Jamb Accounting Past Questions For Year 2012
Question 11
Cash can be drawn from the bank using
- A. a bank teller
- B. a credit card
- C. a recharge card
- D. ATM card
Question 12
In a three-column cash book, dishonored cheques will be shown on the
- A. bank column (debit)
- B. bank column(credit)
- C. cash column(debit)
- D. cash column(credit)
Question 13
The LIFO method has an advantage over FIFO in that stocks are valued at
- A. previous prices
- B. current prices
- C. average rates
- D. flat rates
Question 14
1/5/07 Purchased 100 bags of milk at #10.00k each
3/5/07 Purchased 60 bags of milk at #11.50k each
15/5/07 Issued 85 bags of milk
15/5/07 Purchased 180 bags of milk at #12.80K each
22/5/07 Issued 145 bags of milk.
Using simple average method, calculate the value of stock after 22/5/07
- A. #1,198.00
- B. #1,218.38
- C. #1,257.67
- D. #1,408.00
Question 15
1/5/07 Purchased 100 bags of milk at #10.00k each
3/5/07 Purchased 60 bags of milk at #11.50k each
15/5/07 Issued 85 bags of milk
15/5/07 Purchased 180 bags of milk at #12.80K each
22/5/07 Issued 145 bags of milk.
Using FIFO method, what would be the value of stock as at 9/5/07?
- A. #862.50
- B. #840.00
- C. #806.25
- D. #750.00
