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Accounts - Principles of Accounts 2018 JAMB Past Questions

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1

What is the amount of capital employed?

  • A. ₦7000
  • B. ₦10000
  • C. ₦22000
  • D. ₦15000
View Answer & Discuss JAMB 2018
2

Advertising expenses incurred on a product in a business organization should be charged to

  • A. Sales department
  • B. Production department
  • C. Purchase department
  • D. Administration department
View Answer & Discuss (1) JAMB 2018
3
                                      N                              N
Capital                                         39,000  Land  20,000
Long Term Loan      15, 000                    Building 30,000
Creditors                                       9,000 Stock  40,000
  Debtors  6,000
Accrued wages                             5,000 Cash  8, 000
                       68,000    68,000

 

 

 

Use the information above to answer the question

 : The acid test ratio in the company is___________

 

 

 

 

  • A. 1:1
  • B. 2:3
  • C. 1:2
  • D. 3:2
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4

When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________

  • A. Price above or below the stipulated price
  • B. Any price but not below the transfer price
  • C. Cost price
  • D. A price that is equal to the mark up
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5

The office responsible for ascertaining whether all public expenditures and appropriations are in line with approved guidelines is the________

  • A. Accountant general
  • B. Finance minister
  • C. Auditor general
  • D. Permanent secretory.
View Answer & Discuss JAMB 2018
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208