The Final Accounts of a Sole Trader - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 141:

• JAMB 2014

Determine the closing stock.

A. N30,000
B. N40,000
C. N50,000
D. N60,000

Question 142:

• JAMB 2014

What is the total income for the period?

A. N13,890
B. N13,500
C. N10,500
D. N9,500

Question 143:

• 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 144:

• JAMB 2015

Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 53,000; creditors at the beginning 4000; creditors at the end 2,000

A. N52,000
B. N51,000
C. N55,000
D. N50,000

Question 145:

• JAMB 2015

If sales return is understated, it implies that ------------------------------ is overstated

A. Return inward
B. Sales figure
C. Cost of sales
D. Return outward