Jamb Accounts - Principles of Accounts 2014 Past Questions and Answers

Question 21:

• JAMB 2014

The excess of sales over cost of goods sold is

A. Gross sales
B. Gross profit
C. Net profit
D. Net sales

Question 22:

• JAMB 2014

2/3 Purchases 900 books at #1,000 each
4/3 Purchases 590 books at # 950 each
15/3 Sales 300 books at #900 each
Determine the cost of goods sold using FIFO

A. #285,000
B. #300,000
C. #570,000
D. #600,000

Question 23:

• JAMB 2014

2/3 Purchases 900 books at #1,000 each
4/3 Purchases 590 books at # 950 each
15/3 Sales 300 books at #900 each
Calculate the cost of goods available for sale using LIFO

A. #801,000
B. #1,100,500
C. #1,160,500
D. #1,175,500

Question 24:

• JAMB 2014

The control account is used in facilitating

A. The location of errors in the various accounts
B. Up to date bank transactions
C. The payment of debts and liabilities of the firm
D. Assets distribution with respect to income

Question 25:

• JAMB 2014

A book of account that possesses the features of both day book and ledger is

A. Sales day book
B. Cash book
C. Purchases day book
D. Returns day book