📒 2004

JAMB Principles of Accounts 2004 past questions

36 questions from the 2004 JAMB UTME Principles of Accounts paper. Free, with answers where available.

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Principles of Accounts JAMB 2004 Q11 ✓ Answer: B
Zakari started business in January 2000. He bought a shop costing N54,000 and stock worth N7,600. profit for the year amounted to N22,100. His closing capital was N73,800 Zakari’s personal drawings amounted to
A
N2,300,
B
N9,900,
C
N17,100, D.N19,500
Principles of Accounts JAMB 2004 Q12 ✓ Answer: B
The balance on the provision for depreciation account is
A
added to fixed assets on the balance sheet
B
deducted from fixed assets on the balance sheet
C
deducted from the profit and loss account
D
added to the current liabilities of the account
Principles of Accounts JAMB 2004 Q13 ✓ Answer: B
Given: Rates paid during the year amount to N2,250 at N125 per month and N1,035 was paid for electricity in the same period an N115 per month Determine the amount of prepaid rates
A
N345,
B
N750,
C
N1,380 D.N1,500 Use the information below to answer questions 14 and 15 Date Receipt Issued (Units May 2 80 @ N3.00 - May 10 50 @ N3.20 - May 17 - May 25 - May 31 20 @ N2.90 -
Principles of Accounts JAMB 2004 Q14 ✓ Answer: D
What is the value of raw materials issued on May 17th based ion the LIFO method?
A
N60,
B
N61,
C
N62,
D
N64
Principles of Accounts JAMB 2004 Q16 ✓ Answer: B
Where closing stock is undervalued, the effect is
A
an increase in gross profit,
B
a decrease in gross profit,
C
an increase in purchases,
D
a decrease in purchases Use the information below to answer questions 17 and 18 N Opening balance 10,640 Purchases 26,912 Returns inwards Returns outwards Cash discount received 1,348 Cash discount allowed 1,560 Cash paid to suppliers 20,808 At the year-end, the purchases ledger showed a debitbalance of N108. [PAGE 36]
Principles of Accounts JAMB 2004 Q17 ✓ Answer: A
The total on the debit side of the purchase ledger con- trol account will be:
A
N22,966
B
N22,15
C
N21,834,
D
N21,054
Principles of Accounts JAMB 2004 Q18 ✓ Answer: B
The balancing figure in the purchases ledger control account is
A
N15,828
B
N15,720
C
N14,940
D
N14,694
Principles of Accounts JAMB 2004 Q19 ✓ Answer: C
In a sales ledger, contra entry is found on the
A
debit side of the debtors’ control account
B
debit side of the creditors’ control account
C
credit side of the debtors’ control account
D
credit side of the creditors’ control account
Principles of Accounts JAMB 2004 Q20 ✓ Answer: C
The beginning and ending accounts receivable balances were N20,000 and N30,000 respectively. The collection from customers during the period was N70,000. What was the total sale on account?
A
N20,000
B
N60,000
C
N80,000
D
N120,000
Principles of Accounts JAMB 2004 Q21 ✓ Answer: C
Given : General expenses account N Paid by cheque Paid by cash Acrued b/f Acrued c/f Determine how much to be charged profit and loss ac- count
A
N606,
B
N786,
C
N791, D.N856
Principles of Accounts JAMB 2004 Q22 ✓ Answer: D
In converting single entry to final account, the balanc- ing figures on the income and expenses accounts are transferred to the
A
revenue and expenditure account
B
receipts and payments account
C
profit and loss appropriation account
D
profit and loss account Use the information below to answer questions 23 and 24 N Beginning inventory ? Purchases ? Ending inventory 4,800 Sales 12,800 Wages 1,040 Gross profit 5,900 The beginning inventory was estimated at 80% of sales.
Principles of Accounts JAMB 2004 Q23 ✓ Answer: C
Determine the amount for the beginning inventory
A
N20,140
B
N10,240
C
N8,140
D
N7,240
Principles of Accounts JAMB 2004 Q24 ✓ Answer: D
What is the figure for purchases?
A
N2,400,
B
N2,500,
C
N4,200, D.N5,200
Principles of Accounts JAMB 2004 Q25 ✓ Answer: C
Cost classification in relation to charges is determine by the level of
A
raw materials
B
labour
C
activity
D
profitability Use the information below to answer questions 26 and 27 N Materials consumed 16,600 Direct cost 5,400 Factory rent 2,300 Factory lighting 1,200 Cost of production to be transferred at cost plus 20% mark-up
Principles of Accounts JAMB 2004 Q26 ✓ Answer: A
The gross profit on manufacture is
A
N6,120
B
N6, 100
C
N5,100
D
N5,000
Principles of Accounts JAMB 2004 Q27 ✓ Answer: C
The market value of goods produced is
A
N30,500
B
N30,600
C
N31,600
D
N31,620 Use the information below to answer questions 28 and 29 On January 1, 2000, a club’s assets and liabilities were as follows: N Club house Subscription in arrears Cash Wages owed The club has 50 members and annual subscription is N100 per member. Subscription received is N4,000 and this includes 1999 arrears of N200
Principles of Accounts JAMB 2004 Q28 ✓ Answer: B
The accumulated fund is
A
N9,400
B
N9,300
C
N9,200
D
N9,100
Principles of Accounts JAMB 2004 Q29 ✓ Answer: C
In the balance sheet, the subscription in arrears will be
A
N200
B
N300
C
N1,200
D
N1,300
Principles of Accounts JAMB 2004 Q31 ✓ Answer: B
In the balance sheet of a not-for profit making organization, subscription paid in advance is regarded as a
A
current asset
B
current liability
C
capital
D
reserve [PAGE 37]
Principles of Accounts JAMB 2004 Q33 ✓ Answer: B
What is the net profit by department S?
A
N3,600
B
N3,000
C
N2,400
D
N2,000
Principles of Accounts JAMB 2004 Q34 ✓ Answer: C
The depreciation to be charged to department T is
A
N300
B
N400
C
N500
D
N600
Principles of Accounts JAMB 2004 Q35 ✓ Answer: B
How are credit sales by a department treated?
A
the same was as normal debtors’ transactions
B
in a different way from normal debtors’ transac- tions
C
as an addition to the sales manager’s account
D
as an addition to the production manager’s account
Principles of Accounts JAMB 2004 Q36 ✓ Answer: D
Discounts granted to branch customers are treated as a debit to branch
A
stock account and a credit to branch debtors’ ac- count
B
discount account and a credit to branch bank ac- count
C
stock account and a credit to branch bank account
D
discount account and a credit to branch debtors’ account
Principles of Accounts JAMB 2004 Q37 ✓ Answer: C
Transfers from the head office to branches are best carried out at
A
cost price
B
selling price
C
cost plus mark-up
D
market price
Principles of Accounts JAMB 2004 Q39 ✓ Answer: A
The balance of profit and loss account will be
A
N4,000
B
N2,800
C
N1,500
D
N300
Principles of Accounts JAMB 2004 Q40 ✓ Answer: C
What is Kunle’s share of the profit?
A
N600,
B
N300,
C
N180,
D
N120
Principles of Accounts JAMB 2004 Q41 ✓ Answer: D
When a new partner is admitted to a partnership there is a need to revolved the
A
capital of the business
B
capital and liabilities of the business
C
assets and capital of the business
D
assets and liabilities of the business
Principles of Accounts JAMB 2004 Q42 ✓ Answer: B
The accounting entry to record the premium on good- will is to debit
A
cash and credit old partners’ capita,
B
goodwill and credit revaluation
C
assets and credit capital
D
capital and credit assets
Principles of Accounts JAMB 2004 Q43 ✓ Answer: B
The expenses incurred in promoting a company are:
A
promoters’ expenses,
B
floating expenses
C
the board’s expenses
Principles of Accounts JAMB 2004 Q44 ✓ Answer: C
Debentures can be redeemed out of
A
existing share capital reserve
B
existing general reserve
C
proceeds from new issue of shares
D
withholding tax Use the information below to answer questions 45 and 46 Given: Share capital Issued N 600,000 10% preference shares of N0.50 each - 600,000 ordinary shares of N1 each 500,000 Capital reserves 250,000 Revenue reserves 207,000 Long-term liabilities 400,000 1,357,000
Principles of Accounts JAMB 2004 Q45 ✓ Answer: D
What is the value of the authorized share capital?
A
N500,000
B
N600,000
C
N750,000
D
N1,200,000
Principles of Accounts JAMB 2004 Q46 ✓ Answer: B
The value of the owner’s equity is
A
N400,000
B
N900,000
D
N1,357,000
Principles of Accounts JAMB 2004 Q47 ✓ Answer: B
Share premium is an example of
A
revenue reserves
B
capital reserves
C
general reserves
D
loan capital
Principles of Accounts JAMB 2004 Q48 ✓ Answer: B
According to the provisions of the 1999 constitution, all revenue generated by the Federal Government must be paid into the
A
Consolidated revenue fund, [PAGE 38]
B
Federation account
C
revenue mobilization allocation and fiscal commission’s account,
D
equalization fund
Principles of Accounts JAMB 2004 Q49 ✓ Answer: D
The budget statement presented to the legislature by the Chief Executive is called
A
an appropriation act,
B
a budget bill
C
an appropriation bill
D
a budget proposal
Principles of Accounts JAMB 2004 Q50 ✓ Answer: C
The statement of assets and liabilities in the public sector can be described as the
A
income and expenditure account of government
B
appropriation account of government
C
balance sheet of government
D
funds flow statement of government