2009 - JAMB Accounting Past Questions and Answers - page 2

Cash discount is often recorded on?

The standing order is a payment instruction given by a?

Which of the should not be added or subtracted from the bank statement balance to determine the adjust cash balance?

Given:

Balance as per cash book...................N20,000
Unpresented cheques........................N5, 200
Direct credit to the bank..................N1, 000
Direct debit from the bank.................N1, 000
Credit in the cash book....................N500

Calculate the balance as bank statement at the end of the year?

Use the information below to answer questions 17 and 18.

Total current assets..................N2,000
Total fixed assets....................N4,000
Current liabilities...................N1,200
Drawings..............................N200
Long-term loan........................N2,000

Determine the capital of the business?

What is the net working capital?

Which of the following items are current assets?

Use the information below to answer questions 20 and 21.

Jan. 1 Received 1,000 units at N10 each
Jan. 2 Received 2,000 units at N12 each
Jan. 3 Issued 1,500 units
Jan. 4 Received 1,000 units at N11 each
Jan. 5 Issued 1,000 units

Using FIFO method, what is the value of the closing stock?

What is the value of closing stock using simple average?

Which of the following methods gives a conservative closing stock value during a period of rising prices?