Jamb Accounts - Principles of Accounts 2008 Past Questions and Answers

Question 16:

• JAMB 2008

\(\begin{array}{c|c}
\text{Capital} & 12,700 & \text{Purchases} & 7,100 \\
\hline
\text{Debtors} & 4,000 & \text{Stationery} & 1,900 \\
\hline
\text{Sales} & 2,400 & \text{Wages} & 1,230 \\
\end{array}\)
Determine the closing balance of the cash book?

A. N655 credit
B. N655 debit
C. N130 credit
D. N130 debit

Question 17:

• JAMB 2008

The factor that determine the periodic depreciation charge are?

A. Asset cost, market value and useful life
B. Asset cost, market value and residusl value
C. Asset value, cash value useful life
D. Asset cost, salvage and useful life

Question 18:

• JAMB 2008

Use the information below to answer questions .
Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units
Using the simple average method, what is the cost per unit of the closing stock?

A. N80
B. N74
C. N64
D. N60

Question 19:

• JAMB 2008

Use the information below to answer questions .
Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units
Using the FIFO method, what is the value of the closing stock?

A. N1280
B. N1184
C. N1024
D. N960

Question 20:

• JAMB 2008

In a period of inflation, which of the following method normally gives a closing closing stock?

A. FIFO
B. LIFO
C. Sinple average
D. Periodic simple average