Jamb Accounting Past Questions For Year 2005

Question 1

Calculate the closing stock under FIFO method

jamb 2005

• A. N875
• B. N675
• C. N600
• D. N300

Question 2

Determine the closing stock under LOFO method

jamb 2005

• A. N575
• B. N500
• C. N375
• D. N275

Question 3

The capital employed is

jamb 2005

• A. N13 000
• B. N9 900
• C. N8 400
• D. N9 000

Question 4

Musa merchants Trading and profit and Loss Account for the year ended Dec.31st, 2003

Determine the closing stock

jamb 2005

• A. N20 000
• B. N30, 000
• C. N40 000
• D. N50,000

Question 5

The quick ratio is

jamb 2005

• A. 1:2
• B. 1:3:1
• C. 1.7:1
• D. 3:1