Jamb Accounting Past Questions For Year 2002
Question 1
The gross profit on manufactured goods is the difference between the cost of goods manufactured and the
- A. market value of goods produced
- B. prime cost of production
- C. indirect cost of production
- D. goods produced.
Question 2
Use the information below to answer this question
The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250
Current account balance of Kaka at the end of the year will be
- A. N250
- B. N350
- C. N175
- D. N325
Question 3
Use the information below to answer this question
The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250
Abba's capital balance at the end of the year will be
- A. N5475
- B. N5725
- C. N4400
- D. N5000
Question 4
Use the information below to answer this question
Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200
The value of closing stock as at February 14th by simple average method is
- A. N3900
- B. N2500
- C. N4100
- D. N2700
Question 5
Miscellaneous expense is 10% of revenue Calculate the net income.
- A. N583,000
- B. N563,000
- C. N483,000
- D. N581,000
