JAMB Accounts 2019

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JAMB Accounts 2019

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1 / 72

Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?

2 / 72

In the absence of partnership agreement, a loan by a partner attracts interest at

3 / 72

The two recognised accounting bases are

4 / 72

The objective of departmentalization is to

5 / 72

Transactions are recorded or posted to the ledger in line with

6 / 72

In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be

7 / 72

A statement in a double entry system in which are recorded all the transactions of one specific class, which takes place during the period is called

8 / 72

Use the information to answer this question

Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830

What is the creditors amount in the balance sheet?

9 / 72

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The following information were extracted from the books of Miliki state

Sinking of bore holes
Purchase of Motor car
Stationery
Electricity
Purchase of drugs
Purchase of beds

2,900,000
920,000
300,000
45,000
76,000
425,000

Recurrent expenditure is

10 / 72

Which of the following is not charged to manufacturing account?

11 / 72

The importance of bank statement is all except

12 / 72

A machine cost ₦12,500 it will be kept for 4 years and then sold at a scrap value of ₦5,120. Using the diminishing balance method, what is the amount of depreciation for second year?

13 / 72

Use the following Information to answer this question.

Stock of finished goods: Jan 1st
Dec 31st
Stock of Raw materials: Jan 1st
Dec 31st
Purchase of Raw Materials
Manufacturing Wages
Depreciation: Factory equipment
Direct expenses
Factory Fuel
Carriage inwards on Raw Materials

50,640
71,380
32,160
29,640
145,000
52,000
16,500
12,500
7,000
7,000

14 / 72

Use the following Information to answer this question.

Stock of finished goods: Jan 1st
Dec 31st
Stock of Raw materials: Jan 1st
Dec 31st
Purchase of Raw Materials
Manufacturing Wages
Depreciation: Factory equipment
Direct expenses
Factory Fuel
Carriage inwards on Raw Materials

50,640
71,380
32,160
29,640
145,000
52,000
16,500
12,500
7,000
7,000

Cost of raw materials consumed is

15 / 72

Majority of commercial transactions are termed credit transactions, which means

16 / 72

A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as

17 / 72

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The following information were extracted from the books of Miliki state

Sinking of bore holes
Purchase of Motor car
Stationery
Electricity
Purchase of drugs
Purchase of beds

2,900,000
920,000
300,000
45,000
76,000
425,000

Capital expenditure is

18 / 72

In a non-profit making organisation, the excess of Assets over liabilities equals

19 / 72

Use the following information to answer this question
The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8

Sales
less: cost of goods sold
233,000
170,000
63,000
less: Overhead Expenses
Admin expenses
Selling expenses
Other overhead expenses
16,800
15,000
6,200
Net profit 25,000

Calculate the net profit on percentage of expenses.

20 / 72

The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is

21 / 72

Accounting standards are issued at the International level by the

22 / 72

A company goods sent to branch at invoiced price is ₦30,870 at cost plus 25%. The mark-up is

23 / 72

Given:

Fixed assets
Liabilities
Current assets

55,000
20,000
13,000

What is the capital?

24 / 72

Use the information to answer this question
Receipts and Payment Account (Extract)
 N
Bal b/f                   3650       Insurance   900
subscription   (99) 7500       Rate          11,700
(2000) 1000      Bal c/d        8,050
Fees                      8500

20,650                       20,650

The following information were given:

Rates owing
Insurance prepaid
Subscription in arrears
1/199
3,600
50
700
31/12/99
2000
1000
600

The figure ₦1000 represent what in the balance sheet.

25 / 72

One of the objectives of maintaining the account of a branch at the head office is to

26 / 72

Use the following information to answer this question
The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8

Sales
less: cost of goods sold
233,000
170,000
63,000
less: Overhead Expenses
Admin expenses
Selling expenses
Other overhead expenses
16,800
15,000
6,200
Net profit 25,000

What is the Gross Profit on percentage of sale?

27 / 72

Where there is no agreement made by the partners, the following provisions takes place except

28 / 72

The rate of interest on capital for Ade is

29 / 72

Use the information below to answer this question.
Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively.
Extract from their books for the year ended are

Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950

Sam's share of profit is

30 / 72

Every economic unit, regardless of its legal form of existence, that is treated as a separate entity from parties having economic interest is

31 / 72

Given:
Ordinary share dividend ₦100,000, General reserve ₦4,100, Net profit b/d ₦27,370, corporation tax ₦2,500, Profit and loss ₦28,200, Interim ordinary dividend ₦4,050, Goodwill 20,50 provide for preference Dividend ₦2100 and Final ordinary Dividend of 5% and also write off Goodwill at ₦1500.
The retained profit in the Appropriation account is

32 / 72

Use the following to answer this question

Opening stock
Purchases
Sales
Closing Stocks

20,000
70,000
100,000
15,000

What was the gross profit?

33 / 72

An ordinary share of ₦100 was issued at ₦80. The share was issued at

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Retained profits is an example of

35 / 72

One of the limitations of accounting is that

36 / 72

A sent B a cheque for ₦2000 to provide him with friends. They agreed to share profits in ratio 3 : 2 and settlement is by cheque.

Sales
Advert
Wages
Purchases

A

3200
327
85
1600
B

2100
463
70
1100

The profit and loss in joint venture with B account in the ledger of A.

37 / 72

Goods can be charged to branches using any of these pricing methods except

38 / 72

Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be

39 / 72

Which of these will not appear in the preparation of control account.
I. Bad debts
II. Discounts
III. Returns
IV. Provision for bad debts

40 / 72

In the preparation of account, the owners of the business and the business concerned are treated as:

41 / 72

Use the following to answer this question.
Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000.

The company's paid-up capital is

42 / 72

Use the question to answer this question:

Opening stock
Department
A
B
100
800
Purchases:
A
B
Wages of workers
Salaries
1500
2000
50
100
Sales
A
B
3000
5000

Expenses are to be shared in the ratio of sales.

The net profit for departmental A is

43 / 72

Use the following information to answer this question

Year
1991
1992
1993
1994
14,000
24,000
10,000
16,000

It has been decided to value goodwill at 2 years purchase of average profit for the past 4 years. The value of goodwill is

44 / 72

Use the information to answer this question
Receipts and Payment Account (Extract)
 N
Bal b/f                   3650       Insurance   900
subscription   (99) 7500       Rate          11,700
(2000) 1000      Bal c/d        8,050
Fees                      8500

20,650                       20,650

The following information were given:

Rates owing
Insurance prepaid
Subscription in arrears
1/199
3,600
50
700
31/12/99
2000
1000
600

Calculate the subscriptions in the Income and expenditure account

45 / 72

The difference between double entry and single entry is

46 / 72

The rules of double entry states that

47 / 72

Use the information to answer this question
Receipts and Payment Account (Extract)
 N
Bal b/f                   3650       Insurance   900
subscription   (99) 7500       Rate          11,700
(2000) 1000      Bal c/d        8,050
Fees                      8500

20,650                       20,650

The following information were given:

Rates owing
Insurance prepaid
Subscription in arrears
1/199
3,600
50
700
31/12/99
2000
1000
600

What is the opening cash balance

48 / 72

The manufacturing account is prepared to ascertain

49 / 72

Which of the following cannot depreciate?

50 / 72

Given:

Equipment
Motor Vehicle
Loan
Creditors
Sub in advance
Sub in arrears

10,000
15,000
4,500
3,000
150
3500

What is the accumulated fund?

51 / 72

Shares that are offered to existing shareholders at a price is called

52 / 72

The advantage of double entry is that

53 / 72

Show how the following transaction will be recorded applying the double entry principle:
Rent ₦50,000 was paid by Mr. Roi to his landlord on 1st July, 20 × 7 by cheque.

54 / 72

From the following, determine the value of closing stock using:
Feb 1 purchased 200 units at ₦2.00 each
Feb 3 purchased 100 units at ₦1.00 each
Feb 4 issued 120 units at ₦5.00 each
Feb 5 purchased 50 units at ₦3.00 each
Feb 6 issued 100 units at ₦4.00 each

55 / 72

If only wages is shown on the trial balance, it should be charged to the

56 / 72

Given:

Additional capital
Capital
Closing capital
Net profit

4000
8000
12000
1500

The drawings for the period stand at

57 / 72

The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight line method, what is the amount of depreciation charged per annum?

58 / 72

An officer that is charged with the responsibility of carrying out investigations on the book of accounts to show the true and fair view is

59 / 72

The instrument isued by the Minister who authorized an officer to incure expenditure is a/an

60 / 72

Use the information to answer this question

Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830

What us the amount of purchase

61 / 72

Use the following to answer this question.
Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000.

The Unissued capital of the company is

62 / 72

Abelawo ltd operates a retail branch at Aba. All purchases are made by the head office in Onitsha and goods are charged to the branch at cost plus 50%. During the year ended. Goods sent to branch at invoiced price is ₦30,870, cash sales ₦13,020 and Bad debt amounted to 129. From the following, what is the profit?

63 / 72

The similarities between Receipts and payments and income and expenditure account is

64 / 72

Use the question to answer this question:

Opening stock
Department
A
B
100
800
Purchases:
A
B
Wages of workers
Salaries
1500
2000
50
100
Sales
A
B
3000
5000

Expenses are to be shared in the ratio of sales.

The cost of goods for department B is

65 / 72

Use the information below to answer this question.
Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively.
Extract from their books for the year ended are

Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950

Ojo's share of profit is

66 / 72

A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is

67 / 72

Accounts can be classified into

68 / 72

One of these is not a similarity between Joint Venture and Partnership.

69 / 72

Goods were purchased for resale on credit costing ₦150,000 on 30th September 20X8 from Tosanwumi International. The entry to record these transaction is debit

70 / 72

Mr Ojo gives you the following information on 31st July 2017
Opening Stock         7,000
Closing Stock         12,000
Purchases         60,000
Expenses         4,500
Uniform margin of 33 13 %
You are required to calculate the sales

71 / 72

A proprietor withdraws cash from the business for private use, he

72 / 72

Discount received is apportioned to each department on the basis of

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