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Accounts - Principles of Accounts 2024 JAMB Past Questions

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31
  #

Stock 1/1/09: Raw materials

20000

Work-in-progress

5000

Stock 31/12/09: Raw materials

500
Work in  progress 4000

Raw materials purchased

18000

Direct labour

7500
Direct expenses 3000
Factory expenses 10000

The value of raw materials consumed is
 

  • A. #18,500
  • B. #19,500
  • C. #26,000
  • D. #37,500
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32

Which of the following bodies regulates accounting practices in Nigeria?

  • A. NIT
  • B. NIB
  • C. EFCC
  • D. ANAN
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33

Which of the following is a written acknowledgement of a loan to a company?

  • A. debt
  • B. retained profit
  • C. reserve
  • D. debenture
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34

A method that is beneficial for tax purposes in inflationary times is? 

  • A. LIFO
  • B. SAP
  • C. FIFO
  • D. WAP
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35

Which of the following is a subsidiary book as well as a ledger?

  • A. purchases day book
  • B. returns outward book
  • C. general journal
  • D. cash book
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