Jamb 2021 Financial Past Questions And Answers
Use the information below to answer this question
At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of ₦180,000 it is however discovered that revenue of ₦15,000 is recorded as expenses while expenses of ₦4,000 is recorded as revenue.
Determine the adjusted net profit
- A. ₦202,000
- B. ₦210,000
- C. ₦195,000
- D. ₦184,000
Given:
Lankoh Company Ltd
₦
Stock 3,600,000
Cash at hand 800,000
Cash in bank 2,400,000
Debtors 580,000
Trade creditors 920,000
Bank overdraft 200,000
Tax liabilities 600,000
Salary owed to staff 180,000
What is the working capital?
- A. ₦5,480,000
- B. ₦6,480,000
- C. ₦8,480,000
- D. ₦7,380,000
Use the information below to answer this question
At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of ₦180,000 it is however discovered that revenue of ₦15,000 is recorded as expenses while expenses of ₦4,000 is recorded as revenue.
The revenue to be added as an adjustment is
- A. ₦34,000
- B. ₦4,000
- C. ₦30,000
- D. ₦15,000
Given:
Lankoh Company Ltd
₦
Stock 3,600,000
Cash at hand 800,000
Cash in bank 2,400,000
Debtors 580,000
Trade creditors 920,000
Bank overdraft 200,000
Tax liabilities 600,000
Salary owed to staff 180,000
What is the working capital?
- A. ₦5,480,000
- B. ₦6,480,000
- C. ₦8,480,000
- D. ₦7,380,000
In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover
- A. carriage inwards
- B. carriage outwards
- C. discount received
- D. returns outwards
The principle of double entry system ensures
- A. balances at the bank
- B. increase in the assets and liabilities
- C. balance of cashbook
- D. mathematical accuracy in trial balance
Which of the following stock valuation method is suitable under inflationary conditions?
- A. LIFO
- B. simple average
- C. FIFO
- D. weighted average
Which of the following is a debit item in the purchase ledger control account?
- A. balance b/d
- B. cheque dishonoured
- C. balance c/d
- D. purchases
The prime cost is the total of the
- A. direct materials+direct labour+direct wages
- B. production cost+selling expenses
- C. administrative expenses+selling expenses+distribution expenses
- D. direct materials+work overhead expenses
The partnership deed normally specifies?
- A. how profits or losses are to be shared
- B. the capital to be contributed annually
- C. how salaries are paid to employees
- D. the profit that should be earned annually