Accounts - Principles of Accounts 2006 JAMB Past Questions

6

A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the?

A. weighted average method
B. simple average method
C. FIFO method
D. LIFO method

View Answer & Discuss JAMB 2006

7

Use the information below to answer question .

Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000

The company maintains a current ratio of 3:1.
The capital balance is?

A. N95 00
B. N12 500
C. 11 500
D. 10 00

View Answer & Discuss (2) JAMB 2006

8

Use the information below to answer question .

Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000

Determine the current assets?