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Accounts - Principles of Accounts 2014 JAMB Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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
  • 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
  • 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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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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