Jamb 2003 Financial Past Questions And Answers
Use the information below to answer question
Total sales of ticket.......................N300 000
Amount received from the sales..............N260 000
Cash purchase of club house.................N100 000
Credit purchase of equipment ...............N60 000
Electricity bill paid ......................N5 000
Salaries owed ..............................N2 000
What is the receipts and payment account balance? What is the balance of the income and expenditure account?
- A. N300 000
- B. N293 000
- C. N193 000
- D. N133 000
The amount of each invoiced goods sent to the branch is debited to?
- A. branch expense account and credited to branch debtors' account
- B. branch stock account account and credited to the goods sent to branch account
- C. branch debtors' account and credited to branch expense account
- D. goods sent to branch expense account
Receipts and payments accounts is the summary of?
- A. income and expenditure
- B. cash book
- C. balance sheet
- D. profit and loss
Use the information below to answer question
Goods from head office................N13,400
Returns to head office ...............N118
Rates and insurance paid .............N188
Wages paid ...........................N913
Cash remitted to head office..........N16,625
Stock at 1/1/2000.....................N1,875
Rents paid ...........................N325
Stock at 31/12/2000 ..................N1,975
Sundry expenses ......................N200
The profit realized from the trade is?
- A. N4 069
- B. N1 817
- C. N1 440
- D. N1 328
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The transaction would be recorded in the cash book as debit?
- A. cash and credit bank
- B. bank and credit cash
- C. cash and credit cash
- D. bank and credit bank
Given:
Total debtors b/d 31/12/99...............N25 000
Cheques received from debtors ...........N255 000
Total debtors c/d 31/12/00...............N15 000
- A. N295 000
- B. N265 000
- C. N245 000
- D. N215 000
The two legally recognized professional accounting bodies in Nigeria are the?
- A. Institute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
- B. Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
- C. Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
- D. Nigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria
For the purpose of conversion of a partnership to a company, a total purchase consideration of N3.6m was paid. If 30% of the purchase consideration was in cash and the rest by 50k shares, how many shares issued?
- A. N1080 000
- B. N2 160 000
- C. N3 600 000
- D. N5 040 000
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
Use the information below to answer this questions
Capital..................N............N........
Land and building.......18470........24000....
Mortgage on premises...................11090...
Drawings...............3000...................
Profit and loss........................3600...
Furniture and fittings...5120.................
Motor Vehicles...........3462................
Closing Stock............3000................
Debtors..................11474...............
Creditors..............................7354.
Cash.....................1518................
..........................46044.........46044
What is the capital employed?
- A. N44 600
- B. N43 052
- C. N43 044
- D. N38 600