2011 - JAMB Accounting Past Questions and Answers - page 2

The process of reconciling cheques between banks is termed cheque?

In a bank reconciliation statement, interest charged for overdrawn balances should be added to the?

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?

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?

The type of expense charged against administration of a firm is the?

In a period of declining price, which of the following methods would result in higher profit?

The item on the credit side of the trading account is the?

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?

What is the value of stock as at the end of July 10 using FIFO?

A typical example of a real account is?