Financing Business - Jamb Commerce Past Questions and Answers

Question 91:

• JAMB 2015

\(\begin{array}{c|c}
\text{Opening stock} & 1800 \\
\hline
\text{Purchases} & 2800 \\
\hline
\text{Sales} & 800 \\
\hline
\text{Closing stock} & 800 \\
\hline
\text{Carriage on sale} & 500 \\
\end{array}\)
Calculate the value of the unused stock

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

Question 92:

• JAMB 2015

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

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

Question 93:

• JAMB 2015

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

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

Question 94:

• JAMB 2016

Commission on turnover is usually a benefit accruable to the

A. Drawer
B. Drawee
C. Payer
D. Payee

Question 95:

• JAMB 2016

Funds used for paying wages, salaries and payments for raw materials are categorized under

A. Liquid capital
B. Circulating capital
C. Fixed capital
D. Nominal capital