Principle of Accounts 2019 Past Questions | JAMB

Study the following Principle of Accounts past questions and answers for JAMBWAEC  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
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