JAMB Past Questions and Answers - Page 1273

6,361.

Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units

Using the simple average method, what is the cost per unit of the closing stock?

A.

N80

B.

N74

C.

N64

D.

N60

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

6,362.

The factor that determine the periodic depreciation charge are?

A.

Asset cost, market value and useful life

B.

Asset cost, market value and residusl value

C.

Asset value, cash value useful life

D.

Asset cost, salvage and useful life

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

6,363.

Capital.......N12,700........Purchases......N7,100
Debtors.......N4,000........Stationery.....N1,900
Sales.........N2,400........Wages..........N1,230

The owners wishes to maintain an account equal to of capital as drawings.

What is the amount withdrawn?

A.

N9525

B.

N9000

C.

N7100

D.

N6400

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

6,364.

The medium that enables the ATM to read the account details and process transaction directly with the account held in the bank is the?

A.

Smart card

B.

Communication network

C.

Magnetic strip

D.

Computerized account

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

6,365.

Commission-on-turnover is charged on?

A.

Current accounts only

B.

Savings accounts only

C.

Fixed deposit accounts only

D.

All bank accounts

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

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