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Accounts - Principles of Accounts Past Questions

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2176
Preliminary expenses is an example of
  • A. fictitious assets
  • B. liquid assets
  • C. wasting assets
  • D. tangible assets
View Answer & Discuss (3) JAMB 2015
2177

Use the information below to answer this question.

\(\begin{array}{c|c}
\text{Raw materials jan.} & 5,000 \\
\hline
\text{Raw materials dec.} & 5,800 \\
\hline
\text{Purchase of raw materials} & 45,000 \\
\hline
\text{Salary} & 61,000 \\
\hline
\text{Factory lubricant} & 2,050 \\
\hline
\text{plant depreciation} & 1,300 \\
\hline
\text{Factory insurance} & 1,250 \\
\end{array}\)

The prime cost for the company is

  • A. N169, 200
  • B. N44, 200
  • C. N55, 800
  • D. N230, 200
View Answer & Discuss (2) JAMB 2015
2178
What is the ledger entry for sale of generator on credit to Patrick?
  • A. credit sales account and debit Patrick’s account
  • B. credit generator account and debit cash account
  • C. credit sales account and debit cash account
  • D. credit generator account and debit Patrick’s account
View Answer & Discuss (2) JAMB 2015
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2179

Sai Baba made sales of N10,000 having computed his gross profit % to sales to be 20. His opening stock was N250 and ending stock is N200. Calculate his purchases.

  • A. N7950
  • B. N8050
  • C. N7050
  • D. N8950
View Answer & Discuss JAMB 2015
2180
Use the information below to answer this question.

Jejelaye Plc stock records for 2009 was given below:

Jan 1 received 100 units at N1.00

Jan 8 received 260 units at N1.05

Jan 20 issued 700units at .........

Feb 3 received 400 units at N1.15

What will be the issued price of 700 units, using simple average method
  • A. N1.183
  • B. N1.025
  • C. N1.00
  • D. N1.05
View Answer & Discuss JAMB 2015
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