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Discounts granted branch customers are treated as a debit to branch?
Astock account and a credit to branch debtors'account
Bdiscount account and a credit to branch bank account
Cstock account and a credit to branch bank account
Ddiscount account and a credit to branch debtors' account
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Question 12
jamb2004
How are credit sales by a department treated?
Athe same way as normal debtors' transactions
Bin a different way from normal debtors' transactions
Cas an addition to the production manager's account
Das an addition to the production managers' account
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Question 13
jamb2004
A rapidly growing business organization with multiple units that is interested in comparing the performances and weaknesses of each unit should adopt?
Amanufacturing accounts
Bconsolidated accounts
Cdepartmental accounts
Djoint venture accounts
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Question 14
jamb2004
In the balance sheet of a not-for-profit-making organization, subscription paid in advance is regarded s a?
Acurrent assets
Bcurrent liability
Ccapital
Dreserve
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Question 15
jamb2004
Where the debit side of the income and expenditure account is higher than the credit side, the difference is a?
Adeflicit
Bsurplus
Cgain
Dloss
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Question 16
jamb2004
In the balance sheet, the subscription in arrears will be?
AN200
BN300
CN1,200
DN1,300
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Question 17
jamb2004
Use the information below to answer questions 28 and 29.
On January 1,2000, a club's assets and liabilities were as follows:
Club house...................N8,000
Subscription.................N300
Cash.........................N1,000
Wages owed...................N100
The club has 50 members and annual subscription is N100 per member.
Subscription received is N4,000 and this includes 1999 arrears of N200.
The accumulated fund is?
AN9,400
BN9,300
CN9,200
DN9,100
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Question 18
jamb2004
The market value of goods produced is?
AN30,500
BN30,600
CN31,600
DN31,620
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Question 19
jamb2004
Use the information below to answer questions 26 and 27.
Materials consumed...................N16,600
Direct cost..........................N5,400
Factory rent.........................N2,300
Factory lighting.....................N1,200
Cost of production to be transferred at cost plus 20% mark-up.
The gross profit on manufacture is?
AN6,120
BN6,100
CN5,100
DN5,000
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Question 20
jamb2004
Cost classification in relation to charges is determined by the level of?
Araw materials
Blabour
Cactivity
Dprofitability
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Question 21
jamb2004
What is the figure for purchases?
AN2,400
BN2,500
CN4,200
DN5,200
ENo option indicated
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Question 22
jamb2004
Use the information below to answer questions 23 and 24.
The beginning inventory was estimated at 80% of sales.
Determine the amount for the beginning inventory?
AN20,140
BN10,240
CN8,140
DN7,240
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Question 23
jamb2004
In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the?
Arevenue and expenditure account
Breceipts and payments account
Cprofit and loss apporpriation account
Dprofit and loss account
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Question 24
jamb2004
Given:
General expenses account.
Paid by cheque..................N671
Paid by cash....................N70
Accrued b/f.....................N65
Accrued c/f.....................N115
Determine how much to be charged to profit and loss account?
AN606
BN786
CN791
DN856
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Question 25
jamb2004
The beginning and ending accounts receivable balances were N20,000 and N30,000 respectively.
The collection from customers during the period was N70,000. What was the total sale on account?
AN20,000
BN60,000
CN80,000
DN120,000
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Question 26
jamb2004
In a sales ledger, contra entry is found on the?
Adebit side of the debtors' control account
Bdebit side of the crebtors' control account
Ccreadit side of the debtors' control account
Dcreadit side of the credtors' control account
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Question 27
jamb2004
Use the information below to answer questions 17 and 18.
