Jamb Accounting Past Questions For Year 2013
Question 36
The objective of departmental account is to
- A. ascertain the cost of running the organization
- B. ascertain the amount of profit or loss for each department
- C. ascertain the amount of profits for losses for the enterprises
- D. offset the loss of each treatment
Question 37
Department K Y
Opening stock #2,500 #800
Purchases #120,000 #100,000
Sales #180,000 #200,000
Salaries #8,000 #30,000
Closing stock #3,000 #1,500
Rate expenses of #1,500 are apportioned in the ratio 1:2.
What is the net profit of Y?
- A. #52,000
- B. #68,300
- C. #68,800
- D. #69,300
Question 38
Department K Y
Opening stock #2,500 #800
Purchases #120,000 #100,000
Sales #180,000 #200,000
Salaries #8,000 #30,000
Closing stock #3,000 #1,500
Rate expenses of #1,500 are apportioned in the ratio 1:2.
The gross profit for K is
- A. #23,500
- B. #60,500
- C. #60,700
- D. #82,500
Question 39
When there is no basis of apportionment in an organization, the expenses should be apportioned based on
- A. sales
- B. purchases
- C. equality
- D. floor space
Question 40
When shares are issued at a discount, entries are to debit
- A. application allotment account and credit discount accoun
- B. discount account and credit
- C. cash account and credit discount account
- D. discount account and credit bank account
