Jamb Accounting Past Questions For Year 1998
Question 46
A pottery company had sales of N176,000 during the current period and a gross profit rate of 40%.
The company's cost of merchandize available for sale during the period was N128,000. The company's ending inventory is?
- A. N22,400
- B. N32,000
- C. N51,200
- D. N76,800
Question 47
Use the information below to answer question 28 and 29.
Raw materials inventory at the beginning of a period was N 46,800 and at the close of the period there was a balance of N38,600. From the purchases made during the period, defective materials costing N9,200 were returned. Cost of materials consumed during the period was N448,500.
What was the total purchases made during the period?
- A. N497,100
- B. N457,700
- C. N449,500
- D. N440,300
Question 48
To compute gearing ratio, divide?
- A. profit by capital employed
- B. current assets by current liability
- C. profit by total assets
- D. long-term debts by equity capital
