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Accounts - Principles of Accounts 2011 JAMB Past Questions

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21
The control accounting can be used in?
  • A. recording all the business transactions of the enterprise
  • B. Keeping records of all direct deposit in the bank account
  • C. monitoring the books of original entry
  • D. monitoring the efficiency of bookkepping by accountants
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22
Use the information below to answer questions 23 and 24.

Incomplete Record (Extract)

Sales......................................N10,600
Rent...........................N200
Depreciation of vehicle (cost N5000) 10%
Gross profit margin is 20%

What is the cost of goods sold?
  • A. N4 800
  • B. N8 480
  • C. N2 320
  • D. N 9 900
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23
Calculate the net profit?
  • A. N1 620
  • B. N1 920
  • C. N1 420
  • D. 2 120
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24
The cost that are directly traceable to the the goods being produced is?
  • A. party manufactured goods
  • B. overhead cost
  • C. total factory expenses
  • D. prime cost
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25
The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the?
  • A. prime cost
  • B. indirect cost
  • C. total cost
  • D. direct cost
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