Jamb Commerce 2015 Past Questions and Answers

Question 46:

• JAMB 2015

Musa obtains wool from his sheep, spins and transform it into cloth which he sells to consumers, this is a form of

A. Vertical integration
B. Horizontal integration
C. Forward Integration
D. Background integration

Question 47:

• JAMB 2015

The principle of subrogation stated that

A. An insured person should be indemnified to the time of the amount insured
B. An insurance company constant in lace of the insured in dealing with third party.
C. Only a person who is likely to suffer loss hold take out an insurance cover
D. There must be accuse connection between the actual loss suffered and risk insure

Question 48:

• JAMB 2015

$\begin{array}{cc}\text{Opening stock}& 1800\\ \text{Purchases}& 2800\\ \text{Sales}& 800\\ \text{Closing stock}& 800\\ \text{Carriage on sale}& 500\end{array}$
Calculate the value of the unused stock

A. N320
B. N350
C. N500
D. N800

Question 49:

• JAMB 2015

Given
$\begin{array}{cc}\text{Opening stock}& 50,000\\ \text{Purchases}& 200,000\\ \text{Sales}& 350,000\\ \text{Closing stock}& 80,000\end{array}$
What is the cost of good sold?

A. N200,000
B. N190,000
C. N170,000
D. N175,000

Question 50:

• JAMB 2015

$\begin{array}{cc}N& N\\ \text{Capital 8000}& \text{Plant and machinery5000}\\ \text{Net profit 4000}& \text{Motor Van 4500}\\ \text{Drawings 200}& \text{Stock 2000}\\ \text{Creditors 2000}& \text{Debtors 1000}\\ \text{Accurals 300}& \text{Banks 100}\\ & \text{Cash 600}\\ 14100& 14100\end{array}$
What is the current ratio?

A. 1 : 4
B. 5 : 1
C. 3 : 1
D. 2 : 1