Jamb Accounting Past Questions For Year 1997
Question 36
The end result of governmental accounting procedure is to
- A. keep proper records of government expenditures
- B. give financial information to the public and investors
- C. produce timely and accurate financial reports for legislators and the public
- D. give information on the performance of public enterprises
Question 37
The total of the creditors at the beginning of the year was N4,600 and at the end of the year N5,250. During the year, N26,500 was paid to suppliers and N130 was received in discounts from these suppliers. The purchases for the year would be
- A. N26,630
- B. N27,038
- C. N27,150
- D. N27,280
Question 38
Adamu, Babaji and Chukwu are in partnership and they share profit and losses on ratio 3:2:1. Their respective capitals are N20 000, N15 000 and N5 000 on which on which they are entitle to interest at 5% per annum. The profit for the year before charging interest on capital amounted to N5 500.
Calculate the profit for Adamu?
- A. N583
- B. N1 000
- C. N1 167
- D. N1 750
Question 39
Emeka Manufacturing Company (Extract) Manufacturing Account.
Direct material.....................N5 000
Direct labour.......................N4 500
Direct expenses.....................N3 000
Factory overhead....................N2 500
Selling distribution................N1 500
Calculating the production cost?
- A. N16 500
- B. N15 000
- C. N14 000
- D. N12 500
Question 40
The understatement of closing value of work-in-process would have the effect of?
- A. understating cost of goods manufactured
- B. overstating prime cost of manufactured
- C. overstating cost of goods manufactured
- D. undersating prime cost of goods manufactured
