Jamb Accounting Past Questions For Year 2010
Question 21
The prime cost is the total of the?
- A. production cost + selling expenses
- B. direct material + direct labour + direct expenses
- C. direct material + work overhead expenses
- D. administrative expenses + selling + distribution expenses
Question 22
The depreciation on a motor vehicle that is being used for manufacturing and administration is charged to the?
- A. debit side of manufacturing and profit and loss account
- B. debit side of profit and loss account only
- C. credit side of profit and loss account only
- D. debit side of manufacturing and balance sheet
Question 23
The gross loss on manufacturing is always transferred to the?
- A. credit side of balance sheet
- B. debit side of profit and loss account
- C. credit side of profit and loss account
- D. debit side of balance sheet
Question 24
Use the information below to answer questions
........................31/12/08...........31/12/09
Furniture and fittings..N21 000,............N28 000
Office equipment........N9 800,.............N13 200
Debtors.................N6 800,.............N5 200
Creditors...............N4 900,.............N5 100
Cash at bank............N7 000,.............N4 600
Accrued electricity bills...................N1 200
Monthly drawings average N330.
Determine the net profit ?
- A. N5 000
- B. N3 960
- C. N1 040
- D. N8 960
Question 25
The branch expenses paid by the head office is recorded in the books by debiting branch?
- A. bad debt account and crediting branch debtor's account
- B. expenses account and crediting bank account
- C. profit and loss account and crediting branch stock account
- D. discount allowed account and crediting branch debtors' account
