Accounts - Principles of Accounts 2002 JAMB Past Questions

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Given:

Cash purchases ..............................N25000
Trading creditors............................N45000
Opening balance of trade creditors...........N35000

Calculate the purchases for the period?

A. N80,000
B. N35,000
C. N105,000
D. N70,000

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Which method of pricing can be used satisfactorily in either a rising or falling price situation?

A. Standard price
B. Marketing price
C. FIFO
D. Average method

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Given:

Capital at start.......................N3250

Capital at close ......................N6250

Additional capital during the period...N1000

Calculate the profit or loss?

A. N8500 profit
B. N2000 loss
C. N2000 profit
D. N8500 loss

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In a control account, discount received is found on the?

A. debit side of the purchase ledger control account
B. debit side of the sales ledger control account
C. credit side of the purchase ledger control account
D. credit side of the sales ledger control account

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In an incomplete record system a trading account cannot be prepared until the?

A. day book has been balanced
B. amount of personal drawings has been established
C. cash book has been balanced
D. amount os sales and purchases has been established

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Accounts - Principles of Accounts 2002 JAMB Past Questions

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