Jamb 2006 Financial Past Questions And Answers
Use the information below to answer question .
Prime cost..................N12 100
lighting....................N10 000
Heating.....................N15 000
Factory overhead............?
The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.
The factory overhead is?
- A. N5050
- B. N7250
- C. N2750
- D. N5500
The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
What is the closing cash balance?
- A. N35 000
- B. N211 000
- C. N5 000
- D. N10 000
Stock 1/1/2002..................................N40 000
Goods received from head office.................N800 000
Goods returned to head office...................N34 000
Sales...........................................N916000
Stock 31/12/2000................................N72 000
From the data above determine the cost of goods credited to the head office trading account.
- A. N766 000
- B. N840 000
- C. N734 000
- D. N806 000
MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.
Sales of drinks...................N212 500
Annual dues.......................N112 000
How much is the total receipt of the club?
- A. N563 440
- B. N687 940
- C. N363 440
- D. N524 500
A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the?
- A. weighted average method
- B. simple average method
- C. FIFO method
- D. LIFO method
When goodwill is not retained in the business, the entries in the new partners' book will be to debit?
- A. good account and credit partners' capital account
- B. partners' capital account and credit goodwill account
- C. cash account and credit goodwill account
- D. goodwill account and credit cash account
On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.
Calculate the yearly depreciation expense using the straight line method.
- A. N11 000
- B. N11 200
- C. N11 400
- D. N11 300
Given:
Subscriptions received.........N200 000
Subscriptions owed.............N10 000
Subscriptions in advance.......N25 000
Calculate the subscription in the income and expenditure account?
- A. N200 000
- B. N235 000
- C. N185 000
- D. N225 000
Given:
Stock of raw materials 1/40............N11 150
Purchases of raw materials.............N112 550
Raw material returned..................N31 150
Stock of Raw materials 31/12/04........N27 150
Calculate the cost of raw materials consumed?
- A. N156 000
- B. N38 300
- C. N183 150
- D. N66 550
On Jan. 30 Khalifa withdraw N2500 from the bank for office use.
The cash balance at end of the month was
- A. N1 600
- B. N4 100
- C. N 6 600
- D. N6 100