Jamb Accounting Past Questions For Year 1997
Question 26
Given: N
Direct material - 10 000
Direct labour - 5000
Direct expenses - 2000
Factory overhead - 4000
What is the prime cost?
- A. N21 000
- B. N 17 000
- C. N 15 000
- D. N 6 000
Question 27
In analyzing incomplete records, which of the following should be investigated?
- 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
Question 28
On partnership dissolution, if a partner's capital account has a debit balance and the partnr is insolvent, the deficiency will, in accordance with the decision of the case of Garner v Murray, be
- A. borne by all the partners
- B. borne by the insolvent partner
- C. written off
- D. borne by the solvent partners
Question 29
Accumulated fund on 1st January 1993 is
- A. N 8 570
- B. N8 470
- C. N 850
- D. N7 520
Question 30
Additional information :
1: 1: 93 31 : 12 : 93
N N
Subscription in arrears 300 450
Furniture 7000
Subscription received
in advance 500 400
Rate owing 50 60
Subscription relating to the accounting year 1993 in the income and expenditure account is
- A. N 15 050
- B. N 14 550
- C. N14 300
- D. N 13 400
