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