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Jamb Accounts - Principles of Accounts Past QuestionsQuestion 851:At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of #180,000. it is however discovered that revenue of #15,000 is recorded as expenses while expenses of #4,000 is recorded as revenue. The revenue to be added as an adjustment is A. #34,000 B. #30,000 C. #15,000 D. #4,000 Question 852:Which of the following is an item of special assets? A. Fixed assets B. Current assets C. Trademark D. Gratuity Question 853:1/5/07 Purchased 100 bags of milk at #10.00k each 3/5/07 Purchased 60 bags of milk at #11.50k each 15/5/07 Issued 85 bags of milk 15/5/07 Purchased 180 bags of milk at #12.80K each 22/5/07 Issued 145 bags of milk. Using FIFO method, what would be the value of stock as at 9/5/07? A. #862.50 B. #840.00 C. #806.25 D. #750.00 Question 854:1/5/07 Purchased 100 bags of milk at #10.00k each 3/5/07 Purchased 60 bags of milk at #11.50k each 15/5/07 Issued 85 bags of milk 15/5/07 Purchased 180 bags of milk at #12.80K each 22/5/07 Issued 145 bags of milk. Using simple average method, calculate the value of stock after 22/5/07 A. #1,198.00 B. #1,218.38 C. #1,257.67 D. #1,408.00 Question 855:The LIFO method has an advantage over FIFO in that stocks are valued at A. Previous prices B. Current prices C. Average rates D. Flat rates |
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