Jamb Accounting Past Questions For Year 2011
Question 21
What is the value of stock as at the end of July 10 using FIFO?
- A. N14 400
- B. N13 300
- C. N15 200
- D. N12 600
Question 22
Use the information above to answer questions 19 and 20.
July 30 Closing stock 100 units at N90
July 8 Purchased 200 units at N95
July 10 Sold 160 units
July 17 Returned 80 faulty units purchased at N95
July 18 Purchased 200 units at N105
July 20 Sold 180 units
July 28 Purchased 200 units at N110
July 29 Sold 120 units
July 30 Sold 100 units
How many units were at hand as at July 30?
- A. 80
- B. 100
- C. 60
- D. 160
Question 23
The major festure of not-for-profit-making-organization is that they are formed?
- A. to use accumulated fund to described the net amount owed to members
- B. mainly to improve the welfare of her member
- C. to engaged in trading activities to sponsor its activities
- D. in order to compute the receipts and payment account
Question 24
Work-in-progress is the?
- A. value of party finished goods
- B. value of finished goods sold
- C. sales less cost of goods sold
- D. value of goods produced
Question 25
The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the?
- A. prime cost
- B. indirect cost
- C. total cost
- D. direct cost
