JAMB Accounting Past Questions & Answers - Page 33

161.

If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000?

A.

₦130,000

B.

₦75,000

C.

₦80,000

D.

₦125,000

Correct answer is B

25/100 x 100,000 = 25,000

 

100,000 - 25,000 = 75,000

162.

A source document is used for verifying the 

A.

amount due from debtors

B.

amount due to creditors

C.

selling price of goods

D.

actual cost of an asset

Correct answer is C

No explanation has been provided for this answer.

163.

Recurrent expenditures are expenses for the period not exceeding

A.

10years

B.

2years

C.

5years

D.

1year

Correct answer is D

No explanation has been provided for this answer.

164.

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

Correct answer is A

No explanation has been provided for this answer.