Jamb Accounting Past Questions For Year 2009
Question 16
The standing order is a payment instruction given by a?
- A. customer to the bank
- B. bank to the customer
- C. bank to an employee
- D. customer to a fellow customer
Question 17
Apart from the common control accounts, a control account can also be opened for?
- A. sales account
- B. purchases account
- C. cash account
- D. wages account
Question 18
Which of the following methods gives a conservative closing stock value during a period of rising prices?
- A. LIFO
- B. FIFO
- C. Simple average
- D. Periodic simple average
Question 19
Use the information below to answer questions
Jan. 1 Received 1,000 units at N10 each
Jan. 2 Received 2,000 units at N12 each
Jan. 3 Issued 1,500 units
Jan. 4 Received 1,000 units at N11 each
Jan. 5 Issued 1,000 units
What is the value of closing stock using simple average?
- A. N11,500
- B. N17,000
- C. N16,500
- D. N28,500
Question 20
Use the information below to answer questions
Jan. 1 Received 1,000 units at N10 each
Jan. 2 Received 2,000 units at N12 each
Jan. 3 Issued 1,500 units
Jan. 4 Received 1,000 units at N11 each
Jan. 5 Issued 1,000 units
Using FIFO method, what is the value of the closing stock?
- A. N34,000
- B. N29,000
- C. N17,000
- D. N12,000
