Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 536:

• JAMB 2005

Determine the closing stock under LOFO method

A. N575
B. N500
C. N375
D. N275

Question 537:

• JAMB 2005

Calculate the closing stock under FIFO method

A. N875
B. N675
C. N600
D. N300

Question 538:

• JAMB 2005

The current ratio is

A. 1:1
B. 2:1
C. 2.8:1
D. 3.5:1

Question 539:

• JAMB 2006

Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?

A. Stock account and credit profit and loss account
B. Drawings account and credit stock account
C. Profit and loss account and credit drawing account
D. Stock account and credit drawings account

Question 540:

• JAMB 2006

Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?

A. Stock account and credit profit and loss account
B. Drawings account and credit stock account
C. Profit and loss account and credit drawing account
D. Stock account and credit drawings account