Jamb Accounts - Principles of Accounts 2012 Past Questions and Answers

Question 16:

• JAMB 2012

1/5/07 Purchased 100 bags of milk at #10.00k each
3/5/07 Purchased 60 bags of milk at #11.50k each
15/5/07 Issued 85 bags of milk
15/5/07 Purchased 180 bags of milk at #12.80K each
22/5/07 Issued 145 bags of milk.
Using FIFO method, what would be the value of stock as at 9/5/07?

A. #862.50
B. #840.00
C. #806.25
D. #750.00

Question 17:

• JAMB 2012

1/5/07 Purchased 100 bags of milk at #10.00k each
3/5/07 Purchased 60 bags of milk at #11.50k each
15/5/07 Issued 85 bags of milk
15/5/07 Purchased 180 bags of milk at #12.80K each
22/5/07 Issued 145 bags of milk.
Using simple average method, calculate the value of stock after 22/5/07

A. #1,198.00
B. #1,218.38
C. #1,257.67
D. #1,408.00

Question 18:

• JAMB 2012

The LIFO method has an advantage over FIFO in that stocks are valued at

A. Previous prices
B. Current prices
C. Average rates
D. Flat rates

Question 19:

• JAMB 2012

In sales ledger control account, returns inwards is usually

A. Debited and debtors credited
B. Credited and sales returns debited
C. Debited and cash credited
D. Credited and bank credited

Question 20:

• JAMB 2012

Purchasers ledger control account can also be referred to as

A. Sales day book
B. Purchasers day book
C. Creditors legder
D. Debtors ledger