2012 - JAMB Accounting Past Questions and Answers - page 2

Given: Cash book balance- #5000 Dishonored cheque- #1000 Direct credit - # 800 Direct debit - # 500 The adjusted cash book balance is

At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of #180,000. it is however discovered that revenue of #15,000 is recorded as expenses while expenses of #4,000 is recorded as revenue. Determine the adjusted net profit

At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of #180,000. it is however discovered that revenue of #15,000 is recorded as expenses while expenses of #4,000 is recorded as revenue. The revenue to be added as an adjustment is

Which of the following is an item of special assets?

1/5/07 Purchased 100 bags of milk at #10.00k each 3/5/07 Purchased 60 bags of milk at #11.50k each 15/5/07 Issued 85 bags of milk 15/5/07 Purchased 180 bags of milk at #12.80K each 22/5/07 Issued 145 bags of milk. Using FIFO method, what would be the value of stock as at 9/5/07?

1/5/07 Purchased 100 bags of milk at #10.00k each 3/5/07 Purchased 60 bags of milk at #11.50k each 15/5/07 Issued 85 bags of milk 15/5/07 Purchased 180 bags of milk at #12.80K each 22/5/07 Issued 145 bags of milk. Using simple average method, calculate the value of stock after 22/5/07

The LIFO method has an advantage over FIFO in that stocks are valued at

In sales ledger control account, returns inwards is usually

Purchasers ledger control account can also be referred to as

Which of the following is a debit item in the sales ledger control account