure
C
recurrent expenditure
D
concurrent expenditure
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39
Payment for shares in excess of amount offered gives rise to
A
subscription in advance
B
revenue reserves
C
capital reserves
D
calls-in-advance
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40
The details of the share capital which a company is authorized to issue is contained in the
A
Articles of Association
B
Companies and Allied Matters Act
C
Memorandum of Association
D
Share capitak certificate
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