2018 - JAMB Accounting Past Questions and Answers - page 3
21
The amount paid by the new partner on admission as a compensation for the reputation built up by old partners is a
A
Bonus
B
Good will
C
Premium
D
Commission
22
| Â | Â N |
|
Stock at branch 1st January at cost |
400 |
|
Goods sent to branch at cost |
   8000 |
|
Returns to head office |
      340      |
|
Cash sales |
9160 |
|
Stock at branch 31st December at cost |
720 |
Â
Use the information below to answer the question.
 Adex Ltd. Issues stock to its retail branches at cost price. The following particulars relate to Ede branch.
A
#1870
B
#1530
C
#1640
D
#1820
23
Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?
A
Selling price
B
Fixed percentage on cost
C
Cost price
D
Invoice price
24
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
25
In departmental accounting, which is not a transfer pricing_________
A
cost based transfer price
B
market based transfer pricing
C
Dual pricing system
D
peak pricing
26
What act generally includes completing unfinished partnership business, collecting and paying debts, collecting partnership assets to be turned into cash and taking inventory?
A
Formation
B
dissolution
C
winding up
D
termination
27
Using the following:
 Balance as par overdraft of the cashbook is ₦4000 ,uncredited cheque is ₦2300, bank charges ₦300, unpresented cheque ₦5000.
 what is the adjusted cashbook balance?
A
4000
B
300
C
4300
D
5000
28
Branch stock adjustment account is prepared at?
A
Cost price
B
new price
C
invoice price
D
normal price
29
A partnership deed is used to____________
A
Promote mutual understanding
B
Enhance mistrust
C
Encourage discrepancy
D
Control funds
30
The cost price method is applicable when_____
A
Goods are sold at specific prices
B
goods are perishable
C
goods attract different gross profit percentage
D
to disclose gross profit or loss
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