Jamb Accounts - Principles of Accounts 2005 Past Questions and Answers

Question 46:

• JAMB 2005

Musa merchants Trading and profit and Loss Account for the year ended Dec.31st, 2003
Determine the closing stock

A. N20 000
B. N30, 000
C. N40 000
D. N50,000

Question 47:

• JAMB 2005

The capital employed is

A. N13 000
B. N9 900
C. N8 400
D. N9 000

Question 48:

• JAMB 2005

Determine the closing stock under LOFO method

A. N575
B. N500
C. N375
D. N275

Question 49:

• JAMB 2005

Calculate the closing stock under FIFO method

A. N875
B. N675
C. N600
D. N300

Question 50:

• JAMB 2005

The current ratio is

A. 1:1
B. 2:1
C. 2.8:1
D. 3.5:1