Jamb Accounts - Principles of Accounts 2002 Past Questions and Answers

Question 26:

• JAMB 2002

A company operating a chain of retail provision stores invoices goods to the branches at cost plus a mark-up of 25%. What is the mark-up percentage on selling price?

A. 35%
B. 30%
C. 20%
D. 15%

Question 27:

• JAMB 2002

Given:
Cash purchases ..............................N25000
Trading creditors............................N45000
Opening balance of trade creditors...........N35000
Calculate the purchases for the period?

A. N80,000
B. N35,000
C. N105,000
D. N70,000

Question 28:

• JAMB 2002

Which method of pricing can be used satisfactorily in either a rising or falling price situation?

A. Standard price
B. Marketing price
C. FIFO
D. Average method

Question 29:

• JAMB 2002

Given:
Capital at start.......................N3250
Capital at close ......................N6250
Additional capital during the period...N1000
Calculate the profit or loss?

A. N8500 profit
B. N2000 loss
C. N2000 profit
D. N8500 loss

Question 30:

• JAMB 2002

In a control account, discount received is found on the?

A. Debit side of the purchase ledger control account
B. Debit side of the sales ledger control account
C. Credit side of the purchase ledger control account
D. Credit side of the sales ledger control account