📒 2002

JAMB Principles of Accounts 2002 past questions

38 questions from the 2002 JAMB UTME Principles of Accounts paper. Free, with answers where available.

Practice with CBT mock → All Principles of Accounts years
Principles of Accounts JAMB 2002 Q7 ✓ Answer: A
I. Fixtures account II. Machinery account III. Wages account IV. Rent account. Which of the above are nominal account?
A
III and IV
B
I and II
C
I and III
D
II and III
Principles of Accounts JAMB 2002 Q8 ✓ Answer: B
NAFARA & SONS Balance Sheet items as at 31st De- cember, 9187 N Capital 74,480 Creditors 15,875 Prepaid expenses Motor vehicles 34,750 Furniture 35,850 Accrued expenses Stock 8,100 Cash balances 9,911 Debtors 1,809 Compute the value of current assets.
A
N20,400
B
20,465
C
35,695
D
N19,820 Use the information below to answer questions 9 and The Assets and Liabilities of Udo Co. Ltd, as at 31st December, 2000. N Capital 50,000 Debtors 46,000 Loan 100,000 Stock 20,000 Motor vehicle 120,000 Building 70,000 Accrued wages 30,000 Bank 30,000
Principles of Accounts JAMB 2002 Q9 ✓ Answer: D
The value of capital invested by own owners is
A
N110,000
B
N105,000
C
N101,000
D
N100,000
Principles of Accounts JAMB 2002 Q10 ✓ Answer: B
The liabilities of Udo Co. Ltd is
A
N180,000
B
N181,000
C
N177,000
D
N110,000
Principles of Accounts JAMB 2002 Q11 ✓ Answer: C
The normal accounting entry to record the dishonour of a cheque by a businessman is to
A
Debit cash book and credit suspense account.
B
Debit cash book and credit drawer
C
Credit cash book and debit suspense account
D
Credit cash book and debit drawer. [PAGE 28] Use the information below to answer questions 12 and Statement of Assets and Liabilities as at 31st Decem- ber, 2001. N(m) Shareholder’s interest Current liabilities Current assets Fixed assets
Principles of Accounts JAMB 2002 Q12 ✓ Answer: D
What is the net working capital?
A
N90m
B
N70m
C
N100m
D
N80m
Principles of Accounts JAMB 2002 Q13 ✓ Answer: A
Determine the value of the trade investment.
A
N8m
B
N10m
C
N15m
D
N20m
Principles of Accounts JAMB 2002 Q15 ✓ Answer: A
If the total expenses is N20,845, what will be the net profit for the company during the month?
A
N19,149
B
N16,168
C
N21,655
D
N18,405
Principles of Accounts JAMB 2002 Q16 ✓ Answer: C
The closing stock for this company is
A
N72,000
B
N45,000
C
N42,500
D
N31,250
Principles of Accounts JAMB 2002 Q17 ✓ Answer: C
In a departmental accounting system, which of the fol- lowing expenses will most likely be apportioned on the basis of turnover?
A
Carriage outwards
B
Carriages inwards
C
Discounts received
D
Returns outwards. Use the information below to answer questions 18 and 19. N Stock of raw materials (1st January) 3,000 Direct wages 2,500 Direct expenses 1,000 Factory overheads 2,000 Cost of raw materials used 5,500 Stock of finished goods (31st December) 2,000
Principles of Accounts JAMB 2002 Q18 ✓ Answer: B
Determine the prime cost
A
N7,500
B
N6,500
C
N9,000
D
N8,000
Principles of Accounts JAMB 2002 Q19 ✓ Answer: C
The cost of goods manufactured is
A
N11,000
B
N12,000
C
N14,000
D
N9,000
Principles of Accounts JAMB 2002 Q20 ✓ Answer: D
I. Orientation II. Entity III. Legal status IV. Finance Which of the characteristics above distinguishes a profit-making from a not-for-profit-making organization?
A
I, II, III and IV
B
I, II and III
C
II and III
D
I and II Use the information below to answer question 21 and 22. Adex Ltd. Issues stock to its retail branch at cost price. The following particulars relate to Ede branch N Stock at branch 1st January at cost Goods sent to branch at cost 8,000 Returns to head office Cash sales 9,160 Stock at branch 31st December at cost 720
Principles of Accounts JAMB 2002 Q21 ✓ Answer: B
What is the gross profit carried to the profit and loss account?
A
N1,820
B
N1,640
C
N1,530
D
N1,870
Principles of Accounts JAMB 2002 Q22 ✓ Answer: C
Calculate the cost of goods credited to the head office trading account.
A
N7,660
B
N7,500
C
N7,460
D
N7,200
Principles of Accounts JAMB 2002 Q24 ✓ Answer: D
What is the closing cash balance?
A
N11,500
B
N12,000
C
N13,000
D
N13,500 [PAGE 29]
Principles of Accounts JAMB 2002 Q25 ✓ Answer: B
Compute the subscriptions received
A
N30,000
B
N28,000
C
N24,000
D
N20,000 Use the information below to answer questions 26 and 27 Total Dept. P Dept. Q N N N Sales 10,000 6,000 4,000 Purchases 4,000 1,000 3,000 Discount received 1,000 ? Discounts allowed 2,000 ? Discount (allowed and received) are apportioned to the two de- partments on the basis of departmental sales and purchases.
Principles of Accounts JAMB 2002 Q26 ✓ Answer: A
Department P’s share of discount received is
A
N750
B
N1,000
C
N250
D
N500.
Principles of Accounts JAMB 2002 Q28 ✓ Answer: A
What is the amount to be written off as other expenses?
A
N4,500
B
N6,000
C
N4,000
D
N5,000.
Principles of Accounts JAMB 2002 Q29 ✓ Answer: B
Determine the club’s excess of income over expenditure
A
N12,000
B
N15,000
C
N10,000
D
N14,500
Principles of Accounts JAMB 2002 Q30 ✓ Answer: D
The gross profit on manufactured goods is the differ- ence between the cost of goods manufactured and the
A
Market value of goods produced
B
Prime cost of production
C
Indirect cost of production
D
Goods produced.
Principles of Accounts JAMB 2002 Q31 ✓ Answer: C
given that 1/3 of the N6,000 stock held by a branch is purchased from outsider. If goods are invoiced to branch at 25% on cost, the provision for unrealized profit is
A
N1000.00
B
N333.33
C
N666.66
D
N800.00
Principles of Accounts JAMB 2002 Q32 ✓ Answer: A
A.S.D. Club Balance Sheet [Extract] N N Accumulated fund 6,000 Motor van 4,000 Add surplus income 1,000 Stock 3,500 7,000 Debtors for subscriptions 1,000 Creditors for supplies 1,000 Bank 1,500 Subscription in advance 2,000 10,000 35,000 The working capital of the club is
A
N5,000
B
N4,000
C
N3,000
D
N7,000
Principles of Accounts JAMB 2002 Q33 ✓ Answer: C
Costs that vary in proportion to the level of production in a manufacturing environment are known as
A
Control costs
B
Overheads
C
Direct costs
D
Indirect costs.
Principles of Accounts JAMB 2002 Q35 ✓ Answer: A
Given: N Cash purchases 25,000 Trade creditors 45,000 Opening balance of trade creditors 35,000 Calculate the purchases for the period
A
N80,000
B
N35,000
C
N105,000
D
N70,000
Principles of Accounts JAMB 2002 Q36 ✓ Answer: D
Which method of pricing can be used satisfactorily in either a rising or falling price situation?
A
Standard price
B
Market price
C
FIFO
D
Average method.
Principles of Accounts JAMB 2002 Q37 ✓ Answer: C
Given N Capital at start 3,250 Capital at close 6,250 Additional capital during the period 1,000 Calculate the profit or loss
A
N8,500 loss
B
N2,000 loss
C
N2,000 profit
D
N8,500 profit.
Principles of Accounts JAMB 2002 Q38 ✓ Answer: C
In a control account, discount received is found on the
A
Debit side of the purchases ledger control account
B
Debit side of the sales ledger contol account
C
Credit side of the purchases ledger control account
D
Credit side of the sales ledger control account.
Principles of Accounts JAMB 2002 Q39 ✓ Answer: D
In an incomplete record system, a trading account can- not be prepaid until the
A
Day book has been balanced
B
Amount of personal drawings has been estab- lished
C
Cash book has been balanced
D
Amount of sales and purchases has been estab- lished. Use the information below to answer questions 40 and 41. Date Qty Rate Total (units) (N) (N) January 2nd 500 12,500 March 7th 7,000 Issue were made a follow: Date Qty (units) January 9th February 14th [PAGE 30] March 11th
Principles of Accounts JAMB 2002 Q40 ✓ Answer: D
The closing stock on March 11th by LIFO valuation is
A
N4,200
B
N2,700
C
N4,500
D
N3,900
Principles of Accounts JAMB 2002 Q41 ✓ Answer: A
The value of closing stock as at February 14th by simple average method is
A
N3,900
B
N2,500
C
N4,100
D
N2,700.
Principles of Accounts JAMB 2002 Q42 ✓ Answer: A
Given an incomplete record without sufficient informa- tion to determine profit, the necessary thing to do it to
A
Draw up the statement of affairs.
B
Draw up a T-account to establish the amount.
C
Compare the journal entries with the cash book .
D
Cross-check the cash book for further information. 4.3 Control accounts help to verify the arithmetic accuracy of the postings from the
Principles of Accounts JAMB 2002 Q44 ✓ Answer: D
Keeping records under the single entry system has the advantage of
A
Duality in terms of records
B
Completeness in terms of records
C
Accuracy in terms of operation
D
Simplicity in terms of operation
Principles of Accounts JAMB 2002 Q45 ✓ Answer: C
Given: N Sales 195,200 Stock 1st January 34,000 Purchases 126,000 Sales returns 1,200 Purchases returns 2,000 If the gross profit is N66,000, what is the value of stock at 31st December?
A
N30,000
B
N40,000
C
N50,000
D
N20,000
Principles of Accounts JAMB 2002 Q47 ✓ Answer: B
Abba’s capital balance at the end of the year will be
A
N5,475
B
N5,725
C
N4,400
D
N5,000.
Principles of Accounts JAMB 2002 Q48 ✓ Answer: D
Current account balance of Kaka at the end of the year will be
A
N250 B . N350
C
N175
D
N325.
Principles of Accounts JAMB 2002 Q49 ✓ Answer: D
Upon the dissolution of a partnership, the Partnership Act provides that the amount realized should be
A
Used to pay all taxes due to government
B
Used to start a new partnership business by mem- bers who are willing
C
Shared equally by the existing partners
D
Used in paying the debts and liabilities of the firm to persons who are not partners.
Principles of Accounts JAMB 2002 Q50 ✓ Answer: C
In the public sector, the method of accounting that re- ports revenues and expenditures in the period in which they are received and paid is called
A
Fund accounting
B
Commitment accounting
C
Cash accounting
D
Accrual accounting [PAGE 31] Principles of Accounts 2003