2014 JAMB UTME Accounts Past Questions

2014

The value of the sales ledger control account is derived from the summation of

2014

A book of account that possesses the features of both day book and ledger is

2014

The control account is used in facilitating

2014

2/3 Purchases 900 books at #1,000 each4/3 Purchases 590 books at ₦950 each15/3 Sales 300 books at #900 eachCalculate the cost of goods available for sale using LIFO

2014

2/3 Purchases 900 books at #1,000 each4/3 Purchases 590 books at ₦950 each15/3 Sales 300 books at #900 eachDetermine the cost of goods sold using FIFO

2014

The excess of sales over cost of goods sold is

2014

Balance sheet (Extract)Creditors #7,940Prepaid expenses ₦290Accrual expenses ₦323Stock #4,500Cash balance #4,956Debtors ₦905Determine the current liabilities

2014

Balance sheet (Extract)Creditors #7,940Prepaid expenses ₦290Accrual expenses ₦323Stock #4,500Cash balance #4,956Debtors ₦905The value of the current assets will be

2014

If machine X cost #600,000 with anticipated life span of five years and estimated scrap value of #50,000, using straight line method; depreciation charged for two years will be

2014

If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made?

2014

The major focus of the trading account is to show

2014

An item credited in the bank statement but yet to be recorded in the firm's cash book is

2014

1. Cash sales11. Cash purchases111. Cash discount allowed1V. Cash paymentV. Cash receiptsWhich of the following are recorded on the debit side of the cash book

2014

A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of

2014

Petty cash book records transactions on

2014

The major advantage of an imprest system is that it

2014

Given:If Emeka Enterprises settles its suppliers for goods purchased within 7 days, it can earn a cash discount of 12 and half percent. Assuming #22,800 worth of goods were purchased and settled within 5 days, what will…

2014

The accounting entries to record a cheque issued by a business is to

2014

2014 JAMB UTME Accounts Past Questions

The value of the sales ledger control account is derived from the summation of

A book of account that possesses the features of both day book and ledger is

The control account is used in facilitating

2/3 Purchases 900 books at #1,000 each4/3 Purchases 590 books at ₦950 each15/3 Sales 300 books at #900 eachCalculate the cost of goods available for sale using LIFO

2/3 Purchases 900 books at #1,000 each4/3 Purchases 590 books at ₦950 each15/3 Sales 300 books at #900 eachDetermine the cost of goods sold using FIFO

The excess of sales over cost of goods sold is

Balance sheet (Extract)Creditors #7,940Prepaid expenses ₦290Accrual expenses ₦323Stock #4,500Cash balance #4,956Debtors ₦905Determine the current liabilities

Balance sheet (Extract)Creditors #7,940Prepaid expenses ₦290Accrual expenses ₦323Stock #4,500Cash balance #4,956Debtors ₦905The value of the current assets will be

If machine X cost #600,000 with anticipated life span of five years and estimated scrap value of #50,000, using straight line method; depreciation charged for two years will be

If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made?

The major focus of the trading account is to show

An item credited in the bank statement but yet to be recorded in the firm's cash book is

1. Cash sales11. Cash purchases111. Cash discount allowed1V. Cash paymentV. Cash receiptsWhich of the following are recorded on the debit side of the cash book

A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of

Petty cash book records transactions on

The major advantage of an imprest system is that it

Given:If Emeka Enterprises settles its suppliers for goods purchased within 7 days, it can earn a cash discount of 12 and half percent. Assuming #22,800 worth of goods were purchased and settled within 5 days, what will…

The accounting entries to record a cheque issued by a business is to

The book of account in which information from the source documents are recorded consists of

A ledger is classified into