Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1126:

• JAMB 2017

One of the options below have the same features as the profit and loss account in non-profit organization

A. Income and expenditure account
B. Profit and loss account
C. Receipts and payment account
D. Non profit account

Question 1127:

• JAMB 2017

Calculate the discount received in Department B
\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 500 000 \\ \hline \text{Purchases} & 150 000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & &
\end{array}\)

A. ₦12,000
B. ₦15,000
C. ₦16,000
D. ₦9,000

Question 1128:

• JAMB 2017

An advantage of FIFO method of stock valuation is that

A. It serves-as a control during inflation
B. It is calculated at the end of the year
C. It is progressive in nature
D. Its flow of cost is in sequence with the flow of stock.

Question 1129:

• JAMB 2017

Discount allowed is enjoyed by

A. Managers
B. Customers
C. Suppliers
D. Staff of the company

Question 1130:

• JAMB 2017

\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 150,000 \\ \hline \text{Purchases} & 500,000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & &
\end{array}\)
Determine the discount allowed by Department A

A. ₦5,000
B. ₦9,375
C. ₦5,625
D. ₦8,000