Accounting JAMB - Page 21 Of 151 - Erudites Academy

In an incomplete record system a trading account cannot be prepared until the?

In an incomplete record system a trading account cannot be prepared until the?

by Sunday | Dec 8 | Accounting JAMB

A. day book has been balanced B. amount of personal drawings has been established C. cash book has been balanced D. amount os sales and purchases has been established Correct Answer: Option D – amount os sales and purchases has been...

In an incomplete record system a trading account cannot be prepared until the?

In a control account; discount received is found on the?

by Sunday | Dec 8 | Accounting JAMB

A. debit side of the purchase ledger control account B. debit side of the sales ledger control account C. credit side of the purchase ledger control account D. credit side of the sales ledger control account Correct Answer: Option A – debit side of the purchase...

In an incomplete record system a trading account cannot be prepared until the?

Calculate the profit or loss?

by Sunday | Dec 8 | Accounting JAMB

Given: Capital at start…………………..N3250 Capital at close ………………….N6250 Additional capital during the period…N1000 A. N8500 profit B. N2000 loss C. N2000 profit D. N8500 loss...

In an incomplete record system a trading account cannot be prepared until the?

Which method of pricing can be used satisfactorily in either a rising or falling price situation?

by Sunday | Dec 8 | Accounting JAMB

A. Standard price B. Marketing price C. FIFO D. Average method Correct Answer: Option D – Average method

In an incomplete record system a trading account cannot be prepared until the?

Calculate the purchases for the period?

by Sunday | Dec 8 | Accounting JAMB

Given: Cash purchases …………………………N25000 Trading creditors……………………….N45000 Opening balance of trade creditors………..N35000 A. N80,000 B....

In an incomplete record system a trading account cannot be prepared until the?

A company operating a chain of retail provision stores invoices goods to the branches at cost plus a mark-up of 25%. What is the mark-up percentage on selling price?

by Sunday | Dec 8 | Accounting JAMB

A. 35% B. 30% C. 20% D. 15% Correct Answer: Option C – 20%

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