Jamb 2011 Accounts - Principles of Accounts Questions
Question 26:
Work-in-progress is the?
- A Value of party finished goods
- B Value of finished goods sold
- C Sales less cost of goods sold
- D Value of goods produced
Question 27:
The major festure of not-for-profit-making-organization is that they are formed?
- A To use accumulated fund to described the net amount owed to members
- B Mainly to improve the welfare of her member
- C To engaged in trading activities to sponsor its activities
- D In order to compute the receipts and payment account
Question 28:
The subscription paid in advance is treated in the balance sheet of a club as?
- A A surplus
- B A liability
- C A deflicit
- D An asset
Question 29:
The capital of not-for-profit-making organization is referred to as?
- A Entity fund
- B Capital owned
- C Accumulated fund
- D Capital employed
Question 30:
The major objective of departmental accounts is to ascertain the?
- A Contribution of each department to profit
- B Materials sold in each department
- C Insurance premium payable on employees
- D Number of employees in each department