The loss of equipment in a fire disaster results in?

The accounting principle that is applied to check arbitrary actions on the part of accountants is?

<table border="1"><tbody><tr><th style="text-align: center;">Date</th><th style="text-align: center;">Receipt (Units)</th><th style="text-align: center;">Issued (Units)</th></tr><tr><td style="text-align: center;">May 2</td><td style="text-align: center;">80 @ ₦3.00</td><td style="text-align: center;">--</td></tr><tr><td style="text-align: center;">" 10</td><td style="text-align: center;">50 @ ₦3.20</td><td style="text-align: center;">--</td></tr><tr><td style="text-align: center;">" 17</td><td style="text-align: center;">--</td><td style="text-align: center;">20</td></tr><tr><td style="text-align: center;">" 25</td><td style="text-align: center;">--</td><td style="text-align: center;">60</td></tr><tr><td style="text-align: center;">" 31</td><td style="text-align: center;">20 @ ₦2.90</td><td style="text-align: center;">--</td></tr></tbody></table>Based on the FIFO method of valuation the total cost of the raw materials issued is

<img alt="" class="alignnone size-full wp-image-304255" height="119" src="https://data.ulearngo.com/assets/137cae6c-aea1-4d43-ad54-c4437f88d625" width="300"/>What is the value of raw materials issued on May 17th based on the LIFO method?

<img alt="" class="alignnone size-full wp-image-304258" height="76" src="https://data.ulearngo.com/assets/effc1f28-44df-4a21-bd5c-2c655d495e18" width="300"/>The owner wishes to maintain an amount equal to \(\frac{1}{3}\) of capital as drawings. The cash book closing balance will be

<img alt="" class="alignnone size-full wp-image-304258" height="76" src="https://data.ulearngo.com/assets/17ea38e0-e191-4538-a6ba-02ef68204017" width="300"/>The owner wishes to maintain an amount equal to \(\frac{1}{3}\) of capital as drawings. The amount withdrawn is

<img alt="" class="alignnone wp-image-304263 size-full" height="128" src="https://data.ulearngo.com/assets/f8d1aae5-3270-4ea9-b9b0-892d04177338" width="293"/>The depreciation to be charged to department T is

<img alt="" class="alignnone wp-image-304263 size-full" height="128" src="https://data.ulearngo.com/assets/7279be18-1364-4685-8a39-a983da53711b" width="293"/>What is the net profit made by department S?

<img alt="" class="alignnone size-full wp-image-304265" height="149" src="https://data.ulearngo.com/assets/35726e93-956e-4841-a064-b46779584448" width="300"/>The value of the owner's equity is

<img alt="" class="alignnone size-full wp-image-304265" height="149" src="https://data.ulearngo.com/assets/c398ef49-1e00-4f1f-b0a7-2e9f6a58a3e7" width="300"/>What is the value of the authorized share capital?

2004 JAMB UTME Accounts Past Questions

The loss of equipment in a fire disaster results in?

The accounting principle that is applied to check arbitrary actions on the part of accountants is?

DateReceipt (Units)Issued (Units)May 280 @ ₦3.00--" 1050 @ ₦3.20--" 17--20" 25--60" 3120 @ ₦2.90--Based on the FIFO method of valuation the total cost of the raw materials issued is

What is the value of raw materials issued on May 17th based on the LIFO method?

The owner wishes to maintain an amount equal to \(\frac{1}{3}\) of capital as drawings. The cash book closing balance will be

The owner wishes to maintain an amount equal to \(\frac{1}{3}\) of capital as drawings. The amount withdrawn is

The depreciation to be charged to department T is

What is the net profit made by department S?

The value of the owner's equity is

What is the value of the authorized share capital?