Principle of Accounts 2019 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.
21.
Which of these will not appear in the preparation of control account.
I. Bad debts
II. Discounts
III. Returns
IV. Provision for bad debts
- A. I only
- B. II and III
- C. I and III only
- D. IV only
22. 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
- A. ₦53,000
- B. ₦150,000
- C. ₦152,120
- D. ₦148,120
23. 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 |
- A. 220,480
- B. 213,480
- C. 200,480
- D. 190,000
24. A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as
- A. Estimate
- B. Depreciation
- C. Asset
- D. Useful Life
25. 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?
- A. 6000
- B. 1000
- C. 1500
- D. 2500
26.
Use the question to answer this question
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
- A. ₦345,000
- B. ₦3,245,000
- C. ₦421,000
- D. ₦4,245,000
27. Capital expenditure is
- A. ₦345,000
- B. ₦3,245,000
- C. ₦421,000
- D. ₦4,245,000
28. Goods can be charged to branches using any of these pricing methods except
- A. cost price
- B. cost plus percentage
- C. selling price
- D. selling plus percentage
29. 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?
- A. 20,580
- B. 10,290
- C. 7980
- D. 30,870
30. 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
- A. 4,120
- B. 3400
- C. 3000
- D. 2800