Accounts - Principles of Accounts 1999 JAMB Past Questions

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The best method of allocating expenses among departments is to?

A. allocate expenses to each department in proportion to the sales of that department
B. charge against each department those costs which are within its control
C. charge expenses against each department in proportion to the purchases of that department
D. allocate expenses to each section of the department in relation to the number of people

View Answer & Discuss JAMB 1999

To record the transfer of stock from one department to another, the correct entry would be to debit?

A. goods outwards and credit goods inwards
B. merchandise account and credit department stock account
C. department transfering and credit department receivving
D. department receiving and credit department transfering

View Answer & Discuss JAMB 1999

Use the information below to Answer questions 46 and 47.
Among Limited invoiced goods at a cost of N10,000 to its Ikeja branch at a marginal of 20%. The branch later returned goods worth N1,200 at invoice price to the head office.
The profit marginal should be?