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Dept A Dept B
Floor space 40m2 60m2
Machine hours 1200 1400
Turnover N36 million N64 million
Labour hours 1000 1400
A joint cost of N 72 million incurred by the two departments was apportioned N30 million to A and N42 million to B. the basis used for apportionment must have been
Alabour hours
Bfloor space
Cturnover
Dmachine hours
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Question 2
jamb2000
The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are
Asales income
Breceipt from debtors
Cfixtures and fittings
Drent paid
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Question 3
jamb2000
Amin Ltd. Creditor Ledger Control Account (Extracts)
Beginning control account
Balance: Debit 32,000
Credit 61,000
Purchases during the year:
Cash 30,000
Credit 60,000
Payment to suppliers:
Cash 13,000
Cheque 29,000
Debtor's contra 6,000
The closing control account balance is
AN 41,000
BN65,000
CN71,000
DN77,000
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Question 4
jamb2000
Use the information below to this question Cost of raw materials consumed 300,600 Carriage inwards 6,700 Returns of raw materials 10,800 Closing stock of raw materials 100,250 Manufacturing wages 27,000 Lighting, power, insurance and rent relation to the factory are apportioned 1/3,2/5, 1/6 and 17 with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.
The production cost of finished goods is
AN 524,600
Bn408,600
Cn381,600
Dn327,600
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Question 5
jamb2000
Use the information below to this question
Cost of raw materials consumed 300,600
Carriage inwards 6,700
Returns of raw materials 10,800
Closing stock of raw materials 100,250
Manufacturing wages 27,000
Lighting, power, insurance and rent
relation to the factory are
apportioned 1/3,2/5, 1/6 and 17
with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.
What is the cost of the opening raw materials?
AN 418,350
BN404,950
CN400,250
DN398,250
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Question 6
jamb2000
The accounting convention which stipulates that money or goods taken from the business by the owner for personal use should be treated as deductions from capital is
Acost
Bprudence
Cconsistency
Dentity
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Question 7
jamb2000
Yahuza Enterpises
Trial Balance (Extracts) as at Dec. 31, 1998.
Capital
Premises 90,000 21,000
Debtors 35,000
Provisions 1/1/98:
Depreciation 9,000
Bad and doubtful 1,500
If premises is to be depreciated at 10% on cost and a 5% provision is to be allowed on debtors, the total asset in the balance sheet is
AN 125, 000
BN114,500
CN105,500
DN105,250
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Question 8
jamb2000
Halal Limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/97.
The company's policy provides for 15% bad debt annually. Which of the following represents the total balance of debtors before adjustment?
AN6,120,000
BN6,120,300
CN8,280,000
D8,820,000
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Question 9
jamb2000
A major benefit derived from the reconciliation of branch and head office books is to?
Adetermine accurate returns by the branch
Bascertian the correct profit or loss on branch activities
Cenable the branch to keep control over stock
Denable the branch to ascertain debtor's balance
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Question 10
jamb2000
Recurrent expenditure are expenses for the period not exceeding?
A10 years
B5 years
C2 years
D1 year
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Question 11
jamb2000
The channel through which all government borrowing and domestic lending transactions pass is called?
Aspecial trust fund
Bagency fund
Cnational loan fund
Dcontingency fund
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Question 12
jamb2000
(i) Meet growth and diversification need.
(ii) Reach out to particular customers or markets
(iii) Comply with some regulatory directives
(iv) Increase employees' income.
Which of the reasons above do companies consider in establishing branches?
Ai and ii
Bi, ii and iii
Cii, iii and iv
Diii and iv
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Question 13
jamb2000
The body constitutionally charged with the responsibility of examining the audited accounts of the Federation and other reports as referred by the National Assembly is the?
APublic Accounts Committee
BPublic Audit Committee
CInternal Audit Committee
DExternal Audit Committee
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Question 14
jamb2000
The most appropriate basis for apportioning inventory holding cost among departments is to use the value of?
Apurchases
Bopening stock
Cclosing stock
Daverage stock
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Question 15
jamb2000
Yola Social Club
Statement of Account 1998 financial year
31/12/98:
Subscription in arrears N21,000
Subscription in advance N12,000
Receipt during 1999:
Arrears 1998 N21,000
Dues 1999 N48,000
Advance 2000 N11,000
The subscription transferable to the income and expenditure account is?
AN48,000
BN59,000
CN60,000
DN69,000
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Question 16
jamb2000
Given:
Depreciation of plant and machinery N1,600
Factory rent N650
Indirect wages N695
General indirect expenses N726
lubricants N1235
Carriage inwards N829
Factory power N350
Bank charges N612
Carriage outwards N2,900
Determine the total factory overhead cost?
AN4,485
BN5,256
CN6,085
DN6,556
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Question 17
jamb2000
Given:
cash book item:
Paid to suppliers N10,800
Expenses paid N6,900
Drawings made N900
Balances at start N15,750
Balances at end N3,870
Drawings from bank to shop N1,720
Determine the receipt from debtors?
AN22,470
BN17,470
CN8,440
DN5,000
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Question 18
jamb2000
A business is required at par when the?
Apurchase consideration equals goodwill
Bpurchase consideration equals net value
Cpurchase consideration is greater than the net value
Dnet assets is greater than the liabilitties
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Question 19
jamb2000
Use the information below to answer question
Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.
Assuming that Rakiya was not credited with any income during the period, what is her closing current account balance?
AN340,000 credit
BN349,75 debit
CN500.00 credit
DN 511.25 debit
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Question 20
jamb2000
Use the information below to answer question
Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.
