Jamb Accounts - Principles of Accounts 2006 Past Questions and Answers

Question 6:

• JAMB 2006

The objective of a trading account is to establish the?

A. Cost of goods sold
B. Gross profit
C. Manufacturing profit
D. Net profit

Question 7:

• JAMB 2006

A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the?

A. Weighted average method
B. Simple average method
C. FIFO method
D. LIFO method

Question 8:

• JAMB 2006

Use the information below to answer question .
Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000
The company maintains a current ratio of 3:1.
The capital balance is?

A. N95 00
B. N12 500
C. 11 500
D. 10 00

Question 9:

• JAMB 2006

Use the information below to answer question .
Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000
Determine the current assets?

A. N7 000
B. N6 000
C. N8 000
D. N9 000

Question 10:

• JAMB 2006

The difference in the sales ledger control account is transferred to the?

A. Profit and loss account
B. Sales account
C. Balance sheet
D. Trading account