2015 - JAMB Accounting Past Questions and Answers - page 1

Use the following information to answer this question. Club building 400,000 Subscription prepaid 3,000 Sport kits 150,000 Bar creditors 85,000 Subscription owing 32,000 What is the club’s total liabilities

If sales return is understated, it implies that ------------------------------ is overstated

Accounting information is used by investors and creditors of a company to predict

Use the information below to answer this question. \(\begin{array}{c|c} \hline & \text{Dept A} & \text{Dept B} \\ \hline \text{Sales} & 180,000 & 150,000 \\ \hline \text{Cost of sales} & 79,000 & 85,000 \\ \hline \text{Expense} & 28,000 & 40, 000 \\ \end{array}\) How much is the gross profit for department A?

An advantage of using accounting ratios is that

The document setting out the regulations regarding shares, meetings and internal organization of a company is known as

The loss made by a non profit making organization is called

If rent account is debited instead of rate account, the error committed is that of;

Use the following information to answer this question. Provision for bad debt 1500 Additional information 1. Bad debt written off amount to 3000 2. Debtors balance as at the end of the year is 28,000 3. Provision for bad debts stand at 10% How much is to be charged to profit and loss account as provision for bad debt?

Use the information below to answer this question. A limited liability company has an authorized shares capital of 50 million split into 100 millions shares. 80million shares are offered for subscriptions at 60k per share in full on application. These have been fully subscribed on issue What is the nominal value of each share