2011 - JAMB Accounting Past Questions and Answers - page 2
11
The process of reconciling cheques between banks is termed cheque?
A
clearing
B
truncation
C
holding
D
confirmation
12
In a bank reconciliation statement, interest charged for overdrawn balances should be added to the?
A
balance as per bank statement
B
bank balance as per adjusted cash book
C
aggregate balance as per cash book
D
bank balance as per cash book
13
Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Determine the current liabilities?
A
iii and v
B
ii and iii
C
iv and v
D
i and ii
14
Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Find the current assets?
A
iii and v
B
ii and i
C
iv and v
D
i and iv
15
The type of expense charged against administration of a firm is the?
A
repairs on building
B
interesr paid on loan
C
discount allowed
D
tax expense
16
In a period of declining price, which of the following methods would result in higher profit?
A
FIFO
B
Simple average
C
LIFO
D
Weighted average
17
The item on the credit side of the trading account is the?
A
returns outwards
B
caarriage on sales
C
sales
D
purchases
18
Use the information above to answer questions 19 and 20.
July 30 Closing stock 100 units at N90
July 8 Purchased 200 units at N95
July 10 Sold 160 units
July 17 Returned 80 faulty units purchased at N95
July 18 Purchased 200 units at N105
July 20 Sold 180 units
July 28 Purchased 200 units at N110
July 29 Sold 120 units
July 30 Sold 100 units
How many units were at hand as at July 30?
A
80
B
100
C
60
D
160
19
What is the value of stock as at the end of July 10 using FIFO?
A
N14 400
B
N13 300
C
N15 200
D
N12 600
20
A typical example of a real account is?
A
prepayment
B
expenses
C
plant
D
income
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