2021 - JAMB Accounting Past Questions & Answers - page 1

1

Sales ledger control account contains the total amount in respect of

A
investors
B
creditors
C
shareholders
D
debtors
CORRECT OPTION: d
2

Which of the following stock valuation method is suitable under inflationary conditions?

A
LIFO
B
simple average
C
FIFO
D
weighted average
CORRECT OPTION: c
3

The ordinary shareholders enjoy the following right except the right to

A
receive dividends at a predetermined rate
B
vote at annual general meetings
C
elect the board of directors
D
participate in additional issues of shares
CORRECT OPTION: a
4

Capital and revenue expenditures of government are usually accounted for under funds which include

A
technical, special trust and commercial funds
B
personal advances, technical and public funds
C
personal advances, treasury clearance and special trust funds
D
commercial loans and treasury clearance funds
CORRECT OPTION: b
5

Given:


Depreciation of plant and machinery
Factory rent
Indirect wages
General indirect expenses
Lubricants
Carriage inwards
Factory power
Bank charges
Carriage outwards
 
   ₦
1,600                                         
   650
   695
   726
1,235
   829
   350
   612
2,900
 

Determine the total factory overhead cost

A
₦4,485
B
₦6,085
C
₦6,556
D
₦5,256
CORRECT OPTION: d
6

The excess of income over expenditure is usually transferred to the

A
current assets in the balance sheet
B
profit and loss account
C
accumulated fund
D
current liabilities in the balance sheet
CORRECT OPTION: c
7

In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover

A
carriage inwards
B
carriage outwards
C
discount received
D
returns outwards
CORRECT OPTION: b
8

Given:
                                                                  ₦
Total debtors b/d 31/12/99                    25,000
Cheques received from debtors         255,000
Total debtors c/d 31/12/00                    15,000

Calculate the sales figure

A
₦245,000
B
₦215,000
C
₦295,000
D
₦265,000
CORRECT OPTION: a
9

Use the information below to answer the question



Gross profit b/d
Less: Salaries and wages
          Electricity
          Depreciation
          Net profit c/d
 

Dept A
   ₦
6,000
1,800
   ?
  600
?
6,000

Dept B
   ₦
4,000
1,200
   ?
   ?
1,600
4,000

Total
    ₦
10,000 
  3,000
  2,000
  1,000
  4,000
10,000

It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.

What is the net profit made by department A?

A
₦2000
B
₦3600
C
₦3000
D
₦2400
CORRECT OPTION: d
10

Use the information below to answer the question



Gross profit b/d
Less: Salaries and wages
          Electricity
          Depreciation
          Net profit c/d
 

Dept A
   ₦
6,000
1,800
   ?
  600
?
6,000

Dept B
   ₦
4,000
1,200
   ?
   ?
1,600
4,000

Total
    ₦
10,000 
  3,000
  2,000
  1,000
  4,000
10,000

It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.

The depreciation to be charged to department B is

A
₦500
B
₦300
C
₦400
D
₦600
CORRECT OPTION: c
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