JAMB Accounting Past Questions & Answers - Page 231

Given that 1/3 of the N6000 stock held by a branch is purchased from outsiders. If goods are invoiced to branch at 25% on cost, the provision for unrealized profit is?

Nasara Manufacturing Plc has three direct labour employees that work 40 hours each a week for 50 weeks a year. Factory overhead costs of N60,000 is distributed on the basis of direct labour hours.
Compute the overhead rate?

Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch.

Stock at branch 1st January at cost............N400
Goods sent to branch at cost...................N8000
Returns to head ...............................N340
Cash sales ....................................N9160
Stock at branch 31st December at cost..........N720

Calculate the cost of goods credited to the head office trading account?

Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch.

Stock at branch 1st January at cost............N400
Goods sent to branch at cost...................N8000
Returns to head ...............................N340
Cash sales ....................................N9160
Stock at branch 31st December at cost..........N720

What is the gross profit carried to the profit and loss account?

(i)Orientation 
(ii) Entity 
(iii)Legal status
(iv)Finance.
Which of the characteristics above distinguishes a profit-making from a not-for-profit-making organizations?