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Accounts - Principles of Accounts Past Questions

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631

Use the information below to answer questions

........................31/12/08...........31/12/09

Furniture and fittings..N21 000,............N28 000
Office equipment........N9 800,.............N13 200
Debtors.................N6 800,.............N5 200
Creditors...............N4 900,.............N5 100
Cash at bank............N7 000,.............N4 600
Accrued electricity bills...................N1 200

Monthly drawings average N330.

Determine the net profit ?

  • A. N5 000
  • B. N3 960
  • C. N1 040
  • D. N8 960
View Answer & Discuss JAMB 2010
632
The gross loss on manufacturing is always transferred to the?
  • A. credit side of balance sheet
  • B. debit side of profit and loss account
  • C. credit side of profit and loss account
  • D. debit side of balance sheet
View Answer & Discuss JAMB 2010
633

The depreciation on a motor vehicle that is being used for manufacturing and administration is charged to the?

  • A. debit side of manufacturing and profit and loss account
  • B. debit side of profit and loss account only
  • C. credit side of profit and loss account only
  • D. debit side of manufacturing and balance sheet
View Answer & Discuss JAMB 2010
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634

The prime cost is the total of the?

  • A. production cost + selling expenses
  • B. direct material + direct labour + direct expenses
  • C. direct material + work overhead expenses
  • D. administrative expenses + selling + distribution expenses
View Answer & Discuss (1) JAMB 2010
635

In the not-for-profit-making organization, the excess of income over expenditure is?

  • A. deducted from the capital
  • B. added to the accumulated fund
  • C. added to the capital
  • D. deducted from the the accumulated fund
View Answer & Discuss JAMB 2010
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