Jamb Accounting Past Questions For Year 2008
Question 21
Which of the following is a credit item in creditors ledger control account?
- A. Purchases returns
- B. Bills payable
- C. Purchases
- D. Cash receipts
Question 22
The main purpose of control account is to?
- A. detect errors and irregularities
- B. assist purchases
- C. assist sales
- D. check management incompetence
Question 23
In a period of inflation, which of the following method normally gives a closing closing stock?
- A. FIFO
- B. LIFO
- C. Sinple average
- D. periodic simple average
Question 24
Receipt and payment account discloses?
- A. debtors
- B. creditors
- C. prepayment
- D. depreciation
Question 25
Use the information below to answer questions .
Stock of material 1/1..............N10 000
Purchase of raw material...........N160 000
Manufacturing wages................N420 000
Royalties..........................N3 000
Stock of raw materials 31/12.......N14 000
Calculate the prime cost?
- A. N597000
- B. N579000
- C. N576000
- D. N5967000
