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Prime cost..................N12 100
lighting....................N10 000
Heating.....................N15 000
Factory overhead............?
The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.
Interest on the drawings of partners is treated in the?
Aprofit and loss appropriation account
Bgoodwill account
Cprofit and loss account
Dtrading account
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Question 12
jamb2006
Use the information below to answer question .
Prime cost..................N12 100
lighting....................N10 000
Heating.....................N15 000
Factory overhead............?
The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.
The factory overhead is?
AN5050
BN7250
CN2750
DN5500
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Question 13
jamb2006
Stock 1/1/2002..................................N40 000
Goods received from head office.................N800 000
Goods returned to head office...................N34 000
Sales...........................................N916000
Stock 31/12/2000................................N72 000
From the data above determine the cost of goods credited to the head office trading account.
AN766 000
BN840 000
CN734 000
DN806 000
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Question 14
jamb2006
Use the information below were to answer questions
...................Stationary Dept.............Video Dept.
Sales ..............N10,600.....................N15,175
Cost of goods sold..N5,247......................N6704
The expenses incurred were rent N4500, motor repairs N1200 and telephone N900.
The basis of cost apportionment is 1/2 stationary 1/3 video.
Find the total expenses allocated to the stationary department?
AN3600
BN1400
CN4400
DN3800
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Question 15
jamb2006
Use the information below were to answer questions
...................Stationary Dept.............Video Dept.
Sales ..............N10,600.....................N15,175
Cost of goods sold..N5,247......................N6704
The expenses incurred were rent N4500, motor repairs N1200 and telephone N900.
The basis of cost apportionment is 1/2 stationary 1/3 video.
Determine the net profit of the business?
AN6600
BN6271
CN5353
DN7224
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Question 16
jamb2006
Given:
Stock of raw materials 1/40............N11 150
Purchases of raw materials.............N112 550
Raw material returned..................N31 150
Stock of Raw materials 31/12/04........N27 150
Calculate the cost of raw materials consumed?
AN156 000
BN38 300
CN183 150
DN66 550
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Question 17
jamb2006
Use the information below to answer question
Capital.................................N60 000
Bank....................................N12 500
General expenses........................N5 250
Creditors...............................N17 000
Stock...................................N98 500
Fixed assets............................N42 000
Insurance and rates.....................N18 800
Purchase................................N63 850
Determine the total of the trial balance?
AN123 325
BN160 050
CN166 525
DN326 575
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Question 18
jamb2006
Use the information below to answer question
Capital.................................N60 000
Bank....................................N12 500
General expenses........................N5 250
Creditors...............................N17 000
Stock...................................N98 500
Fixed assets............................N42 000
Insurance and rates.....................N18 800
Purchase................................N63 850
What is the cash balance on the debit side if it is the only item omitted?
AN6745
BN6754
CN6475
DN6574
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Question 19
jamb2006
Adaobi mistakenly entered N7000 as credit sales in Abba's account. This is?
Aan error of principles
Ba compensating error
Can error of commission
Dan error omission
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Question 20
jamb2006
Stationary which will be used over a long period of time is usually recorded as an expense instead of an asset.
This concept is called?
Aentity
Bmateriality
Crealization
Daccrual
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Question 21
jamb2006
which of the following is source of document for the preparation of debtors' ledger account?
ADebit note
BGeneral journal
CPurchases invoice
DSales invoice
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Question 22
jamb2006
A major factor that enhanced the early development of accounting is the?
AIndustrial Revolution
Bgrowing of trade and commerce
Cdevelopment of arithmetic
Dinvention of writing
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Question 23
jamb2006
The use of a three-column cash book is determine by?
Acash discounts
Btrade discounts
Ccash transactions
Dbank transactions
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Question 24
jamb2006
A private company is different from a public company because?
Ait does not restrict the right to transferits shares
Bit cannot invite members of the public to subscribe for its shares
Cits shares are owned by one person
Dit can only offer its shares to members of the publicfor subscription
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Question 25
jamb2006
Use the information below to answer questions Turnover...........................N120 000 Net profit before tax..............N40 000 Net profit b/f.....................N68 000 Proposed dividends: Ordinary shares....................N8 000 Preference shares..................N6 000 Corporate tax is 30%...............N10 000
What is the tax charged to profit and loss account?
AN 14 000
BN 60 000
CN 34 000
DN 20 000
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Question 26
jamb2006
Accrual accounting differs from cash accounting because it recognizes?
Acash and creditors
Bdebtors and creditors
Ccash and debitors
Dprepayment and cash
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Question 27
jamb2006
Use the information below to answer questions
Turnover...........................N120 000
Net profit before tax..............N40 000
Net profit b/f.....................N68 000
Proposed dividends:
Ordinary shares....................N8 000
Preference shares..................N6 000
Corporate tax is 30%...............N10 000
The undistributed profit carried forward is?
AN 68 000
BN 20 000
CN 74 000
DN 34 000
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Question 28
jamb2006
Gross earnings........................N950 000
Current liabilities...................N100 000
Operating expenses....................N350 000
10% debentures........................N400 000
Shareholder's fund....................N1300 000
Corporate tax is 30%
From the data above calculate the returns on equity?
A33%
B35%
C20%
D30%
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Question 29
jamb2006
After receiving the financial statement the Auditor General of the Federation must submit a report to the National Assembly within?
A60 days
B30 days
C120 days
D90 days
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Question 30
jamb2006
Tunde purchased goods from Femi by cash worth N1000 with 10% cash discount. Tunde's ledger control account is to be?
