2018 - JAMB Accounting Past Questions and Answers - page 1
1
A
₦7000
B
₦10000
C
₦22000
D
₦15000
2
Advertising expenses incurred on a product in a business organization should be charged to
A
Sales department
B
Production department
C
Purchase department
D
Administration department
3
| N | N |
| Capital 39,000 | Land 20,000 |
| Long Term Loan 15, 000 | Building 30,000 |
| Creditors 9,000 | Stock 40,000 |
| Debtors 6,000 | |
| Accrued wages 5,000 | Cash 8, 000 |
| 68,000 | 68,000 |
Use the information above to answer the question
What is the acid test ratio in the company?
A
1:1
B
2:3
C
1:2
D
3:2
4
When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________
A
Price above or below the stipulated price
B
Any price but not below the transfer price
C
Cost price
D
A price that is equal to the mark up
5
The office responsible for ascertaining whether all public expenditures and appropriations are in line with approved guidelines is the________
A
Accountant general
B
Finance minister
C
Auditor general
D
Permanent secretory.
6
Use the information below to answer question
Trading account for the year ended 31st December 2009
| ₦ | ₦ |
| Opening Stock 32,000 | Sales 48,000 |
| Purchases 40,000 | Less Return 2,000 |
| Carriage inwards 1,000 | |
| 41,000 | |
| Less Return 2,000 39,000 | |
| Cost of goods available ?? | |
| Less closing stock 9,000 | |
| Cost of goods sold ?? |
A
#20,500
B
#23,000
C
#28,000
D
#27,000
7
Use the information below to answer question
Trading account for the year ended 31st December 2009
| ₦ | ₦ |
| Opening Stock 32,000 | Sales 48,000 |
| Purchases 40,000 | Less Return 2,000 |
| Carriage inwards 1,000 | |
| 41,000 | |
| Less Return 2,000 39,000 | |
| Cost of goods available ?? | |
| Less closing stock 9,000 | |
| Cost of goods sold ?? |
Calculate the cost of goods sold
A
#61,000
B
#62,000
C
#58,000
D
#57,000
8
The amount called in respect of a share but not paid before or on the date fixed for payment is referred to as:
A
Call in advance
B
call in arrears
C
forfeiture
D
shares
9
When goodwill is not retained in the business, the entries in the new partners books will be to debit______________
A
Goodwill account and credit partners capital account
B
Cash account and credit goodwill account
C
Goodwill account and credit cash account
D
Partners capital account and credit goodwill account
10
Use the information below to answer the question
| Liabilities ₦ | Assets ₦ |
| Capital 40,000 | Furnishing 10,000 |
| Ceiling Fan 1,500 | |
| Cash in Hand 28,500 | |
| 40,000 | 40,000 |
If at 31/1/95 the following information was ascertained
(i). rent for shop #12,000 paid for the year
(ii). Total purchases #15,000
(iii). Total sales #8,200
(iv). Stock of goods left #10,000
(v). paid sales boy #500
A
#40,000
B
#41,500
C
#41,700
D
48,500
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