Jamb Accounting Past Questions For Year 2012
Question 26
The main advantage of a departmental account is that its
- A. expenses are shared
- B. gross profit is computed
- C. net profit is computed
- D. balance sheet is obtained
Question 27
Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units
Determine the value of prime cost
- A. #416,000
- B. #304,000
- C. #240,000
- D. #184,000
Question 28
Ngozi and Musa with a capital of #30,000 each decide to admit Mary into the partnership business with a capital of #20,000 and goodwill #15,000.If the profits and losses are to be shared equally, the journal entries to record goodwill are
- A. debit goodwill #15,000, cash #20,000 and credit Mary's capital #35,000
- B. credit goodwill #15,000, cash #20,000 and debit Mary's #35,000
- C. debit goodwill #15,000, credit cash #20,000 and credit Mary's capital #20,000
- D. debit old partners capital #15,000, credit cash #20,000 and Mary's capital #35,000
Question 29
In what way can goodwill be written off in a partnership business?
- A. Using the partners' profit and loss sharing ratio
- B. By neglecting the ratio of partners capital contributions
- C. By sharing it unequally among the partners where no agreement exists
- D. By sharing it among the active partners only
Question 30
The partners capital are: Modibbo #60,000
and Jakata #90,000. The partners share
profit and losses in the ratio of their capital
contributions.
The net profit for the year is #12,000.
What is Jakata's sharing profit?
- A. 3:5
- B. 1:2
- C. 2:5
- D. 1:5
