2022 - JAMB Accounting Past Questions and Answers - page 2

In accounting, a sales ledger control account is used to track and summarize transactions related to accounts receivable. Debit and credit entries in this account depend on the nature of the transaction.

- Cheque receipts and Bills receivable are typically credit items as they represent inflows of cash or promises to pay in the future.
- Discount allowed is also a credit item, as it represents a reduction in the amount owed by a customer.

On the other hand, Dishonoured cheques are considered a debit item. When a customer's cheque is dishonoured, it means the payment is not accepted, resulting in a decrease in the amount owed by the customer. Therefore, it is a debit item in the sales ledger control account.

Hence, Dishonoured cheques is the correct answer.

The major point of agreement carried by the partnership deed is the profit and loss sharing ratio of the partners.

The partnership deed is a legal document that outlines the terms and conditions of the partnership, including how profits and losses will be shared among the partners. It specifies the percentage or ratio in which the partners will distribute the financial outcomes of the business. This helps in maintaining transparency and avoiding disputes among the partners regarding the distribution of profits and losses.

To find the cost of goods sold (COGS), we can use the formula:

\[ \text{COGS} = \text{Sales} - \text{Gross Profit} \]

Given that the gross profit margin is 20%, we can calculate the gross profit as 20% of the sales:

\[ \text{Gross Profit} = 0.20 \times \text{Sales} \]

\[ \text{Gross Profit} = 0.20 \times N10,600 \]

\[ \text{Gross Profit} = N2,120 \]

Now, we can find the cost of goods sold:

\[ \text{COGS} = \text{Sales} - \text{Gross Profit} \]

\[ \text{COGS} = N10,600 - N2,120 \]

\[ \text{COGS} = N8,480 \]

Therefore, the correct answer is N8,480.

In Jide's book, the record would be to debit purchases #12,000 and credit the sugar account #12,000.

In not-for-profit-making organizations, the excess of income over expenditure is 'added to the accumulated fund.' Therefore, the correct option is 'added to the accumulated fund.'

The fund in which all government receipts are paid is the consolidated revenue fund.

The asset value at the beginning of the third year can be calculated using the straight-line depreciation method. The formula for straight-line depreciation is:

\[ \text{Depreciation per year} = \frac{\text{Cost of Asset} - \text{Residual Value}}{\text{Estimated Life}} \]

In this case:
\[ \text{Depreciation per year} = \frac{N343m - N28m}{3 \text{ years}} \]

\[ \text{Depreciation per year} = \frac{N315m}{3 \text{ years}} = N105m \]

Now, to find the asset value at the beginning of the third year:
\[ \text{Asset value at the beginning of third year} = \text{Cost of Asset} - (\text{Depreciation per year} \times \text{Number of Years}) \]

\[ \text{Asset value at the beginning of third year} = N343m - (N105m \times 2) \]

\[ \text{Asset value at the beginning of third year} = N343m - N210m = N133m \]

Therefore, the correct answer is N133m.

The correct answer is **smart card**. Here's why: * **Smart card:** ATMs use smart cards (or cards with embedded chips) to store and transmit account information securely. The ATM reads the chip on the card to identify the account and process transactions. * **Magnetic strip:** While older ATMs used magnetic strips, smart cards are now the standard for their enhanced security features. Magnetic strips store account information but are less secure. * **Communication network:** The communication network is necessary for the ATM to communicate with the bank's central server to verify transactions, but it is not the medium to read the account details. * **Computerized account:** A computerized account is where the details are stored but not the medium that the ATM uses to read the account details.

Departmentalization of accounts is useful because it shows the 'overall performance of a division.' Therefore, the correct option is 'overall performance of a division.'

Net current assets are calculated by subtracting current liabilities from current assets. 

Current assets include cash in hand, cash in bank, stock, and debtors, which sum up to N50 + N1,250 + N4,880 + N1,750 = N7,930.

Current liabilities include creditors, which amount to N2,150.

So, Net Current Assets = Current Assets - Current Liabilities
                         = N7,930 - N2,150
                         = N5,780

However, the question mentions that drawings of N125 were made by shareholders. This amount needs to be deducted from the Net Current Assets.
 
Therefore, Net Current Assets after deducting drawings = N5,780 - N125 = N6,580.

Hence, N6,580 is the correct answer.