Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 336:

• JAMB 2001

Given:
N N
Capital 200,000 total assets 210,000
Liabilities 10,000
210,000 210,000
If the business is purchased at a price including a goodwill of N 20,000, what must have been the purchas price?

A. N190,000
B. N210,000
C. N220,000
D. N230,000

Question 337:

• JAMB 2001

WHAT IS THE STOCK VALUATION METHOD USED?

A. LAST IN FIRST OUT
B. FIRST IN FIRST OUT
C. AVERAGE COST
D. WEIGHTED AVERAGE

Question 338:

• JAMB 2002

Given:
Stock (1/4/94) N800
Purchases of flour N2450
Sales N4745
Wages of bakery staff N675
Carriage outwards N50
Salary of administrative staff N225
Stock (31/3/95) N940
Capital N1540
Determine the cost of goods sold?

A. N2575
B. N2985
C. N3250
D. N3925

Question 339:

• JAMB 2002

Given:
Stock (1/4/94) N800
Purchases of flour N2450
Sales N4745
Wages of bakery staff N675
Carriage outwards N50
Salary of administrative staff N225
Stock (31/3/95) N940
Capital N1540
Determine the cost of goods sold?

A. N2575
B. N2985
C. N3250
D. N3925

Question 340:

• JAMB 2002

In preparing the final accounts, the bad debt account is closed by a transfer to the?

A. Balance sheet
B. Provision for bad debt account
C. Profit and loss account
D. Trading account