Jamb Accounting Past Questions For Year 1999
Question 46
Use information below to answer this question.
Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
administration expenses 526,000
Discount received 9, 650
What is the closing stock for the period?
- A. N 69,300
- B. N81,300
- C. N81,600
- D. N106,400
Question 47
A bookkeeping error occurs when there is?
- A. a deliberate manipulation of records
- B. unintentional correct posting in the ledger
- C. intentional failure to record transactions completely
- D. incorrect records and oversights that are not intended
Question 48
Manufacturing costs can be classified based on?
- A. timing of charges degree of averaging and size of capital
- B. degree of averaging, ease of traceability and timing of charges
- C. degree of averaging, size of floor space occupied and cost accounts
- D. number of employees, timing of charges and management style
Question 49
Determine the owners equity
- A. N200,000
- B. N 215,000
- C. N275,000
- D. N755,000
Question 50
Use the information below to answer the question
The quick ratio is
- A. 0. 82: 1
- B. 0. 91:1
- C. 0.95:1
- D. 1:53:1
