Jamb Accounting Past Questions For Year 2010
Question 16
Determine the total expenses to be charged to profit and loss account?
- A. N2 350
- B. N1 600
- C. N800
- D. N3 150
- E. NO OPTION
Question 17
Use the information below to answer questions 23 and 24.
............................31/12/07.......31/12/08
Stocks........................N4 200.........N3 900
Rates in advance..............N1 000.........N1 500
Accrued wages.................N1 150.........N1 350
Cost of goods sold was valued at N6 000.
Cash paid for rates and wages during the year was N1 300 and N2 200 respectively.
What is the value of purchases for the year 2008?
- A. N6 000
- B. N9 900
- C. N14 100
- D. N5 700
Question 18
If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to?
- A. have a higher cost of goods sold
- B. have a higher gross profit
- C. pay higher gross profit
- D. have a higher value for closing stock
Question 19
If an organization maintains a periodic stock system, the stock quantities are?
- A. updated at the end of the accounting year
- B. not considered in the updating process
- C. updated continuously
- D. updated at the beginning of the accounting year
Question 20
In the not-for-profit-making organization, the excess of income over expenditure is?
- A. deducted from the capital
- B. added to the accumulated fund
- C. added to the capital
- D. deducted from the the accumulated fund
