2010 - JAMB Accounting Past Questions and Answers - page 4

If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to?

Use the information below to answer questions 23 and 24.

............................31/12/07.......31/12/08
Stocks........................N4 200.........N3 900
Rates in advance..............N1 000.........N1 500
Accrued wages.................N1 150.........N1 350

Cost of goods sold was valued at N6 000.
Cash paid for rates and wages during the year was N1 300 and N2 200 respectively.

What is the value of purchases for the year 2008?

Determine the total expenses to be charged to profit and loss account?

Use the information below to answer questions 25 and 26.

........................31/12/08...........31/12/09

Furniture and fittings..N21 000,............N28 000
Office equipment........N9 800,.............N13 200
Debtors.................N6 800,.............N5 200
Creditors...............N4 900,.............N5 100
Cash at bank............N7 000,.............N4 600
Accrued electricity bills...................N1 200

Monthly drawings average N330.

Find the opening capital?

Determine the net profit ?

The gross loss on manufacturing is always transferred to the?

The depreciation on a motor vehicle that is being used for manufacturing and administration is charged to the?

The prime cost is the total of the?

In the not-for-profit-making organization, the excess of income over expenditure is?

The equivalent of a club's receipts and payment account is the?