Jamb 2016 Financial Past Questions And Answers
Which of the foloowing is a credit item in creditors ledger control account?
- A. Returns outwards
- B. Discount Received
- C. Bad debts
- D. Purchases
A business organization prepares departmental account in order to
- A. asertian the contribution of each department to the organization
- B. ascertain interdepartmental transfer
- C. build other branches
- D. know the number of departments in the organization
The trader's capital in a single entry system is ascertained by preparing
- A. gross profit
- B. statement of affairs
- C. suspense account
- D. appropriation account
Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts. Find the amount for sundry debtors after provision.
- A. #744,800
- B. #760,000
- C. #784,000
- D. #744,000
The ratio that gives the indication of the efficiency of a firm's sales with respect to cost of goods sold is a
- A. return on capital employed
- B. gross profit margin
- C. net profit margin
- D. return on equity
I. Members subscription
II. Fines from members
III. Donation
IV. Loan from bank
From the information above, sources of income for a Not-for-profit-making organization include
- A. I,III,IV
- B. I,II,III
- C. I,II,IV
- D. I and IV
The records of Superstores shows a loan of #14,000 from Bala,creditor #8,000 and assets #190,500. What is the firm's capital?
- A. #184, 000
- B. #196,500
- C. #212,000
- D. #168,500
Purchases can be ascertained through the preparation of a
- A. stock account
- B. sales account
- C. total debtors control account
- D. total creditors control account
A discount that is allowed to encourage a debtor to pay off his debt within a period is the
- A. annual discount
- B. trade discount
- C. periodic discount
- D. cash discount
Use the information below to answer the question that follows,
A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000. The yearly depreciation using the straight line method would be?
- A. N5,200
- B. N6,500
- C. N8,800
- D. N4,400