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Accounts - Principles of Accounts 2019 JAMB Past Questions

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36

The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is

  • A. FIFO
  • B. LIFO
  • C. SAP
  • D. WAP
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37

One of these is not a similarity between Joint Venture and Partnership.

  • A. AIM is profit making
  • B. It is for a specific venture
  • C. Involves two people
  • D. have rights and duties
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38

Majority of commercial transactions are termed credit transactions, which means

  • A. The buyers pay immediately for goods bought
  • B. Settlement is deferred to a future date
  • C. No account will be opened
  • D. Item of expenditure increases
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39

Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be

  • A. Increase in assets of motor vehicle account
  • B. Decrease in assets of motor vehicle account
  • C. Increase in assets of bank account
  • D. Increase in liabilities of bank account
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40

A proprietor withdraws cash from the business for private use, he

  • A. credits cash account and debits bank account
  • B. credits cash account and debits drawing A/C
  • C. debits cash account and credits drawings account
  • D. debits bank account and credits drawings account
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