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JAMB past questions and answers on Accounts 2018

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What is the amount of capital employed?


A ₦7000

B ₦10000

C ₦22000

D ₦15000

Answer & Comment

Correct Option: D



Hint: The amount of Capital Employed basically means the difference between the total assets and current liabilities of the company.




Advertising expenses incurred on a product in a business organization should be charged to


A Sales department

B Production department

C Purchase department

D Administration department

Answer & Comment

Correct Option: A



Because it is an expenses incurred in order to enhance the sales of the company’s product or services.




                                      N                              N
Capital                                         39,000  Land  20,000
Long Term Loan      15, 000 Building 30,000
Creditors                                       9,000 Stock  40,000
Debtors  6,000
Accrued wages                             5,000 Cash  8, 000
                       68,000    68,000




Use the information above to answer the question

What is the acid test ratio in the company?






A 1:1

B 2:3

C 1:2

D 3:2

Answer & Comment

Correct Option: A



Acid test ratio: This is a measure of the liquidity position of a company after deduction stock from current assets

Here is the formula: current assets less inventory/current liabilities.

Hence, 18000 – 4000/14000 = 1 : 1




When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________


A Price above or below the stipulated price

B Any price but not below the transfer price

C Cost price

D A price that is equal to the mark up

Answer & Comment

Correct Option: A



In cost plus mark up pricing strategy, the selling price is determined by adding a specific amount of mark up to a product unit cost.




The office responsible for ascertaining whether all public expenditures and appropriations are in line with approved guidelines is the________


A Accountant general

B Finance minister

C Auditor general

D Permanent secretory.

Answer & Comment

Correct Option: C



The amount of money that government reserves for a particular purpose can also be referred as appropriation. On the other hand, public expenditure refers to the spending made by government of a country on collective needs.



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