Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 656:

• JAMB 2008

Use the information below to answer questions .
Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units
Using the FIFO method, what is the value of the closing stock?

A. N1280
B. N1184
C. N1024
D. N960

Question 657:

• JAMB 2008

In a period of inflation, which of the following method normally gives a closing closing stock?

A. FIFO
B. LIFO
C. Sinple average
D. Periodic simple average

Question 658:

• JAMB 2008

The main purpose of control account is to?

A. Detect errors and irregularities
B. Assist purchases
C. Assist sales
D. Check management incompetence

Question 659:

• JAMB 2008

Which of the following is a credit item in creditors ledger control account?

A. Purchases returns
B. Bills payable
C. Purchases
D. Cash receipts

Question 660:

• JAMB 2008

Discount allowed as represented in the control account appears on the?

A. Credit side of the purchases control account
B. Debit side of the purchases control account
C. Credit side of the sales control account
D. Debit side of the sales control account