Post Utme Accounts - Principles of Accounts Past Questions and Answers

Question 46:

Which of the following stock valuation methods is suitable under inflationary conditions?

A. FIFO
B. LIFO
C. Simple average
D. Weighted average.

Question 47:

In the absence of a sales day book or sales account, credit sales can be computed from ___

A. Creditor control account
B. Debtors' control account
C. Opening figures of the balance sheet
D. Closing figures of the balance sheet.

Question 48:

Sales ledger control account contains the total amount in respect of

A. Creditors
B. Debtors
C. Investors
D. Shareholders.

Question 49:

The difference in the sales ledger control account is transferred to the

A. Profit and loss account
B. Sales account
C. Balance sheet
D. Trading account

Question 50:

The following represents extracts from the trading account of a retail outlet for a given month: Opening stock − ₦2,400; Closing stock − ₦6,400; Other expenses − ₦2,000; Sales − ₦11,000; Profit − ₦900.
What is the purchase figure for the month?

A. ₦13,000
B. ₦12, 100
C. ₦12,000
D. ₦11,200