Jamb Accounting Past Questions For Year 2011
Question 11
Use the information below to answer question .
Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.
Calculate the cash discount?
- A. N60
- B. N90
- C. N40
- D. N100
Question 12
Use the information below to answer question .
Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.
Find the total amount paid?
- A. N260
- B. N300
- C. N200
- D. N380
Question 13
The item on the credit side of the trading account is the?
- A. returns outwards
- B. caarriage on sales
- C. sales
- D. purchases
Question 14
In a period of declining price, which of the following methods would result in higher profit?
- A. FIFO
- B. Simple average
- C. LIFO
- D. Weighted average
Question 15
The type of expense charged against administration of a firm is the?
- A. repairs on building
- B. interesr paid on loan
- C. discount allowed
- D. tax expense
