by Sunday | Dec 4 | Accounting JAMB
A. budget B. trading account C. cash book D. profit and loss account Correct Answer: Option C – cash book Explanation A receipts and payments account is a summary of actual cash receipts and payments extracted from the cash book over a certain period. All cash...
by Sunday | Dec 4 | Accounting JAMB
A. LIFO B. FIFO C. Simple average D. Periodic simple average Correct Answer: Option A – LIFO
by Sunday | Dec 4 | Accounting JAMB
A. Stock, bills receivable, cash and debtors B. Stock, bill payable, cash and debtors C. Stock, bad debt, bills receivable and cash D. Stock, work-in-progress, cash and bills payable Correct Answer: Option A – Stock, bills receivable, cash and debtors...
by Sunday | Dec 4 | Accounting JAMB
Use the information below to answer questions Total current assets………………N2,000 Total fixed assets………………..N4,000 Current liabilities……………….N1,200...
by Sunday | Dec 4 | Accounting JAMB
A. autonomous costs B. service costs C. supporting cost D. subsidiary costs Correct Answer: Option B – service costs Explanation Service costs are the costs incurred to provide or deliver a service. They have the element of manufacturing cost but are not...