Jamb Accounts - Principles of Accounts 2011 Past Questions and Answers

Question 16:

• JAMB 2011

The type of expense charged against administration of a firm is the?

A. Repairs on building
B. Interesr paid on loan
C. Discount allowed
D. Tax expense

Question 17:

• JAMB 2011

In a period of declining price, which of the following methods would result in higher profit?

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

Question 18:

• JAMB 2011

The item on the credit side of the trading account is the?

A. Returns outwards
B. Caarriage on sales
C. Sales
D. Purchases

Question 19:

• JAMB 2011

Use the information above to answer questions 19 and 20.
July 30 Closing stock 100 units at N90
July 8 Purchased 200 units at N95
July 10 Sold 160 units
July 17 Returned 80 faulty units purchased at N95
July 18 Purchased 200 units at N105
July 20 Sold 180 units
July 28 Purchased 200 units at N110
July 29 Sold 120 units
July 30 Sold 100 units
How many units were at hand as at July 30?

A. 80
B. 100
C. 60
D. 160

Question 20:

• JAMB 2011

What is the value of stock as at the end of July 10 using FIFO?

A. N14 400
B. N13 300
C. N15 200
D. N12 600