Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 751:

• JAMB 2010

Use the information below to answer question
Sales....................................N10,900
Stock 1/1................................N1, 000
Stock 31/12..............................N2, 000
Purchases................................N4, 000
Returns outwards.........................N800
Returns inwards..........................N600
Carriage outwards........................N300
Carriage inwards.........................N200
The cost of goods available for sale is?

A. N4 600
B. N5 000
C. N6 400
D. N4 400

Question 752:

• JAMB 2010

Benefit enjoyed for which payments have not been made are?

A. Accruals
B. Prepayments
C. Acquisitions
D. Provisions

Question 753:

• JAMB 2010

Use the information below to answer questions
Sundry debtor..................N20,000
Provision for bad debts........N500
Provision for bad debt at 4% of sundry debtors.
Determine the provision for bad debts to profit and loss account?

A. N500
B. N820
C. N1300
D. N300

Question 754:

• JAMB 2010

Use the information below to answer questions
Sundry debtor..................N20,000
Provision for bad debts........N500
Provision for bad debt at 4% of sundry debtors.

Calculate the provision to be taken to the balance sheet?

A. N780
B. N800
C. 1200
D. N200

Question 755:

• JAMB 2010

If an organization maintains a periodic stock system, the stock quantities are?

A. Updated at the end of the accounting year
B. Not considered in the updating process
C. Updated continuously
D. Updated at the beginning of the accounting year