2014 - JAMB Accounting Past Questions and Answers - page 3
21
2/3 Purchases 900 books at #1,000 each
4/3 Purchases 590 books at # 950 each
15/3 Sales 300 books at #900 each
Determine the cost of goods sold using FIFO
4/3 Purchases 590 books at # 950 each
15/3 Sales 300 books at #900 each
Determine the cost of goods sold using FIFO
A
#285,000
B
#300,000
C
#570,000
D
#600,000
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22
2/3 Purchases 900 books at #1,000 each
4/3 Purchases 590 books at # 950 each
15/3 Sales 300 books at #900 each
Calculate the cost of goods available for sale using LIFO
4/3 Purchases 590 books at # 950 each
15/3 Sales 300 books at #900 each
Calculate the cost of goods available for sale using LIFO
A
#801,000
B
#1,100,500
C
#1,160,500
D
#1,175,500
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23
The control account is used in facilitating
A
the location of errors in the various accounts
B
up to date bank transactions
C
the payment of debts and liabilities of the firm
D
assets distribution with respect to income
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24
A book of account that possesses the features of both day book and ledger is
A
sales day book
B
cash book
C
purchases day book
D
returns day book
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25
The value of the sales ledger control account is derived from the summation of
A
the total debtors' account
B
the total creditors' account
C
all day books
D
both the debtors'and creditors' accounts
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26
Subscription in arrears is treated in the balance sheet of a club as
A
current asset
B
current liability
C
fixed asset
D
intangible asset
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27
Social Club Subscription (Extract)
31/12/2009 Subscription accrued #18,900
Subscription received in advance #16,400
Subscription received during
the year 2009 #38,570
Determine the amount of subscription for the year
31/12/2009 Subscription accrued #18,900
Subscription received in advance #16,400
Subscription received during
the year 2009 #38,570
Determine the amount of subscription for the year
A
#57,470
B
#41,070
C
#40,210
D
#35,300
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28
Social Club Subscription (Extract)
31/12/2009 Subscription accrued #18,900
Subscription received in advance #16,400
Subscription received during
the year 2009 #38,570
What is the amount of subscription to be shown as liability in the balance sheet as at December 2009
31/12/2009 Subscription accrued #18,900
Subscription received in advance #16,400
Subscription received during
the year 2009 #38,570
What is the amount of subscription to be shown as liability in the balance sheet as at December 2009
A
#14,200
B
#16,400
C
#18,900
D
#20,500
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29
Given:
Sales #180,000
Stock 1/1 # 25,000
Purchases #110,000
Sales returns # 1000
Purchases returns # 1,500
Gross profit # 58,000
Determine the value of stock as at 31st December
Sales #180,000
Stock 1/1 # 25,000
Purchases #110,000
Sales returns # 1000
Purchases returns # 1,500
Gross profit # 58,000
Determine the value of stock as at 31st December
A
#8000
B
#9,500
C
#12,500
D
#15,500
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30
In a departmental account, where no basis of apportionment exist, apportionment is
A
on profit basis
B
according to employee decision
C
according to material available
D
on equal basis
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