Jamb Accounts - Principles of Accounts Questions
Question 1306:
The objective of departmentalization is to
- A Ensure that departmental managers are adequately monitored
- B Record transactions for each department for better documentation
- C Tackle any recording problem as a result of expansion
- D Evaluate the profit of different departments
Question 1307:
Discount received is apportioned to each department on the basis of
- A Floor area
- B Turnover
- C Purchases
- D Horse power
Question 1308:
Given:
| Fixed assetsLiabilitiesCurrent assets | ₦55,00020,00013,000 |
What is the capital?
- A ₦88,000
- B ₦48,000
- C ₦62,000
- D ₦55,000
Question 1309:
One of the limitations of accounting is that
- A It ascertain financial position
- B It prevent fraud
- C Transactions are recorded in monetary terms
- D It monitor the progress of the enterprise
Question 1310:
Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?
- A ₦165,000
- B ₦635,000
- C ₦600,000
- D ₦156,000