2018 - JAMB Accounting Past Questions and Answers - page 5
41
Departmentalization of accounts is useful because it shows the____________
A
Over all performance of a division
B
Cost per unit of a profit
C
Price per unit of a product
D
Over all performance of a firm
42
Why should a new partner contribute towards goodwill on his admission?
A
It is a norm
B
to ensure new partner also have a stake in the business
C
the firm into which he is entering already has some goodwill in the market
D
to purchase the business
43
The rent expense for Trendy store is ₦3500. Trendy store has three departments; jewelry, hair dressing, and clothing. The floor spaces occupied by the departments are 3:2:5 respectively. What is the rent allocated to clothing department?
A
₦700
B
₦1050
C
₦1750
D
₦3500
44
Cost of rent as an expense can be apportioned to all department on the basis of:
A
No of employees
B
stock value
C
space occupied
D
wages
45
Use the information to answer the questions
 Rakiya and joy are in a partnership and agreed that 5% interest per annum is to be charged on drawings. The drawing made by both partners in one year were:
 Rakiya, #200 on March 31 and #300 on September 30.
 Joy, #100 on April 1 and #240 on July 1.
 The interest on Joy’s drawing is___________
A
#511.25 debit
B
#500.00 credit
C
#349.75 debit
D
#340.00 credit
46
Which of the following is a conversion cost?
A
Factory overhead
B
purchases
C
material cost
D
wages
47
Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January , 2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. what is the closing balance in Tea’s current account
A
36,925Cr
B
40,000Cr
C
50,000Dr
D
36,295Dr
48
To account for expenses paid by head office on behalf of the branch, the branch should___________
A
Debit profit and loss account and credit head office account
B
Debit head office account and credit cash
C
Credit cash and debit profit and loss account
D
Credit profit and loss account and debit head office account
49
Use the information below to answer the question.
 Calculate the balance in the bank statement.
|  | ₦ |
|
Balance as per cashbook |
13560 |
|
Unpresented cheques |
5120 |
|
Dividend received |
2000 |
|
Uncredited cheque |
2300 |
|
Bank charges |
280 |
|
Standing order |
600 |
|
Balance as per bank statement |
? |
A
₦10,740
B
₦11,860
C
₦16,380
D
₦17,500
50
Which of the following is not an inventory costing method?
A
FIFO
B
LIFO
C
Average cost method
D
LILA
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