2011 - JAMB Accounting Past Questions & Answers - page 3

21
The control accounting can be used in?
A
recording all the business transactions of the enterprise
B
Keeping records of all direct deposit in the bank account
C
monitoring the books of original entry
D
monitoring the efficiency of bookkepping by accountants
CORRECT OPTION: d
22
Use the information below to answer questions 23 and 24.

Incomplete Record (Extract)

Sales......................................N10,600
Rent...........................N200
Depreciation of vehicle (cost N5000) 10%
Gross profit margin is 20%

What is the cost of goods sold?
A
N4 800
B
N8 480
C
N2 320
D
N 9 900
CORRECT OPTION: b
23
Calculate the net profit?
A
N1 620
B
N1 920
C
N1 420
D
2 120
CORRECT OPTION: c
24
The cost that are directly traceable to the the goods being produced is?
A
party manufactured goods
B
overhead cost
C
total factory expenses
D
prime cost
CORRECT OPTION: d
25
The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the?
A
prime cost
B
indirect cost
C
total cost
D
direct cost
CORRECT OPTION: b
26
Work-in-progress is the?
A
value of party finished goods
B
value of finished goods sold
C
sales less cost of goods sold
D
value of goods produced
CORRECT OPTION: a
27
The major festure of not-for-profit-making-organization is that they are formed?
A
to use accumulated fund to described the net amount owed to members
B
mainly to improve the welfare of her member
C
to engaged in trading activities to sponsor its activities
D
in order to compute the receipts and payment account
CORRECT OPTION: b
28
The subscription paid in advance is treated in the balance sheet of a club as?
A
a surplus
B
a liability
C
a deflicit
D
an asset
CORRECT OPTION: b
29
The capital of not-for-profit-making organization is referred to as?
A
entity fund
B
capital owned
C
accumulated fund
D
capital employed
CORRECT OPTION: c
30
The major objective of departmental accounts is to ascertain the?
A
contribution of each department to profit
B
materials sold in each department
C
insurance premium payable on employees
D
number of employees in each department
CORRECT OPTION: a
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