Jamb Accounting Past Questions For Year 2009
Question 21
Which of the following items are current assets?
- A. Stock, bills receivable, cash and debtors
- B. Stock, bill payable, cash and debtors
- C. Stock, bad debt, bills receivable and cash
- D. Stock, work-in-progress, cash and bills payable
Question 22
Use the information below to answer questions below
Work-in-progress 1/1........................N1,000
Work-in-progress 31/12......................N2,000
Production cost of goods manufactured.......N20,000
Sales.......................................N50,000
Stock of finished goods 1/1.................N4,000
Stock of finished goods 31/12...............N5,000
Selling and distribution expenses...........N2,000
Administrative expenses.....................N1,000
What is the net profit?
- A. N46,000
- B. N45,000
- C. N28,000
- D. N27,000
Question 23
Use the information below to answer questions below
Work-in-progress 1/1........................N1,000
Work-in-progress 31/12......................N2,000
Production cost of goods manufactured.......N20,000
Sales.......................................N50,000
Stock of finished goods 1/1.................N4,000
Stock of finished goods 31/12...............N5,000
Selling and distribution expenses...........N2,000
Administrative expenses.....................N1,000
Determine the gross profit?
- A. 49,000
- B. 48,000
- C. 31,000
- D. 30,000
Question 24
The cost incurred by departments that support the production departments with such activities as maintenance, production control and storage are called?
- A. autonomous costs
- B. service costs
- C. supporting cost
- D. subsidiary costs
Question 25
Which of the following is an item in the debit side of the sales ledger control account?
- A. Interest charged by suppliers
- B. Bills receivable honored
- C. Transfer of credit balances from credit control account
- D. Transfer of debit balance from creditors control account
