Jamb Accounting Past Questions For Year 1999
Question 16
Lawal and co makes blocks and sell to builders.
In computing prime cost, which of the following costs would be considered appropriate?
- A. Cement, sand and carriage outwards
- B. Water carriage inwards and cement
- C. Sales boys'wages, cement and sand
- D. Carriage outwards,carriage inwards and cement
Question 17
When the factory cost of production has been ascertained, manufactured goods are transferred to trading account by?
- A. debting manufacturing account and crediting trading acccount
- B. crditing sales account and debtiting trading account
- C. debiting sales account and crediting trading account
- D. crediting manufacturing account and debiting trading account
Question 18
In dealing with incomplete records, fixed assets are posted to?
- A. opening profit and loss as brought forward figures
- B. closing balance sheet as carried forward figures
- C. closing balance sheets as brought forward figures
- D. closing profit and loss as brought forward figures
Question 19
The principal function of a sales ledger control account is to?
- A. serve as internal check and provide quick information for the preparation of interim financial statements
- B. serve as external check and provide quick information for the preparation of interim financial statements
- C. provide quick information for the preparation of customers' statement
- D. provide information for the control of salesmen's activities
Question 20
Goodwill can be valued in partnership when?
- A. a partners make profits
- B. large losses are made
- C. a partner retires
- D. a new branch is opened
