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Accounts - Principles of Accounts Past Questions and Answers

Jamb Accounts - Principles of Accounts Questions

Question 46:
JAMB 2005
Musa merchants Trading and profit and Loss Account for the year ended Dec.31st, 2003
Determine the closing stock
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  • A N20 000
  • B N30, 000
  • C N40 000
  • D N50,000
View Answer & Explanation
Question 47:
JAMB 2005
The capital employed is
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  • A N13 000
  • B N9 900
  • C N8 400
  • D N9 000
View Answer & Explanation
Question 48:
JAMB 2005
Determine the closing stock under LOFO method
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  • A N575
  • B N500
  • C N375
  • D N275
View Answer & Explanation
Question 49:
JAMB 2005
Calculate the closing stock under FIFO method
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  • A N875
  • B N675
  • C N600
  • D N300
View Answer & Explanation
Question 50:
JAMB 2005
The current ratio is
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  • A 1:1
  • B 2:1
  • C 2.8:1
  • D 3.5:1
View Answer & Explanation

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