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Accounts - Principles of Accounts 2007 JAMB Past Questions

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16
The amount of subscriptions accrued is reported in the balance sheet under?
  • A. fixed asset
  • B. long-term liability
  • C. current asset
  • D. current liability
View Answer & Discuss (5) JAMB 2007
17
Use the information above to answer questions

Lighting..................N2925
Rent......................N2640
Salary....................N4050

The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.

The lighting charge to be apportioned to zema is?
  • A. N891
  • B. N819
  • C. N927
  • D. N975
View Answer & Discuss JAMB 2007
18
Use the information above to answer questions

Lighting..................N2925
Rent......................N2640
Salary....................N4050

The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.

Find the salary charged to Zera product?
  • A. N1854
  • B. N1845
  • C. N1062
  • D. N1134
View Answer & Discuss JAMB 2007
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19
The gross profit disclosed in the branch stock adjustment account represents?
  • A. head office profit
  • B. unrealized profit
  • C. estimated profit
  • D. branch profit
View Answer & Discuss JAMB 2007
20
Partners' share of profit is credited to?
  • A. a partner's current account
  • B. a partner's capital account
  • C. the profit and loss account
  • D. the profit and loss appropriation account
View Answer & Discuss JAMB 2007
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