Accounts - Principles of Accounts 2014 JAMB Past Questions

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In a departmental account, the expenses to be apportioned on the basis of turnover is

A. carriage inwards
B. returns outwards
C. discount recieved
D. carriage outwards

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If goods are sent to to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of #100,000?

A. #130,000
B. #125,000
C. #80,000
D. #75,000

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Hussaina Enterprises sent goods worth #800,000 at cost plus mark-up of 20% to its branch

What is the cost price of the goods sent to the branch

A. #600,000
B. #620,000
C. #640,000
D. #700,000

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Hussaina Enterprises sent goods worth #800,000 at cost plus mark-up of 20% to its branch

Determine the profit on the goods sent to the branch at profit margin of 25% mark-up

A. #150,000
B. #160,000
C. #170,000
D. #180,000

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In the absence of a partnership deed, the act stipulates that

A. an amount should be fixed as salary for partners
B. interest on partners loan should be 25%
C. interest should not be allowed on partners drawings
D. profits and losses should not be shared equally

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