2019 - JAMB Accounting Past Questions and Answers - page 4

Amount of goods sold for the departments = 1000 + 1500 = 2,500
Gross profit = Sales - Cost of goods sold
3000 - 2500 = ₦500

Hence,

Net profit = Gross profit - Expenses

500 - (50 ÷ 2 + 100 ÷ 2)
500 - (25 + 50)
500 - 75

Net profit = ₦425

In accounting, a business or an organization and its owners are treated as two separately identifiable parties. This is called the entity concept. The business stands apart from other organizations as a separate economic unit. Wikipedia

Accounting bases are the possible ways in which accounting concepts may be applied to financial transactions, e.g. the methods used to depreciate assets, how intangible assets or work in progress are dealt with.

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Let:

OC = Opening Capital
AC = Additional Capital
NP = Net Profit
D = Drawings
CC = Closing Capital

Then;

OC + AC + NP - D = CC

8000 + 4000 + 1500 - D = 12,000
13,500 - D = 12,000
D = 13,500 - 12,000

D = ₦1500

Hence, Drawings = ₦1500

A bank statement is a list of all transactions for a bank account over a set period, usually monthly. The statement includes deposits, charges, withdrawals, as well as the beginning and ending balance for the period. 

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An accounting standard is a common set of principles, standards and procedures that define the basis of financial accounting policies and practices

Accounting standards are issued at the International level by the International Accounting Standards Board (IASB)

Under Weighted Average Price (WAP) issues are priced at a weighted average price which is determined by dividing the value by the unit of stock in hand. Issues will continue to be priced at this price until a new batch is received when a new weighted average price is calculated.

The main difference between a joint venture and a partnership is that the members of a joint venture have teamed together for a particular purpose or project, while the members of a partnership have joined together to run "a business in common". Each member of the joint venture retains ownership of his or her property.

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In credit transactions, the settlement is at a future safe because the transfer of ownership takes place before payment to the supplier.

There will be an increase in motor vehicle account and a decrease in the bank account because the vehicle account is the receiver while the bank account is giving out.