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Accounts - Principles of Accounts 2017 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
26
One of the options below have the same features as the profit and loss account in non-profit organization
  • A. Income and expenditure account
  • B. profit and loss account
  • C. receipts and payment account
  • D. Non profit account
View Answer & Discuss (1) JAMB 2017
27
Calculate the discount received in Department B
\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 500 000 \\ \hline \text{Purchases} & 150 000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & &
\end{array}\)
  • A. ₦12,000
  • B. ₦15,000
  • C. ₦16,000
  • D. ₦9,000
View Answer & Discuss (1) JAMB 2017
28

An advantage of FIFO method of stock valuation is that

  • A. it serves-as a control during inflation
  • B. it is calculated at the end of the year
  • C. it is progressive in nature
  • D. its flow of cost is in sequence with the flow of stock.
View Answer & Discuss (1) JAMB 2017
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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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29
Discount allowed is enjoyed by
  • A. Managers
  • B. Customers
  • C. Suppliers
  • D. Staff of the company
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30

\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 150,000 \\ \hline \text{Purchases} & 500,000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & &
\end{array}\)

Determine the discount allowed by Department A

  • A. ₦5,000
  • B. ₦9,375
  • C. ₦5,625
  • D. ₦8,000
View Answer & Discuss (2) JAMB 2017
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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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