1995 JAMB UTME Accounts Past Questions

1995

The following information is provided for Amusa company limited, a manufacturerPrime cost ₦999,000 Manufacturing overhead ₦132,000 Closing work in progress ₦75,000 Values of finished goods transferred to the trading a…

1995

The factory cost of producing goods is made up of

1995

Given:Prime cost ₦220,000 Factory cost ₦32,000 Work in progress at beginning ₦25,000 Work in progress at close ₦19,000 Administrative expenses ₦21,000Determine the production cost

1995

I. A retailer when fixing his selling price adds one-quarter to the cost of the article II. The expenses of the retailer is 10% of his sales III. The total sales is ₦23,000 IV. he turned over his stock five times in t…

1995

I. A retailer when fixing his selling price adds one-quarter to the cost of the article II. The expenses of the retailer is 10% of his sales III. The total sales is ₦23,000 IV. he turned over his stock five times in t…

1995

The starting point for the production of accounts from incomplete records is to

1995

The purchase ledger control account of a company had an opening balance of ₦45,600 credit and closing balance of ₦72,600 credit. The company made payments of 437,000 to credit suppliers during the period: and had discoun…

1995

Sales ledger control account contains the total amount in respect of

1995

Why are adjustments in the profit and loss account necessary?

1995

Adama's bank account showed an overdraft of ₦600 on 31st march. On going through the account, it was discovered that the ₦1,080 paid into the account on 29th March had not been credited. what should be the balance in Ada…

1995

The following represent extracts from the trading account of a retail outlet for a given month:Opening stock ₦2,400 Closing stock ₦6,400 Other expenses ₦2,000 Sales ₦11,000 Profit ₦900What is the purchase figure for…

1995

A payment of cash of ₦20 to John was entered on the receipt side of the cash book in error and credited to John's account. Which of the following journal entry can be used to correct the error?

1995

Bola, UTC's regular customer, owed ₦1,00 on account of a radio bought. If he sent in a cheque for ₦1,500, UTC would send him a

1995

What are the advantages of an imprest petty cash book?I cheques can be drawn easily II A cheque on the use of cash III Liability of the petty cashier is limited to the value of petty cash IV Loses through the petty ca…

1995

A trail balance is usually prepared by an accountant from account balances in the ledger for the purpose of

1995

One major advantage of ledger is that it

1995

Diamond Ringo business was started when Mr. Diamond brought in a cheque of ₦500,000, which was paid into the bank account. Which of the following entries properly records the transaction?

1995

Which of the following transaction is BEST recorded in the general journal?

1995

Given: Motor van, ₦3,600, Premises, ₦5,000; Loan from R. Nwaeke, ₦1,000; Cash at bank; ₦1,650; stock of goods ₦4,800; Creditors, ₦2,560; Cash in hand, ₦250 and debtors ₦6,910. calculate the capital figure.

1995 JAMB UTME Accounts Past Questions

The following information is provided for Amusa company limited, a manufacturerPrime cost ₦999,000 Manufacturing overhead ₦132,000 Closing work in progress ₦75,000 Values of finished goods transferred to the trading a…

The factory cost of producing goods is made up of

Given:Prime cost ₦220,000 Factory cost ₦32,000 Work in progress at beginning ₦25,000 Work in progress at close ₦19,000 Administrative expenses ₦21,000Determine the production cost

I. A retailer when fixing his selling price adds one-quarter to the cost of the article II. The expenses of the retailer is 10% of his sales III. The total sales is ₦23,000 IV. he turned over his stock five times in t…

I. A retailer when fixing his selling price adds one-quarter to the cost of the article II. The expenses of the retailer is 10% of his sales III. The total sales is ₦23,000 IV. he turned over his stock five times in t…

The starting point for the production of accounts from incomplete records is to

The purchase ledger control account of a company had an opening balance of ₦45,600 credit and closing balance of ₦72,600 credit. The company made payments of 437,000 to credit suppliers during the period: and had discoun…

Sales ledger control account contains the total amount in respect of

Why are adjustments in the profit and loss account necessary?

Adama's bank account showed an overdraft of ₦600 on 31st march. On going through the account, it was discovered that the ₦1,080 paid into the account on 29th March had not been credited. what should be the balance in Ada…

The following represent extracts from the trading account of a retail outlet for a given month:Opening stock ₦2,400 Closing stock ₦6,400 Other expenses ₦2,000 Sales ₦11,000 Profit ₦900What is the purchase figure for…

A payment of cash of ₦20 to John was entered on the receipt side of the cash book in error and credited to John's account. Which of the following journal entry can be used to correct the error?

Bola, UTC's regular customer, owed ₦1,00 on account of a radio bought. If he sent in a cheque for ₦1,500, UTC would send him a

What are the advantages of an imprest petty cash book?I cheques can be drawn easily II A cheque on the use of cash III Liability of the petty cashier is limited to the value of petty cash IV Loses through the petty ca…

A trail balance is usually prepared by an accountant from account balances in the ledger for the purpose of

One major advantage of ledger is that it

Diamond Ringo business was started when Mr. Diamond brought in a cheque of ₦500,000, which was paid into the bank account. Which of the following entries properly records the transaction?

Which of the following transaction is BEST recorded in the general journal?

Given: Motor van, ₦3,600, Premises, ₦5,000; Loan from R. Nwaeke, ₦1,000; Cash at bank; ₦1,650; stock of goods ₦4,800; Creditors, ₦2,560; Cash in hand, ₦250 and debtors ₦6,910. calculate the capital figure.

Which of the following accounting records are source documents?