by Sunday | Dec 1 | Accounting JAMB
A. LIFO B. FIFO C. Simple average D. Weighted average Correct Answer: Option B – FIFO Explanation FIFO is a method of stock valuation that stands for ‘First-In, First-Out’. This assumes that the first (oldest) units of stock produced or received are...
by Sunday | Dec 1 | Accounting JAMB
Given: Opening capital – #1,500 Capital introduced – # 500 Profit for the year – # 800 Cash drawings – # 250 A. #2,550 B. #2,500 C. #2,350 D. #2,250 Correct Answer: Option A – #2,550 Explanation Closing capital = Opening Capital +...
by Sunday | Dec 1 | Accounting JAMB
Sales – #232,000 Opening stock – # 28,000 Purchases – #128,000 Carriage inwards – # 4,000 Carriage outwards – # 6,000 Closing stock – # 10,000 Discount received – # 18,000 Expenses – # 20,000 A. #100,000 B....
by Sunday | Dec 1 | Accounting JAMB
A. sales account and credit bank account B. purchases and credit bank account C. cash and credit freehold D. bank and credit freehold Correct Answer: Option B – purchases and credit bank account Explanation In the book of the buyer, we debit stock or purchase...
by Sunday | Dec 1 | Accounting JAMB
A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000. A. #4,000 B. #7,000 C. #11,000 D. #24,000 Correct Answer: Option A – #4,000 Explanation 35,000 – 15000 = 20000 20000/ 5=...
by Sunday | Dec 1 | Accounting JAMB
i. The amount of the imprest is the same from one organization to another ii. At the end of a fixed period, the petty cashier received a fixed sum of money. iii. At the end of a period, the petty cashier is reimbursed with the amount spent in that period. iv. The...
Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
Original price was: ₦1,000.00.₦300.00Current price is: ₦300.00.