2015 - JAMB Accounting Past Questions and Answers - page 2
11
The interest of a petty cashier is N2450
Expenses N Printing 420 Cleaning 250 Stamp and postage 175 How much was received to maintain the interest at the end of the month?
Expenses N Printing 420 Cleaning 250 Stamp and postage 175 How much was received to maintain the interest at the end of the month?
A
N1, 605
B
N8, 45
C
N2, 450
D
N1, 300
correct option: b
Users' Answers & Comments12
The ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------
A
appreciation
B
amortization
C
provisions
D
depreciation
correct option: d
Depreciation is the reduction in the service potential of an asset as a result of wear and tear.
Users' Answers & Comments13
To realize an asset means to
A
mortgage it
B
open its account in the ledger
C
turn it to cash
D
give it out as a collateral
correct option: c
realization means when assets are disposed for cash as at the time of dissolution
Users' Answers & Comments14
The process of cost apportionment is carried out so that
A
indirect costs may be controlled
B
cost units could gather overhead as they pass through cost centres
C
variable costs may be controlled
D
common costs are shared among cost centres
correct option: d
Cost apportionment is the sharing of commonly incurred expenses proportionately where two or more cost centres are involved
Users' Answers & Comments15
Preliminary expenses is an example of
A
fictitious assets
B
liquid assets
C
wasting assets
D
tangible assets
correct option: a
preliminary expenses are just like other asset but are unrealizable.
Users' Answers & Comments16
Use the information below to answer this question.
\(\begin{array}{c|c}
\text{Raw materials jan.} & 5,000 \\ \hline
\text{Raw materials dec.} & 5,800 \\ \hline
\text{Purchase of raw materials} & 45,000 \\ \hline
\text{Salary} & 61,000 \\ \hline
\text{Factory lubricant} & 2,050 \\ \hline
\text{plant depreciation} & 1,300 \\ \hline
\text{Factory insurance} & 1,250 \\ \end{array}\)
The prime cost for the company is
\(\begin{array}{c|c}
\text{Raw materials jan.} & 5,000 \\ \hline
\text{Raw materials dec.} & 5,800 \\ \hline
\text{Purchase of raw materials} & 45,000 \\ \hline
\text{Salary} & 61,000 \\ \hline
\text{Factory lubricant} & 2,050 \\ \hline
\text{plant depreciation} & 1,300 \\ \hline
\text{Factory insurance} & 1,250 \\ \end{array}\)
The prime cost for the company is
A
N169, 200
B
N44, 200
C
N55, 800
D
N230, 200
correct option: a
The prime cost are direct cost,direct material cost, direct labour cost and direct expenses.
Therefore:
Raw materials (jan)5000
Add purchases 45,000
Less raw materials (dec) 5,800
Cost of raw materials consume 44,200
Prime cost 169,200
Users' Answers & CommentsTherefore:
Raw materials (jan)5000
Add purchases 45,000
Less raw materials (dec) 5,800
Cost of raw materials consume 44,200
Prime cost 169,200
17
What is the ledger entry for sale of generator on credit to Patrick?
A
credit sales account and debit Patrick’s account
B
credit generator account and debit cash account
C
credit sales account and debit cash account
D
credit generator account and debit Patrick’s account
correct option: d
Patrick is receiving and should be debited while generator account is giving
Users' Answers & Comments18
Sai Baba made sales of N10,000 having computed his gross profit % to sales to be 20. His opening stock was N250 and ending stock is N200. Calculate his purchases.
A
N7950
B
N8050
C
N7050
D
N8950
correct option: a
The gross profit percentage of sales would be
20% x N 10,000 = N 2000
If cost of sales + gross profit = N 10,000 = N 2000
:. N 8000 + N 2000 = N 10,000
If cost of goods available for sales less closing stock
= cost of sales
:. N8200 + N200 = N8000
Hence; cost of goods available for sale = opening stock + purchases
:. N8200 = N250 + A
= N 8200 – N 250
=N 7950
Users' Answers & Comments20% x N 10,000 = N 2000
If cost of sales + gross profit = N 10,000 = N 2000
:. N 8000 + N 2000 = N 10,000
If cost of goods available for sales less closing stock
= cost of sales
:. N8200 + N200 = N8000
Hence; cost of goods available for sale = opening stock + purchases
:. N8200 = N250 + A
= N 8200 – N 250
=N 7950
19
Use the information below to answer this question.
Jejelaye Plc stock records for 2009 was given below:
Jan 1 received 100 units at N1.00
Jan 8 received 260 units at N1.05
Jan 20 issued 700units at .........
Feb 3 received 400 units at N1.15
What will be the issued price of 700 units, using simple average method
Jejelaye Plc stock records for 2009 was given below:
Jan 1 received 100 units at N1.00
Jan 8 received 260 units at N1.05
Jan 20 issued 700units at .........
Feb 3 received 400 units at N1.15
What will be the issued price of 700 units, using simple average method
A
N1.183
B
N1.025
C
N1.00
D
N1.05
correct option: b
simple average method usually add up all receipt prices ahead of the issued material divided by 2
Users' Answers & Comments20
Income and expenditure account is more detailed than receipts and payments account because it disclosed
A
cash
B
cheques
C
debtors
D
stocks
correct option: c
the income and expenditure account unlike the receipts and payments takes records of accruals and prepayment
Users' Answers & Comments