Jamb Accounting Past Questions For Year 2006
Question 1
LOAN IS 30% OF CREDITORS.
What is the capital balance?
- A. N1000
- B. N2 100
- C. N900
- D. N1200
Question 2
The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
The subscriptions received would be
- A. N200 000
- B. N240 000
- C. N300 000
- D. N24 000
Question 3
The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
What is the closing cash balance?
- A. N35 000
- B. N211 000
- C. N5 000
- D. N10 000
Question 4
Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?
- A. stock account and credit profit and loss account
- B. drawings account and credit stock account
- C. profit and loss account and credit drawing account
- D. stock account and credit drawings account
Question 5
A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the?
- A. weighted average method
- B. simple average method
- C. FIFO method
- D. LIFO method
