Calculation of turnover - Jamb Commerce Past Questions and Answers

Question 11:

• JAMB 2013

The rate of turnover of a firm in a given year is 5 times while the average stock is #12,500. what is the turnover of the firm?

A. #24,000
B. #46,500
C. #62,500
D. #65,000

Question 12:

• JAMB 2015

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

A. 1.13 : 1
B. 2 : 1
C. 4.75 : 1
D. 4.25 : 1

Question 13:

• JAMB 2015

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

A. 1.13 : 1
B. 2 : 1
C. 4.75 : 1
D. 4.25 : 1

Question 14:

• 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 15:

• 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