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Accounts - Principles of Accounts Past Questions and Answers

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Jamb Accounts - Principles of Accounts Questions

Question 116:

Alabede (NIG) limited issued 50 000 ordinary shares of N1 each at a market value of N2.50 each. the share premium is?

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A N125 000
B N500 000
C N50 000
D N25 000

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Question 117:

What is the balance of the bank account shown above?

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A N88 500 debit
B N 88 500 credit
C N 59 410 credit
D N 59 410 debit

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Question 118:

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 119:

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 120:

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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