JAMB Principles of Accounts 1999 past questions

Accrual concept stipulates that

The basic role of accounting is to;

Given N Stock (1/4/94) Purchases of flour 2,450 Sales 4,745 Wages of bakery staff Carriage outwards Salary of administrative staff Stock (31/3/95) Capital 1,540 Determine the cost of goods sold.

The need for changes in accounting theory in Nigeria was influenced by the

In a petty cash book the imprest is N1,380 Expenses: N Stationery Cleaning material General expenses How much was received to maintain the imprest at the end of the month?

Income statement for the year ended June 30, 2001 N N Office rent 20,000 Revenue 820,000 NEPA (light) 15,000 Salary of staff 120,000 Miscellaneous Expenses ? Net income ? Miscellaneous expenses is 10% of revenue. Calculate the net income

When a proprietor withdraw cash from the business for private use, he

An entry in a subsidiary book which does not form part of the double entry system is a

In an incomplete record, the preparation of the bank reconciliation ensured that

In a cash book, the opening balance was N7,600, closing balance N9,200 and the total cash received during the period was N18,000. What was the amount of cash paid out during the period?

If the total discount allowed in cash book was N230 and the total discount received was N255 and the total following is true concerning the two discounts?

Which of the following bank reconciliation items should not be added or subtracted from the bank statement balance to determine the adjusted cash balnce?

The fixed amount of money given to a petty cashier at the beginning of a period is called

Asa company bought a vehicle worth N20,000 and the vehicle is to be depreciated 5% using the reducing balance method of depreciation, what would be the value of the assets after 3 years?

What is the closing stock for the period?

Calculate the gross profit for the period

Chibuike bought 36 notebooks at N10 each from John and was given a trade discount of 5%. In addition, he as offered 1% cash discount which he took advantage of. How much did Chibuike pay?

Depreciation on a particular piece of machinery was N2,700 during the fifth year of its service life and N4,050 during the sixth year. The logical explanation for this is that.

The main features of the single entry system are that

The principal function of a sales ledger control account is to

The total for the purchases ledger control account is

What is the balance c/d in the purchases ledger conrol account?

Given: N Total cash received from debtors 30,000 Total purchases for the period 21,000 Amount owed by debtors at the beginning of the period 4,000 Equipment bought 2,500 Amount owed by debtors at the end of the period 3,000 Determine the value of sales for the period.

When the factory cost of production has been ascertained, manufactured goods are transferred to trading accounts by

Lawal and Co makes blocks and sells to builders. In computing prime cost, which of the following costs would be considered appropriate?

Manufacturing cost can be classified based on

The difference between the factory cost of production and prime cost production is

Receipts and payments account of a non-profit making organisation is principally a summary of the

Given: N Club debtors at start Cash sales 4,850 Club debtors at close Cash received from debtors 550 What is the amount club sales

Goodwill can be valued in partnership when,

As part of the initial investment, a partner contributes office equipment that originally cost N20,000 and on which provision for depreciation of N12,500 had been recorded. If the partners agree on a valuation of N9,000 for the equipment, what amount should be debited to the office equipment, what amount should be debited to the office equipment account?

When a partner makes a drawing of stock items from a partnership, the accounting impact of the drawing is to increase the partner’s

Appropriate Account Kudu Wale Interest on capital Salaries Share of profits 3,300 3,300 [PAGE 19] Determine the net profit of the partnership

Dele and Seun who are in partnership, have decided to convert their business into a limited liability company where both become directors. To convert the business

If a sole proprietorship is purchased for cash, then

The market price per ordinary share of a corporation listed on the stock exchange is most closely related to its

The quick ratio is

Determine the owner’s equity

If a promote pays a lawyer N5,000 for services rendered in preparing a Memorandum of Incorporation, the journal entry is to debit

Calls in advance are treated in the balance sheet as

Shares issued to a vendour in payment of business purchased would require a debit to

The best method of allocating expenses among departments is to

To record the transfer of stock fro one department to another, the correct entry would be to debit

The profit margin should be

What is the correct entry in the head office books at the point of initial transfer of the goods?

In a public corporation, the capital expenditure incurred in a financial period is

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

Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be

If a monthly insurance premium is remitted to a company by the state government, the initial deductions from employees are recorded in