Jamb Accounting Past Questions For Year 2002
Question 16
Which method of pricing can be used satisfactorily in either a rising or falling price situation?
- A. Standard price
- B. Marketing price
- C. FIFO
- D. Average method
Question 17
Given:
Cash purchases ..............................N25000
Trading creditors............................N45000
Opening balance of trade creditors...........N35000
Calculate the purchases for the period?
- A. N80,000
- B. N35,000
- C. N105,000
- D. N70,000
Question 18
A company operating a chain of retail provision stores invoices goods to the branches at cost plus a mark-up of 25%. What is the mark-up percentage on selling price?
- A. 35%
- B. 30%
- C. 20%
- D. 15%
Question 19
Given:
Sales ............................N195,200
Stock 1st January.................N34,000
Purchases ........................N126,000
Sales returns ....................N1,200
Purchases returns ................N2,000
If the gross profit is N66,000, what is the value of stock at 31st December?
- A. N30,000
- B. N40,000
- C. 50,000
- D. N20,000
Question 20
Control accounts help to verify the arithmetic accuracy of the postings from the?
- A. subsidiary books into the trial balance
- B. ledger into the trial balance
- C. journals into the ledgers
- D. subsidiary books into the ledgers
