Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 436:

• JAMB 2003

Use the information to answer this question
Date.............Details........................
Feb........1 Purchased 400 units at N1.00 each
,, ........5 Purchased 200 units at N2.00 each
,,.........10 Purchased 200 units at N300 each
,, .........15 Issued 320 units
,,..........20 Issued 200 units at N4,00 each
,,..........25 Issued 120 units
Using the periodic simple average method, the cost per unit is

A. N4.25
B. N3.25
C. N2.25
D. N1.25

Question 437:

• JAMB 2003

Credit purchases are always put at 150% of the total cash paid to suppliers
Calculate the closing balance of the ledger account

A. N6 900
B. N6400
C. N5000
D. N4000

Question 438:

• JAMB 2003

Credit purchases are always put at 150% of the total cash paid to suppliers
Determine the credit purchases

A. N13 500
B. N15 500
C. N13 400
D. N12 000

Question 439:

• JAMB 2004

The accounting principle that is applied to check arbitrary actions on the part of accountants is?

A. Consistency
B. Materiality
C. Objectivity
D. Realization

Question 440:

• JAMB 2004

The accounting principle that is applied to check arbitrary actions on the part of accountants is?

A. Consistency
B. Materiality
C. Objectivity
D. Realization