Accounts - Principles of Accounts 2001 JAMB Past Questions

21

Given:
Direct material N2,500
Direct labour N5,000
Direct expenses N1,000
Overhead expenses N1,500

From the data above, compute the prime cost?

A. N8,500
B. N7,500
C. N6,500
D. 6,000

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22

Use the information below to answer question 25 and 26.
Bar opening stock N10,000
Amount owed to bar suppliers at
the end the beginning of the year N10,000
Bar sales N50,000
Bar credit purchases N40,000
Payment to suppliers N30,000
Bar expenses N1,000
Bar closing stock N15,000

What is the bar profits?

A. N20,000
B. N15,000
C. N14,000
D. N10,000

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23

Use the information below to answer question 25 and 26.
Bar opening stock N10,000
Amount owed to bar suppliers at
the end the beginning of the year N10,000
Bar sales N50,000
Bar credit purchases N40,000
Payment to suppliers N30,000
Bar expenses N1,000
Bar closing stock N15,000

How much is owed to suppliers?

A. N50,000
B. N40,000
C. N30,000
D. 20,000

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24

Lubricating oil and spare parts of machinery are examples of?

A. direct materials
B. indirect materials
C. indirect expenses
D. direct expenses

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25

Use the information below to answer questions

Subscription received during the year N30,000
Subscription owed last year N4,000
Subscription received for next year N6,000

The N6,000 subscription received is?

A. current asset
B. current liability
C. fixed asset
D. capital

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Accounts - Principles of Accounts 2001 JAMB Past Questions

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