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JAMB questions for "Financial Accounting :: Manufacturing, Departmental, Branch and Partnership Accounts"
Q1
The cost incurred by a department that supported the production department with such activities with such activities as maintenance, production control and storage are called
A
autonomous costs
B
service costs
C
supporting costs
D
subsidiary costs
E
Q2
Determine the gross profit
A
&#8358;49 000
B
&#8358;48 000
C
&#8358;31 000
D
&#8358;30 000
E
Q3
What is the net profit?
A
&#8358;46 000
B
&#8358;45 000
C
&#8358;28 000
D
&#8358;27 000
E
Q4
What is the accumulated fund?
A
&#8358;23 700
B
&#8358;27 750
C
29 650
D
&#8358;51 650
E
Q5
I. Space occupied by each department II. Average value of stock held by each department III. Department turnover IV. Number of articular sold by each department From the information above, the two most logical bases for apportioning expenses that are common to departments are
A
I and II
B
I and III
C
II and III
D
III and IV
E
Q6
What is the sales values of department R?
A
&#8358;7 800
B
&#8358;11 700
C
&#8358;23 400
D
&#8358;35 100
E
Q7
Determine the total expenses of departments P
A
&#8358;9 760
B
&#8358;9 400
C
&#8358;2 860
D
&#8358;2 500
E
Q8
One of the purpose of maintaining the account of a branch at the head office is to
A
record charges in shareholdings
B
record charges in liabilities
C
check the excesses of customers
D
check the excesses of members of staff
E
Q9
Which of the following is a common cause of a discrepancy between head office and branch trail balance?
A
Debtors and cash in transit
B
C
Stock and cash in transit
D
Stock and payments
E
Q10
Sule and Ahmad are in partnership sharing profits and losses equally. If Khadija is admitted as a new partner to take 1/5th as her share, what is the new profit or loss sharing ratio?
A
B
Sule 1/5, Ahmed 1/5 and Khadija 3/5
C
D
E
Q11
Given:     &#8358; Net profit b/d   10 000 Interest on capital M 2 000   K 1 000 Partners salary K 800 Interest on drawings M 500 Profit sharing ratio M and K 3:2 Determine M\'s share of profit
A
&#8358;6 280
B
&#8358;4 020
C
&#8358;2 820
D
&#8358;2 280
E
Q12
Assuming that the partnership maintains a fixed capital, what is P's closing capital?
A
&#8358;25 000
B
&#8358;24 900
C
&#8358;22 900
D
&#8358;20 000
E
Q13
If the capital of the partnership is unfied, what is K's current account?
A
&#8358;11 950
B
&#8358;10 950
C
&#8358;20
D
&#8358;0
E
Q14
In partnership account, conversion of non-cash assets into cash is referred to as
A
realization
B
disposal
C
dissolution
D
revaluation
E
Q15
The floor space occupied by manufacturing and administration departments in a company is 200 sqm and 300 sqm respectively. &#8358;20 000 rent incurred is shared using floor space occupied. How much is the rent chargeable to manufacturing?
A
&#8358;8 000
B
&#8358;10 000
C
&#8358;12 000
D
&#8358;18 000
E
Q16
The main reasons 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 managers are adequately monitored
E
Q17
&#8358; Subsciption in arrears    01/01/06 2 000 Subsciption in advance   01/01/06 1 500 Subsciption paid during the year 7 000 Subsciption in arrears    31/12/06 3 000
A
&#8358;3 500
B
&#8358;7 000
C
&#8358;9 500
D
&#8358;31 500
E
Q18
What was department Q's gross profit?
A
&#8358;2 500
B
&#8358;2 300
C
&#8358;2 200
D
&#8358;1 700
E
Q19
Department P's net profit was
A
&#8358;5 200
B
&#8358;3 000
C
&#8358;2 800
D
&#8358;2 500
E
Q20
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 changing goods to the branches are
A
I and II
B
I, II and III
C
I, II, III and IV
D
III and IV
E
Q21
If a GSM opertor based in Lagos supplies recharge cards to its branch in Akure, the head office can charge the goods at
A
selling price
B
Akure price
C
company price
D
Lagos price
E
Q22
&#8358; Capital G 5 000 T 8 000 Drawings G 2 000 T 1 000 Interest on capital     10% Interest on drawings 5% Find the interest on drawing of
A
&#8358;50
B
&#8358;100
C
&#8358;200
D
&#8358;250
E
Q23
The entry in the partnership books of accounts for interest on drawing is to
A
credit partners capital account
B
debit partners capital account
C
credit drawing account
D
debit drawings account
E
Q24
In patnership dissolution, an asset taken over by a partner is debited to
A
partners capital account and credited to realization account
B
partners capital account and credited to asset account
C
asset account and credited to realization account
D
realization account and credited to capital account
E
Q25
Goodwill can be in the balance sheet as
A
fixed tangible asset
B
current asset
C
fictitious asset
D
liquid asset
E
Q26
Given I Ascertainment of particulars of the proposed company II  Preparation of the incorporation documents III Filling of the documents IV Registration of the company From the information above, the stages involved in the formation of a company are
A
I, II and III
B
I, II, III and IV
C
I, III and IV
D
II, III and IV
E
Q27
What is the cost of raw materials consumed?
A
&#8358;173 000
B
&#8358;170 000
C
&#8358;160 000
D
&#8358;156 000
E
Q28
Calculate the prime cost
A
&#8358;597 000
B
&#8358;579 000
C
&#8358;576 000
D
&#8358;567 000
E
Q29
A company has departments X, Y and Z. Department X occupies a space twice that of Y while Z occupies half the space of Y. If the company pays &#8358;70,000 on rent, what is the amount of rent that should be allocated to Y?
A
&#8358;30,000
B
&#8358;40,000
C
&#8358;20,000
D
&#8358;10,000
E
Q30
Calculate the total figure for the receipts and payments account
A
&#8358;11,410
B
&#8358;13,630
C
&#8358;9,310
D
&#8358;11,530
E
Q31
Determine opening cash balance of the club
A
&#8358;3,070
B
&#8358;2,220
C
&#8358;5,710
D
&#8358;4,320
E
Q32
I. profit and losses will be shared unequally. II. Interest is not allowed on capital. III. Salaries are not allowed. IV> Interest is charged on drawings. From the above, which of the following would apply where there is no agreement during partnership formation?
A
I only
B
I, II and III
C
I, II and IV
D
II and III
E
Q33
The value of goods sent to branch is
A
&#8358;4,000
B
&#8358;6,000
C
&#8358;8,000
D
&#8358;2,000
E
Q34
Expenses paid during the conversion of partnership to a company are
A
debited to a company account
B
debited to the partners' capital account
C
debited to the cash account
D
credited to the realization account
E
Q35
Calculate the surplus income
A
&#8358;45,000
B
&#8358;44,000
C
&#8358;30,000
D
&#8358;14,000
E
Q36
In the trading and profit and loss account of a manufacturing organization, purchases is
A
always the same amount as the total factory overhead cost
B
given separately
C
equivalent to the total cost of goods manufactured
D
always the same as the prime cost
E
Q37
Goods worth &#8358;50,000 were sent at different times from head office to the branch during the year. By the end of the period, only &#8358;40,000 worth of goods arrived at the branch. Which of the following is correct about the treatment of this transaction?
A
B
Head office should debit goods sent to branch amount with &#8358;10,000
C
Head office should debit goods sent to branch amount with &#8358;50,000
D
E
Q38
Osei and Yabo were in partnership sharing profits and losses in the ratio 3:2. On admitting, Takwa, the profit and loss sharing ratio was changed to 1:1:1. Suppose Takwa paid &#8358;30,000 for goodwill, this amount would be
A
credited to Takwa's current account
B
debited to goodwill account
C
shared to all the partners' capital account
D
credited to the old partner's capital account
E
Q39
Partners' share of profit is credited to
A
a partner's current account
B
a partner's capital account
C
the profit and loss account
D
the profit and loss appropriation account
E
Q40
Purchases of raw materials amount to 81,000, direct labour is &#8358;88,000 and factory overhead &#8358;29,000. Calculate the prime cost
A
&#8358;176,000
B
&#8358;170,000
C
&#8358;167,000
D
&#8358;156,000
E
Q41
Find the total expenses allocated to the stationary department
A
&#8358;33600
B
&#8358;31400
C
&#8358;34400
D
&#8358;33800
E
Q42
A
&#8358;5,050
B
&#8358;7,250
C
&#8358;2,750
D
&#8358;5,500
E
Q43
Determine the amount for office lighting and heating
A
&#8358;19,500
B
&#8358;25,000
C
&#8358;7,500
D
&#8358;12,000
E
Q44
Interest on the drawings of partners is treated in the
A
profit and loss appropriation account
B
goodwill account
C
profit and loss account
D
E
Q45
Departmentalization of accounts is useful because it shows the
A
overall performance of a firm
B
price per unit of a product
C
cost per unit of a product
D
overall performance of a division
E
Q46
When goodwill is not retained in the business, the entries in the new partner's books will be debit
A
goodwill account and credit partner's capital account
B
partner's capital account and credit goodwill
C
cash account and credit goodwill account
D
goodwill account and credit cash account
E
Q47
Head office sends good to its branch at cost plus mark-up of 25%. A debit of 340000 to the branch stock account in the head office books will indicate that the head office has sent goods with a profit of
A
&#8358;4000
B
&#8358;6000
C
&#8358;10000
D
&#8358;8000
E
Q48
A company has departments S, T and U. The sales are &#8358;20,000, &#8358;40,000 and &#8358;60,000 respectively. If the sales commission paid is &#8358;12,000, how much is T's share?
A
&#8358;8,000
B
&#8358;2,000
C
&#8358;4,000
D
&#8358;6,000
E
Q49
In converting a partnership to a company, the loss on asset revaluation is
A
debited to the revaluation account
B
debited to the profit and loss account
C
credited to the revaluation account
D
credited to the profit and loss account
E
Q50
The head office of Emeka Store maintains the financial accounts of all its branches. The branches store account in the head office serves as the branch
A
B
debtors' account
C
cash account
D
expenses account
E
Q51
The movement of goods from head office to a branch is treated as the head office accounts
A
requisition
B
purchases
C
issue
D
sale
E
Q52
Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including
A
partners' drawings
B
interest on loans
C
interest on capital
D
partners' salaries
E
Q53
In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a
A
contra entry
B
debit entry
C
reversal entry
D
credit entry
E
Q54
Whaen assets are realized during a partnership dissolution, the entries for the proceeds are to debit
A
asset account and credit cash account
B
realization account and credit cash account
C
asset account and credit realization account
D
cash account and credit realization account
E
Q55
What is the cost of goods manufactured?
A
&#8358;97000
B
&#8358;117000
C
&#8358;93000
D
&#8358;104000
E
Q56
Calculate the prime cost
A
&#8358;75000
B
&#8358;70000
C
&#8358;50000
D
&#8358;68000
E
Q57
If the assets and liabilities of a firm were valued at &#8358;17200 and &#8358;5120 respectively, the capital of the firm would be
A
&#8358;5120
B
&#8358;12080
C
&#8358;17200
D
&#8358;22320
E
Q58
A company incurred &#8358;21000 in running its four departments, namely J, K, L and M with a corresponding number of employees as 1500, 2000, 3000 and 500 respectively. What is the share of department K?
A
&#8358;6000
B
&#8358;1500
C
&#8358;9000
D
&#8358;4500
E
Q59
Departmental accounts are prepared to aid the comparison of the
A
daily profits
B
previous year's transactions
C
management performances
D
workers performances
E
Q60
A component of an overhead manufacturing cost is
A
labour
B
rent
C
cost of work-in-progress
D
cost of finished goods
E