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Accounts - Principles of Accounts 2003 JAMB Past Questions

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16
Advertising expenses incurred on a product in a business organization should be charged to?
  • A. production department
  • B. sales department
  • C. administration department
  • D. purchases department
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17
The stock valuation data is important because it enables management to?
  • A. separate debtors from creditors
  • B. determine the cost of stock at the end of business
  • C. determine the cost of stock at the beginning of business
  • D. determine the total cost of goods purchased
View Answer & Discuss JAMB 2003
18
four broad classifications of overheads are?
  • A. production, selling, distribution and material
  • B. production, selling, distribution and administration
  • C. selling, distribution and production and wages
  • D. distribution, selling, administration and material
View Answer & Discuss JAMB 2003
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19
Given:
Cost of raw materials issued to production.....N37000
Opening stock of raw material..................N2000
Purchases of raw material......................N3800
Wages .........................................N500
What is the closing stock of raw material?
  • A. N4000
  • B. N3000
  • C. N2000
  • D. N1000
View Answer & Discuss JAMB 2003
20
Income and expenditure account is more informative than receipts and payments account because it discloses?
  • A. cash
  • B. cheques
  • C. debtors
  • D. stocks
View Answer & Discuss JAMB 2003
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