JAMB Principles of Accounts 2000 past questions

On November 1, 1998, Zaria Holdings owed N 13,600 in respect of creditor. On November 15, it purchased goods worth N69,000 and paid a cheques of N51,600. On No- vember 29, one of the Holdings’ cheque’s worth N3,000 was returned while the creditor granted N1,500 discount. The amount owed by Zaria Holdings as at November 29 is

To write off bad debt, debit

In order to make the cash book balance equal to the bank statement, it is usual to add

Calculate the net profit.

What is the gross profit margin?

The main object of book keeping is to record economic.

Yahuza Enterprises Trial Balance (Extracts) as at Dec. 31, 1998. N N Capital 21,000 Premises 90,000 Debtors 35,000 Provisions 1/1/98 Depreciation 9,000 Bad and doubtful debts 1,500 If a premise is to be depreciated at 10% on cost and a 5% provision is to be allowed on debtors, the total as- set in the balance sheet is

The most convenient cash book used by a petty trader operating in an area where there is no banking facility is

Which of the following errors will affect the trial bal- ance totals?

An expense account is closed by a debit to

What is the cost of the opening raw materials?

The production cost of finished goods is

Amin Ltd. Creditors Ledger Control Account (Extracts) Beginning control account N Balances: Debit 32,000 Credit 61,000 Purchases during the year: Cash 30,000 Credit 60,000 Payment to suppliers: Cash 13,000 Cheque 29,000 Debtor’s contra 6,000 The closing control account balance is

Given: N Depreciation of plant and machinery 1,600 Factory rent Indirect wages General indirect expenses Lubricants 1,235 Carriage inwards Factory power Bank charges Carriage outwards 2,900 Determine the total factory overhead cost

Given N Cash book items: Paid to suppliers 10,800 Expenses paid 6,900 Drawings made Balances at start 15,750 Balances at end 3,870 Drawings from bank to shop 1,720 Determine the receipt from debtors

The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are

In a manufacturing company, the total cost of goods produced is equivalent to

Given: Sales Ledger Control Account (Extracts) N Balance b/f 10,600 Total cash payments by debtors 32,275 Total credit sales 59,193 Discount received 9,700 Balance c/f 20,751 Discount allowed 2,890 Determine the sales returns

The simplest form of single entry procedure consist of keeping a

When a customer’s cheque is returned unpaid in a debtor’s control accounting system, the treatment will be

The refund due to an application for 25,000 shares is

What will be the number of shares to be issued to a subscriber who applied for 30,000 shares?

Which of the following items does not feature in the balance sheet of a club?

An outright sale of partnership amounts to the

Given: N Opening Cash balance 20,000 Sale of match tickets 15,000 Clearing of pitch 1,200 Refreshments 3,500 Referees’ allownace 1,000 Cost of petrol for bus 1,120 Donation from local government 3,800 The club’s cash balance is

The companys’ yields is

What will be the price earnings ratio of the company?

The partnership Deed noramally specifies

The accumulated fund of a non-trading concern can equally be referred to as

Which of the following is an example of intangible as- set?

When a purchased business is revalued the effects is that.

An item of appropriation in partnership profit and loss account is.

The interest on Joy’s drawing is

Assuming that Rakiya was not credited with any in come during the period, what is her closing current ac count balance?

The most appropriate basis for apportioning inventory holding cost among departments is to use the value of

The body constitutionally charge with the accounts of the Federation and other Assembly in the [PAGE 23]

The channel through which all government borrowing and domestic lending transactions pass is called

Recurrent expenditure are expenses for the period not exceeding.

The conventional source of public revenue include

The company’s policy provides for 15% bad debt annually. Whcih of the following represents the total balance of debtors before adjustments?