Jamb Accounts - Principles of Accounts 2009 Past Questions and Answers

Question 16:

• JAMB 2009

Use the information below to answer questions
Total current assets..................N2,000
Total fixed assets....................N4,000
Current liabilities...................N1,200
Drawings..............................N200
Long-term loan........................N2,000
Determine the capital of the business?

A. N9,400
B. N6,000
C. N3,400
D. N3,000

Question 17:

• JAMB 2009

Use the information below to answer questions
Total current assets..................N2,000
Total fixed assets....................N4,000
Current liabilities...................N1,200
Drawings..............................N200
Long-term loan........................N2,000
What is the net working capital?

A. N2,600
B. N1,800
C. N800
D. N600

Question 18:

• JAMB 2009

Which of the following items are current assets?

A. Stock, bills receivable, cash and debtors
B. Stock, bill payable, cash and debtors
C. Stock, bad debt, bills receivable and cash
D. Stock, work-in-progress, cash and bills payable

Question 19:

• JAMB 2009

Use the information below to answer questions
Jan. 1 Received 1,000 units at N10 each
Jan. 2 Received 2,000 units at N12 each
Jan. 3 Issued 1,500 units
Jan. 4 Received 1,000 units at N11 each
Jan. 5 Issued 1,000 units
Using FIFO method, what is the value of the closing stock?

A. N34,000
B. N29,000
C. N17,000
D. N12,000

Question 20:

• JAMB 2009

Use the information below to answer questions
Jan. 1 Received 1,000 units at N10 each
Jan. 2 Received 2,000 units at N12 each
Jan. 3 Issued 1,500 units
Jan. 4 Received 1,000 units at N11 each
Jan. 5 Issued 1,000 units
What is the value of closing stock using simple average?

A. N11,500
B. N17,000
C. N16,500
D. N28,500