Jamb 1999 accounting questions and answers | Campusflava https://campusflava.com Tutors, Past Questions and Projects. Tue, 20 Oct 2020 07:57:18 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.3 https://i0.wp.com/campusflava.com/wp-content/uploads/2023/01/cropped-CF.png?fit=32%2C32&ssl=1 Jamb 1999 accounting questions and answers | Campusflava https://campusflava.com 32 32 123014824 Determine the owners equity https://campusflava.com/blog/determine-the-owners-equity/ https://campusflava.com/blog/determine-the-owners-equity/#respond Tue, 13 Oct 2020 20:14:48 +0000 https://campusflava.com/blog/determine-the-owners-equity/ Determine the owners equity A N200,000 B N 215,000 C N275,000 D N755,000 Answer is C

The post Determine the owners equity first appeared on Campusflava.]]> Determine the owners equity

A N200,000

B N 215,000

C N275,000

D N755,000

Answer is C

The post Determine the owners equity first appeared on Campusflava.]]> https://campusflava.com/blog/determine-the-owners-equity/feed/ 0 39119 Use the information below to answer the question – The quick ratio is https://campusflava.com/blog/use-the-information-below-to-answer-the-question-the-quick-ratio-is/ https://campusflava.com/blog/use-the-information-below-to-answer-the-question-the-quick-ratio-is/#respond Tue, 13 Oct 2020 20:14:08 +0000 https://campusflava.com/?p=39116 Use the information below to answer the question The quick ratio is A 0. 82: 1 B 0. 91:1 C 0.95:1 D 1:53:1 Answer is D

The post Use the information below to answer the question – The quick ratio is first appeared on Campusflava.]]> Use the information below to answer the question

The quick ratio is

A 0. 82: 1

B 0. 91:1

C 0.95:1

D 1:53:1

Answer is D

The post Use the information below to answer the question – The quick ratio is first appeared on Campusflava.]]> https://campusflava.com/blog/use-the-information-below-to-answer-the-question-the-quick-ratio-is/feed/ 0 39116 Calculate the gross profit for the period? https://campusflava.com/blog/calculate-the-gross-profit-for-the-period/ https://campusflava.com/blog/calculate-the-gross-profit-for-the-period/#respond Tue, 13 Oct 2020 20:12:12 +0000 https://campusflava.com/blog/calculate-the-gross-profit-for-the-period/ Use information below to answer this question. Capital: opening balance 307,000 closing balance 342,000 Net profit for the period 121,600 Opening stock 98,800 Purchases 706,000 Carriage inwards 17,500 Cost of goods sold 740,700 Total selling , general and administration expenses 526,000 Discount received 9, 650 Calculate the gross profit for the period? A N 535,650 […]

The post Calculate the gross profit for the period? first appeared on Campusflava.]]> Use information below to answer this question.

Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
administration expenses 526,000
Discount received 9, 650

Calculate the gross profit for the period?

A N 535,650

B N628,300

C N637,950

D N647,600

Answer is D

The post Calculate the gross profit for the period? first appeared on Campusflava.]]> https://campusflava.com/blog/calculate-the-gross-profit-for-the-period/feed/ 0 39115 What is the closing stock for the period? https://campusflava.com/blog/what-is-the-closing-stock-for-the-period/ https://campusflava.com/blog/what-is-the-closing-stock-for-the-period/#respond Tue, 13 Oct 2020 20:11:22 +0000 https://campusflava.com/blog/what-is-the-closing-stock-for-the-period/ Use information below to answer this question. Capital: opening balance 307,000 closing balance 342,000 Net profit for the period 121,600 Opening stock 98,800 Purchases 706,000 Carriage inwards 17,500 Cost of goods sold 740,700 Total selling , general and administration expenses 526,000 Discount received 9, 650 What is the closing stock for the period? A N […]

The post What is the closing stock for the period? first appeared on Campusflava.]]> Use information below to answer this question.

Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
administration expenses 526,000
Discount received 9, 650

What is the closing stock for the period?

A N 69,300

B N81,300

C N81,600

D N106,400

Answer is C

The post What is the closing stock for the period? first appeared on Campusflava.]]> https://campusflava.com/blog/what-is-the-closing-stock-for-the-period/feed/ 0 39114 Amount owed by debtors at the end of the period 3,000 – Determine the value of sales for the period https://campusflava.com/blog/amount-owed-by-debtors-at-the-end-of-the-period-3000-determine-the-value-of-sales-for-the-period/ https://campusflava.com/blog/amount-owed-by-debtors-at-the-end-of-the-period-3000-determine-the-value-of-sales-for-the-period/#respond Tue, 13 Oct 2020 20:10:40 +0000 https://campusflava.com/blog/amount-owed-by-debtors-at-the-end-of-the-period-3000-determine-the-value-of-sales-for-the-period/ Given: Total cash received from debtors 30,000 Total purchases for the period 21,000 Amount owed by debtors at the beginning of the period 4,000 Equipment bought 2,500 Amount owed by debtors at the end of the period 3,000 Determine the value of sales for the period A N29,000 B N 31,500 C N46,500 D N50,000 […]

The post Amount owed by debtors at the end of the period 3,000 – Determine the value of sales for the period first appeared on Campusflava.]]> Given:

Total cash received from debtors 30,000
Total purchases for the period 21,000
Amount owed by debtors at the beginning of the period 4,000
Equipment bought 2,500
Amount owed by debtors at the end of the period 3,000
Determine the value of sales for the period

A N29,000

B N 31,500

C N46,500

D N50,000

Answer is A

The post Amount owed by debtors at the end of the period 3,000 – Determine the value of sales for the period first appeared on Campusflava.]]> https://campusflava.com/blog/amount-owed-by-debtors-at-the-end-of-the-period-3000-determine-the-value-of-sales-for-the-period/feed/ 0 39113 What is the balance c/d in the purchases ledger control account? https://campusflava.com/blog/what-is-the-balance-c-d-in-the-purchases-ledger-control-account/ https://campusflava.com/blog/what-is-the-balance-c-d-in-the-purchases-ledger-control-account/#respond Tue, 13 Oct 2020 20:09:53 +0000 https://campusflava.com/blog/what-is-the-balance-c-d-in-the-purchases-ledger-control-account/ Use the information to answer the question Aminu and Sons credit purchases (Extract] as at February 1996. Feb 1Credit balances 40, 000 Debit balances 1, 000 Feb 28 Purchases journal totals 500,000 Returns outwards journal totals 50,000 Cheques paid to suppliers 400,000 Promissory notes sent to suppliers 30,000 Credit balance in the purchases ledger set […]

The post What is the balance c/d in the purchases ledger control account? first appeared on Campusflava.]]> Use the information to answer the question

Aminu and Sons credit purchases (Extract] as at February 1996.

Feb 1Credit balances 40, 000
Debit balances 1, 000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000

What is the balance c/d in the purchases ledger control account?

A N 2,000

B N 8, 000

C N 40, 000

D N49,000

Answer is D

The post What is the balance c/d in the purchases ledger control account? first appeared on Campusflava.]]> https://campusflava.com/blog/what-is-the-balance-c-d-in-the-purchases-ledger-control-account/feed/ 0 39112 The Total for the purchases ledger control account is https://campusflava.com/blog/the-total-for-the-purchases-ledger-control-account-is/ https://campusflava.com/blog/the-total-for-the-purchases-ledger-control-account-is/#respond Tue, 13 Oct 2020 20:09:14 +0000 https://campusflava.com/blog/the-total-for-the-purchases-ledger-control-account-is/ Use the information to answer the question Aminu and Sons credit purchases (Extract] as at February 1996. Feb 1Credit balances 40, 000 Debit balances 1, 000 Feb 28 Purchases journal totals 500,000 Returns outwards journal totals 50,000 Cheques paid to suppliers 400,000 Promissory notes sent to suppliers 30,000 Credit balance in the purchases ledger set […]

The post The Total for the purchases ledger control account is first appeared on Campusflava.]]> Use the information to answer the question

Aminu and Sons credit purchases (Extract] as at February 1996.

Feb 1Credit balances 40, 000
Debit balances 1, 000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000

The Total for the purchases ledger control account is

A N 480,000

B N490000

C N 500,000

D N540,000

Answer is D

The post The Total for the purchases ledger control account is first appeared on Campusflava.]]> https://campusflava.com/blog/the-total-for-the-purchases-ledger-control-account-is/feed/ 0 39111 The conventional sources of public revenue includes? https://campusflava.com/blog/the-conventional-sources-of-public-revenue-includes/ https://campusflava.com/blog/the-conventional-sources-of-public-revenue-includes/#respond Tue, 13 Oct 2020 20:07:44 +0000 https://campusflava.com/blog/the-conventional-sources-of-public-revenue-includes/ The conventional sources of public revenue includes? A loans,taxation, foreign reserves and dividends B interest, royalties, taxation and loans C crude oil, interest, posted price and taxation D taxtion, deficit budgeting, royalties and loans Answer is B

The post The conventional sources of public revenue includes? first appeared on Campusflava.]]> The conventional sources of public revenue includes?

A loans,taxation, foreign reserves and dividends

B interest, royalties, taxation and loans

C crude oil, interest, posted price and taxation

D taxtion, deficit budgeting, royalties and loans

Answer is B

The post The conventional sources of public revenue includes? first appeared on Campusflava.]]> https://campusflava.com/blog/the-conventional-sources-of-public-revenue-includes/feed/ 0 39110 Which of the following account is kept by local governments in Nigeria? https://campusflava.com/blog/which-of-the-following-account-is-kept-by-local-governments-in-nigeria/ https://campusflava.com/blog/which-of-the-following-account-is-kept-by-local-governments-in-nigeria/#respond Tue, 13 Oct 2020 20:06:35 +0000 https://campusflava.com/blog/which-of-the-following-account-is-kept-by-local-governments-in-nigeria/ Which of the following account is kept by local governments in Nigeria? A Balance sheet B Advances account C Debtors account D Profit account Answer is B

The post Which of the following account is kept by local governments in Nigeria? first appeared on Campusflava.]]> Which of the following account is kept by local governments in Nigeria?

A Balance sheet

B Advances account

C Debtors account

D Profit account

Answer is B

The post Which of the following account is kept by local governments in Nigeria? first appeared on Campusflava.]]> https://campusflava.com/blog/which-of-the-following-account-is-kept-by-local-governments-in-nigeria/feed/ 0 39109 Capital and revenue expenditures of government are usually accounted for under funds which include? https://campusflava.com/blog/capital-and-revenue-expenditures-of-government-are-usually-accounted-for-under-funds-which-include/ https://campusflava.com/blog/capital-and-revenue-expenditures-of-government-are-usually-accounted-for-under-funds-which-include/#respond Tue, 13 Oct 2020 20:04:43 +0000 https://campusflava.com/blog/capital-and-revenue-expenditures-of-government-are-usually-accounted-for-under-funds-which-include/ Capital and revenue expenditures of government are usually accounted for under funds which include? A A personal advances, technical, special trust and B technical, special trusth and commercial funds C personal advances, treasury clearance and special trusth funds D commercial loans and treasury clearance funds Answer is A

The post Capital and revenue expenditures of government are usually accounted for under funds which include? first appeared on Campusflava.]]> Capital and revenue expenditures of government are usually accounted for under funds which include?

A A personal advances, technical, special trust and

B technical, special trusth and commercial funds

C personal advances, treasury clearance and special trusth funds

D commercial loans and treasury clearance funds

Answer is A

The post Capital and revenue expenditures of government are usually accounted for under funds which include? first appeared on Campusflava.]]> https://campusflava.com/blog/capital-and-revenue-expenditures-of-government-are-usually-accounted-for-under-funds-which-include/feed/ 0 39108