Principle of Accounts 2018 Past Questions | JAMB
Study the following Principle of Accounts past questions and answers for JAMB, WAEC NECO and ICAN. Get prepared with official past questions and answers for upcoming examinations.
41. Departmentalization of accounts is useful because it shows the____________
- A. Over all performance of a division
- B. Cost per unit of a profit
- C. Price per unit of a product
- D. Over all performance of a firm
42. Why should a new partner contribute towards goodwill on his admission?
- A. It is a norm
- B. to ensure new partner also have a stake in the business
- C. the firm into which he is entering already has some goodwill in the market
- D. to purchase the business
43. The rent expense for Trendy store is ₦3500. Trendy store has three departments; jewelry, hair dressing, and clothing. The floor spaces occupied by the departments are 3:2:5 respectively. What is the rent allocated to clothing department?
- A. ₦700
- B. ₦1050
- C. ₦1750
- D. ₦3500
44. Cost of rent as an expense can be apportioned to all department on the basis of:
- A. No of employees
- B. stock value
- C. space occupied
- D. wages
45. Use the information to answer the questions
Rakiya and joy are in a partnership and agreed that 5% interest per annum is to be charged on drawings. The drawing made by both partners in one year were:
Rakiya, #200 on March 31 and #300 on September 30.
Joy, #100 on April 1 and #240 on July 1.
The interest on Joy’s drawing is___________
- A. #511.25 debit
- B. #500.00 credit
- C. #349.75 debit
- D. #340.00 credit
46. Which of the following is a conversion cost?
- A. Factory overhead
- B. purchases
- C. material cost
- D. wages
7. Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January , 2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. what is the closing balance in Tea’s current account
- A. 36,925Cr
- B. 40,000Cr
- C. 50,000Dr
- D. 36,295Dr
48. To account for expenses paid by head office on behalf of the branch, the branch should___________
- A. Debit profit and loss account and credit head office account
- B. Debit head office account and credit cash
- C. Credit cash and debit profit and loss account
- D. Credit profit and loss account and debit head office account
49. Use the information below to answer the question.
Calculate the balance in the bank statement.
Balance as per cashbook
Balance as per bank statement
- A. ₦10,740
- B. ₦11,860
- C. ₦16,380
- D. ₦17,500
Which of the following is not an inventory costing method?
- A. FIFO
- B. LIFO
- C. Average cost method
- D. LILA