2012 - JAMB Accounting Past Questions and Answers - page 2
11
Given:
Cash book balance- #5000
Dishonored cheque- #1000
Direct credit - # 800
Direct debit - # 500
The adjusted cash book balance is
Cash book balance- #5000
Dishonored cheque- #1000
Direct credit - # 800
Direct debit - # 500
The adjusted cash book balance is
A
#6,300
B
#4,300
C
#3,700
D
#2,700
correct option: a
Users' Answers & Comments12
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
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
A
#210,000
B
#202,000
C
#195,000
D
#184,000
correct option: b
Users' Answers & Comments13
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
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
A
#34,000
B
#30,000
C
#15,000
D
#4,000
correct option: b
Users' Answers & Comments14
Which of the following is an item of special assets?
A
Fixed assets
B
Current assets
C
Trademark
D
Gratuity
correct option: c
Users' Answers & Comments15
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?
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?
A
#862.50
B
#840.00
C
#806.25
D
#750.00
correct option: d
Users' Answers & Comments16
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
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
A
#1,198.00
B
#1,218.38
C
#1,257.67
D
#1,408.00
correct option: d
Users' Answers & Comments17
The LIFO method has an advantage over FIFO in that stocks are valued at
A
previous prices
B
current prices
C
average rates
D
flat rates
correct option: b
Users' Answers & Comments18
In sales ledger control account, returns inwards is usually
A
debited and debtors credited
B
credited and sales returns debited
C
debited and cash credited
D
credited and bank credited
correct option: b
Users' Answers & Comments19
Purchasers ledger control account can also be referred to as
A
sales day book
B
purchasers day book
C
creditors legder
D
debtors ledger
correct option: c
Users' Answers & Comments20
Which of the following is a debit item in the sales ledger control account
A
Cheque reciepts
B
Dishonoured cheques
C
Discount allowed
D
Bills recievable
correct option: b
Users' Answers & Comments