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Accounts - Principles of Accounts Past Questions and Answers

Jamb Accounts - Principles of Accounts Questions

Question 36:

In analyzing incomplete records, which of the following should be investigated?

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A The general ledger
B The purchases day book and sales day book
C The nature of trading activities and the basis on which goods are sold
D The asset register together with the depreciation schedule

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Question 37:

Given: N
Direct material - 10 000
Direct labour - 5000
Direct expenses - 2000
Factory overhead - 4000
What is the prime cost?

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A N21 000
B N 17 000
C N 15 000
D N 6 000

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Question 38:

The difference between a trading account and a manufacturing account is that while the manufacturing account

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A Has no particular period, the trading account has
B Does not consider the cost of goods involved, the trading account does
C Is concerned with the cost of production, the trading account is not
D Is not concerned with the stock of raw materials the rading account is

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Question 39:

An income and expenditure account is a summary of

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A All income and expenditure during a period
B Revenue income and expenditure during a period
C Receipts and payments during a period
D The trading income a period

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Question 40:

Additional information :
1: 1: 93 31 : 12 : 93
N N
Subscription in arrears 300 450
Furniture 7000
Subscription received
in advance 500 400
Rate owing 50 60
Subscription relating to the accounting year 1993 in the income and expenditure account is

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A N 15 050
B N 14 550
C N14 300
D N 13 400

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