JAMB Accounting Past Questions & Answers - Page 139

692.

The understatement of closing value of work-in-process would have the effect of?

A.

Understating cost of goods manufactured

B.

Overstating prime cost of manufactured

C.

Overstating cost of goods manufactured

D.

Understating prime cost of goods manufactured

Correct answer is C

No explanation has been provided for this answer.

693.

Which of the following stock valuation methods is suitable under inflationary conditions?

 

A.

FIFO

B.

LIFO

C.

Simple average

D.

Weighted average

Correct answer is A

No explanation has been provided for this answer.

695.

Which of the following signs general warrant for the release of money from the consolidated revenue fund?

A.

Minister of Finance

B.

Chairman, Economic Advisory Committee

C.

Permanent secretary

D.

Minister of Economic Planning

Correct answer is A

No explanation has been provided for this answer.