Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 986:

• JAMB 2015

Determine wage expenses from the given information, wages outstanding at the beginning, wages paid during the period 15000 and wages outstanding of the period 2,000

A. N16,000
B. N17,000
C. N13,000
D. N14,000

Question 987:

• JAMB 2015

Which method of pricing can be used satisfactorily in either rising or falling price situation?

A. Market price
B. Average method
C. FIFO
D. Standard price

Question 988:

• JAMB 2015

Use the information below to answer this question.
\(\begin{array}{c|c}
\text{Stock} & 11,250 \\
\hline
\text{Debtors} & 18,750 \\
\hline
\text{Creditors} & 3,750 \\
\hline
\text{Bank} & 4,000 \\
\hline
\text{Net profit} & 7,500 \\
\hline
\text{Net} & 60,000 \\
\end{array}\)
Calculate the acid test ratio

A. 5 : 1
B. 6 : 1
C. 6 : 1 : 1
D. 4 : 1

Question 989:

• JAMB 2015

Use the following information to answer this question.
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000
What is the club’s accumulated fund?

A. N699, 000
B. N641, 000
C. N402, 000
D. N605, 000

Question 990:

• JAMB 2015

What will be the number of shares to be issued to a subscriber who applied for 50,000 units.

A. 20,000
B. 18,000
C. 15,000
D. 12,000