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

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

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

Question 13:

• JAMB 2015

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

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

Question 14:

• JAMB 2015

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

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

Question 15:

• 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