Jamb Accounting Past Questions For Year 2003
Question 31
Income and expenditure account is more informative than receipts and payments account because it discloses?
- A. cash
- B. cheques
- C. debtors
- D. stocks
Question 32
Given:
Cost of raw materials issued to production.....N37000
Opening stock of raw material..................N2000
Purchases of raw material......................N3800
Wages .........................................N500
What is the closing stock of raw material?
- A. N4000
- B. N3000
- C. N2000
- D. N1000
Question 33
four broad classifications of overheads are?
- A. production, selling, distribution and material
- B. production, selling, distribution and administration
- C. selling, distribution and production and wages
- D. distribution, selling, administration and material
Question 34
The first step in converting as single entry to a double entry system of bookkeeping is to prepare a?
- A. suspense account
- B. statement of affairs
- C. realization account
- D. trial balance
Question 35
A company has departments M and N. The expenses incurred wholly in M is N5000. General expenses incurred amount toN25000. Expenses are apportioned in the ratio 2:3 for departments M and N respectively.
What is N's share of the expense?
- A. N10 000
- B. N15 000
- C. N18 000
- D. N20 000
