2009 - JAMB Accounting Past Questions and Answers - page 2

Cash discount is often recorded on?

The standing order is a payment instruction given by a?

Which of the should not be added or subtracted from the bank statement balance to determine the adjust cash balance?

Given: Balance as per cash book...................N20,000 Unpresented cheques........................N5, 200 Direct credit to the bank..................N1, 000 Direct debit from the bank.................N1, 000 Credit in the cash book....................N500 Calculate the balance as bank statement at the end of the year?

Use the information below to answer questions 17 and 18. Total current assets..................N2,000 Total fixed assets....................N4,000 Current liabilities...................N1,200 Drawings..............................N200 Long-term loan........................N2,000 Determine the capital of the business?

What is the net working capital?

Which of the following items are current assets?

Use the information below to answer questions 20 and 21. Jan. 1 Received 1,000 units at N10 each Jan. 2 Received 2,000 units at N12 each Jan. 3 Issued 1,500 units Jan. 4 Received 1,000 units at N11 each Jan. 5 Issued 1,000 units Using FIFO method, what is the value of the closing stock?

What is the value of closing stock using simple average?

Which of the following methods gives a conservative closing stock value during a period of rising prices?