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Accounts - Principles of Accounts Past Questions

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336
During the year ended 31st December 2001,
Nuju Enterprises paid rent as follows:
Jan. 20, N24 000 for a period of 4 months.
May. 16, N30 000 for a period of 5 months.
Oct. 15, N36 000 for a period of 6 months.

What is the overpaid portion of the rent?
  • A. N36 000
  • B. N18 000
  • C. N12 000
  • D. N6 000
View Answer & Discuss JAMB 2003
337
Use the information below to answer question .

...........PQ Manufacturing Company

Raw materials (1/11/2001)...........N3 500
Raw materials (31/12/2001)..........N4 900
Purchase of raw materials...........N56 000
Salary .............................N63 000
Wages...............................N148 000
Factory lighting ...................N3 080
Plant Depreciation..................N2 800
Factory Insurance ..................N2 170

The overhead cost is?
  • A. N71 050
  • B. N68 250
  • C. N67 970
  • D. N66 080
View Answer & Discuss JAMB 2003
338
Use the information below to answer question .

...........PQ Manufacturing Company

Raw materials (1/11/2001)...........N3 500
Raw materials (31/12/2001)..........N4 900
Purchase of raw materials...........N56 000
Salary .............................N63 000
Wages...............................N148 000
Factory lighting ...................N3 080
Plant Depreciation..................N2 800
Factory Insurance ..................N2 170

The company consumed raw materials worth?
  • A. N54 600
  • B. N56 000
  • C. N57 400
  • D. 59 500
View Answer & Discuss JAMB 2003
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339
A company has departments M and N. The expenses incurred wholly in M is N5000. General expenses incurred amount toN25000. Expenses are apportioned in the ratio 2:3 for departments M and N respectively.
What is N's share of the expense?
  • A. N10 000
  • B. N15 000
  • C. N18 000
  • D. N20 000
View Answer & Discuss JAMB 2003
340
The first step in converting as single entry to a double entry system of bookkeeping is to prepare a?
  • A. suspense account
  • B. statement of affairs
  • C. realization account
  • D. trial balance
View Answer & Discuss JAMB 2003
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