Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 706:

• JAMB 2009

Use the information below to answer questions
Jan. 1 Received 1,000 units at N10 each
Jan. 2 Received 2,000 units at N12 each
Jan. 3 Issued 1,500 units
Jan. 4 Received 1,000 units at N11 each
Jan. 5 Issued 1,000 units
Using FIFO method, what is the value of the closing stock?

A. N34,000
B. N29,000
C. N17,000
D. N12,000

Question 707:

• JAMB 2009

Use the information below to answer questions
Jan. 1 Received 1,000 units at N10 each
Jan. 2 Received 2,000 units at N12 each
Jan. 3 Issued 1,500 units
Jan. 4 Received 1,000 units at N11 each
Jan. 5 Issued 1,000 units
What is the value of closing stock using simple average?

A. N11,500
B. N17,000
C. N16,500
D. N28,500

Question 708:

• JAMB 2009

Which of the following methods gives a conservative closing stock value during a period of rising prices?

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

Question 709:

• JAMB 2009

Apart from the common control accounts, a control account can also be opened for?

A. Sales account
B. Purchases account
C. Cash account
D. Wages account

Question 710:

• JAMB 2009

Which of the following is a debit item in the purchases ledger control account.

A. Balance b/d
B. Cheque dishonoured
C. Purchases
D. Balance c/d