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Accounts - Principles of Accounts 1998 JAMB Past Questions

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21
Determine the year''s purchase from the following information relating to a firm.


Total creditor''s b/f N 7,200
Total cash payment to suppliers N 98,800
Total creditors c/f N 8,400
  • A. N7,200
  • B. N98,800
  • C. N100,000
  • D. N105,800
View Answer & Discuss (1) JAMB 1998
22
Derive the total sales figure from the following information extracted from a firm's cash book and other relevant records.

Total debtors b/f N 5,600
Total cash receipts from debtors
and cash sales N 153,000
Total debtors c/f N 6,800
  • A. N6,800
  • B. N153,000
  • C. N154,200
  • D. N159,800
View Answer & Discuss JAMB 1998
23
The statement of affairs prepared from incomplete records can be described as?
  • A. the summary of all the business transactions of the trader ascertained by the accountant
  • B. a balance sheet at a particular date showing the assets and liabilities of the business
  • C. a schedule of all the business ventures entered into for the period to which the records relates
  • D. the statement that shows the profit or loss made during the period
View Answer & Discuss (1) JAMB 1998
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24
The contribution marginal on a job is the?
  • A. gross profit
  • B. net profit
  • C. excess of sales revnue over variable costs
  • D. difference between fixed and variable costs
View Answer & Discuss JAMB 1998
25
The objective of allocating all costs to producer is to?
  • A. produce a scientifically accurate cost
  • B. avoid unallocated overhead and compute total accounts
  • C. co-odinate the cost and financial accounts
  • D. compute the contribution of the product to the final profit
View Answer & Discuss JAMB 1998
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