Jamb 2008 Financial Past Questions And Answers
The main reason for adopting a departmental account is to?
- A. record transactions for each department for better documentation
- B. tackle any recording problem as a result of expansion
- C. continuously evaluate the profitability of different departments
- D. ensure that departmental mangers are adequately monitored
Ordinary shareholders received dividend before?
- A. creditors
- B. debtors
- C. preference shareholders
- D. deferred shareholders
Given:
Subscription in arrears 01/10/06...........N2 000
Subscription in advance 01/10/06...........N1 500
Subscription paid during the year..........N7 000
Subscription in arrears 31/12/06...........N3 000
Determine the amount of subscription included in the income and expenditure account for the year?
- A. N3500
- B. N7000
- C. N9500
- D. N13 500
Given:
Capital:..G...........N5 000
..........T...........N8 000
Drawings: G...........N2 000
..........T..........N1 000
Interest on capital..10%
Interest on Drawings..5%
Find the interest on drawings of G?
- A. N50
- B. N100
- C. N200
- D. N250
Bariga, a stock broker bought stationery for N 12000 by cash. To record this transaction, debit?
- A. cash and credit stationery
- B. purchase and credit stationery
- C. stationery and credit cash
- D. stationery and credit purchases
Given: (i) Cost price (ii) Selling price (iii) Cost plus fixed percentage (iv) Price above cost and selling price
From the information above, the prices used in charging goods to the branches are?
- A. i and ii
- B. i, ii and iii
- C. i, ii, iii and iv
- D. iii and iv
Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results?
- A. Conservatism
- B. Historical
- C. Monetary
- D. Cost
The entry in the partnership books of accounts for interest on drawings is to?
- A. credit partners capital account
- B. debit partners capital account
- C. credit drawings account
- D. debit drawings account
Use the information below to answer question .
.........................31 Dec. 05........31 Dec. 06
Total fixed assets.........N7 800............N6 600
Total current assets.......N12 100............N17800
Total current liabilities..N4 700............N3 800
Drawings for 2006 is N5 200.
What is the net profit for 2006?
- A. N19 000
- B. N16 000
- C. N12 600
- D. N10 600
Use this information below to answer this question.
Trading Account (Extract)
.................N.............................N......
Opening stock...19500........Sales............96 000..
Add purchases...68700.................................
................88200.................................
Less closing stock..?.................................
Cost of goods sold..?.................................
Gross profit C/D....?.................................
....................?..........................?......
The gross profit margin is 20%
What is the gross profit?
- A. N88 200
- B. N76 800
- C. N 19 200
- D. N12 900