Jamb Accounting Past Questions For Year 2015
Question 46
Use the information below to answer this question.
\(\begin{array}{c|c}
\text{Stock} & 11,250 \\
\hline
\text{Debtors} & 18,750 \\
\hline
\text{Creditors} & 3,750 \\
\hline
\text{Bank} & 4,000 \\
\hline
\text{Net profit} & 7,500 \\
\hline
\text{Net} & 60,000 \\
\end{array}\)
Calculate the acid test ratio
- A. 5 : 1
- B. 6 : 1
- C. 6 : 1 : 1
- D. 4 : 1
Question 47
Which method of pricing can be used satisfactorily in either rising or falling price situation?
- A. Market price
- B. Average method
- C. FIFO
- D. Standard price
Question 48
Determine wage expenses from the given information, wages outstanding at the beginning, wages paid during the period 15000 and wages outstanding of the period 2,000
- A. N16,000
- B. N17,000
- C. N13,000
- D. N14,000
Question 49
The major distinguishing element between the final account of a partnership and that of a sole trader is the
- A. drawing account
- B. capital account
- C. Creditor account
- D. Appropriation account
Question 50
Using LIFO method of stock valuation, analyze the issue quantities and their prices
- A. 260 units at N1.50
- B. 700 units at N1.50
- C. 200 units at N1.50 and 500 units at N1.00
- D. 350 units at N1.50 and 350 units at N1.00
